Finix, the payments technology provider enabling businesses to accept and send payments online or in-person, announced the launch of Payouts, its standalone product line. Payouts enables businesses across all industries to efficiently send money at scale, regardless of whether they utilize the broader Finix payments platform.
Businesses often encounter challenges when they need “to disburse funds due to siloed payment flows and needing to manage multiple vendor relationships to send and receive payments through various payment methods.”
In addition, businesses can be delayed waiting “for bank approvals and integration resources.”
Now, Finix Payouts “enables fast and reliable money movement–to one or many recipients at once–via a single developer-friendly API. Payouts has many use cases such as business-to-business (B2B) account payables, gig economy wages, insurance claims, tax refunds, sales commissions, tips, contractor payouts, and more.”
Richie Serna, CEO and co-founder of Finix, said:
“Businesses can encounter many challenges when sending money at scale. Teams may face cumbersome technical integrations, manual payment operation workflows, and cash flow challenges, which can create a reconciliation nightmare. With Finix Payouts, companies of all sizes can get started in a few hours, configure their payment flows and methods to satisfy their business needs, help alleviate complications and intermediaries, and start sending money without spending an extensive amount of time or resources. Instead, they can focus on what matters most: their product, customers, and business growth.”
Anthony Sharett, President of Pathward®, N.A. and Pathward Financial, Inc., said:
“Launching this separate product line, Payouts, is further evidence that Finix is continually and rapidly evolving to meet the dynamic needs of businesses. Pathward is proud to deepen our partnership with Finix and continue working together to broaden accessibility to the financial system.”
Finix will utilize Mastercard Send and Visa Direct to enable card-based payouts allowing U.S. businesses “to quickly send money to bank accounts or eligible cards.”
