Finix Payouts launches for US businesses

US-based payment technology provider Finix has unveiled new product ‘Payouts’, in partnership with Mastercard and Visa, enabling “fast and reliable” money movement for businesses.

Through Finix Payouts, US businesses of all sizes will be able to send and receive online or in-person payments at scale with Mastercard Send and Visa Direct, regardless of whether they use the broader Finix payments platform.

Richie Serna, chief executive officer and co-founder of Finix, said: “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.”

Finix Payouts uses a single API to enable the movement of money to one, or many, recipients at once.

Among the use cases identified by Finix are business-to-business account payables, gig economy wages, insurance claims, tax refunds, sales commissions, tips, and contractor payouts.

Users of the new product can send payments via ACH, real-time payments, and to cards with Mastercard Send and Visa Direct, in a single API.

“In today’s digital environment, it’s vital that businesses of all sizes can securely access and send funds in near real-time, whenever and wherever their work takes them,” said Silvana Hernandez, executive vice president, product and engineering, North America at Mastercard.

Yanilsa Gonzalez-Ore, North America head at Visa Direct, added: “This collaboration reflects our shared commitment to streamlining global money movement and we’re excited to bring streamlined disbursement capabilities to more businesses across the US, enabled by Visa Direct.”