HitPay Introduces Payout APIs — Supports FAST, RTGS, InstaPay, and PESONet Disbursements
HitPay's Payout APIs cover mass payouts in Singapore, Malaysia, and the Philippines, with additional payment networks launching in 2024.
Singapore, 11 Dec 2023 – HitPay, the commerce infrastructure for businesses, introduces mass payouts starting in Singapore, Malaysia, and the Philippines.
Businesses can now seamlessly pay workers, contractors, partners, and suppliers via HitPay. Marketplace and platform-based businesses can also securely manage mass payouts with HitPay's Payout APIs.
Supported payment networks include FAST in Singapore, RTGS in Malaysia, as well as InstaPay and PESONet in the Philippines.
HitPay will soon be supporting PayNow payouts in Singapore and DuitNow payouts in Malaysia, and will launch additional payment rails in 2024.
With the introduction of its Payout APIs, HitPay expands its end-to-end payment solutions that streamline online payments, point of sale (POS), and B2B payments.
One Payout API for Mass Disbursements
HitPay's Payout APIs help businesses streamline operations and improve cash flow efficiency, with features including:
- Single API integration with mass payout capabilities: With a single Payout API call, businesses can send payouts to one or multiple recipients, without the need for intermediaries.
- Built-in compliance with fraud protection: HitPay's Payout APIs have built-in compliance features, including transaction monitoring and fraud protection. HitPay is a registered operator of a payment system (OPS) regulated under the Bangko Sentral Ng Pilipinas (BSP), and is regulated by the Monetary Authority of Singapore (MAS).
- Flexibility and Automation: Businesses can set up flexible payout instructions and reconciliation based on their payment preferences.
- Detailed reporting: Businesses receive comprehensive insights on their transactions, enabling better tracking and management of payouts — all on one account.
- 24/7 payouts (available in Singapore and the Philippines): Businesses can send funds with no cut-off times or restrictions. This ensures timely payments — increasing loyalty with partners and platform users, and speeding up access to funds.
HitPay currently enables domestic mass payouts in the following countries:
- Singapore, via FAST. Support for PayNow payouts is coming soon
- Malaysia, via RTGS. Support for DuitNow payouts is coming soon
- Philippines, via InstaPay and PESONet
Additional Payout Networks Coming in 2024
HitPay will support additional payment rails in the coming year, expanding its mass payout capabilities to more countries. Upcoming releases in 2024 include domestic payouts in Indonesia, Thailand, Vietnam, and Australia, as well as global cross-border payouts using real-time payment networks, e-wallets, and OTC channels.
Domestic Payouts in Indonesia, Thailand, Vietnam, and Australia
HitPay will introduce domestic payouts in additional countries, including:
Additional payment networks will be announced in the coming year.
Global Cross-Border Payouts
Alongside the expansion of its domestic payout rails, HitPay will also introduce global cross-border payouts using payment networks, e-wallets, and OTC channels. This will provide businesses with a comprehensive solution for managing payouts in different countries and currencies, with just one integration.
Streamlining Mass Disbursements with HitPay Payout APIs
Interested businesses and platforms in Singapore, Malaysia, and the Philippines can access HitPay's Payout API documentation here.
About HitPay
HitPay is a one-stop commerce platform that empowers businesses and platforms with easy, affordable digital payments.
Headquartered in Singapore, HitPay is now available across South East Asia and key global markets. Every HitPay solution is designed to make digital payments as affordable, efficient, and simple as possible, helping businesses reach more customers and scale with ease. The company is led by co-founders with more than 10 years in financial services, who have extensive experience working closely with businesses on building products for their unique needs.
To learn more, please visit our website at https://www.hitpayapp.com/