Banking technology provider Cashplus is introducing a new application program interface (API) designed to allow small and medium-sized businesses (SMBs) to make mass payments to their vendors simultaneously.
A press release Monday (Nov. 19) said Cashplus, based in the U.K., is launching its Payments API to allow small businesses to initiate payments for payroll, lending, accounting and other digital platforms all at once. The solution will be particularly useful for SMBs in the gig economy, the company said, noting that the API could significantly cut down on fees imposed by traditional banks if SMBs were to initiate each of their transactions individually.
The Payments API is rolling out ahead of the U.K.’s Open Banking deadline, which is this March, and will allow small business owners to streamline their payment processing operations and integrations with various suppliers. The tool will also support real-time access to data to enhance financial reporting and cash flow management.
The release of the Payments API follows Cashplus’ launch of its Account API and Application API as the company builds out its suite of integrations that target business currency accounts.
“This is only the beginning of our API roadmap initiatives,” said CEO Rich Wagner in a statement last year.
Payments messaging firm SWIFT recently reflected on the current state of the API ecosystem for the financial services industry, noting that, despite the progress financial institutions (FIs) have made in API adoption, their strategies are often fragmented as they deploy APIs to target specific problems.
Last year, Cashplus announced a collaboration with small business accounting platform Sage in an effort to ease small businesses’ transition for the Making Tax Digital legislation. Sage and Cashplus integrated data from each others’ platforms to launch Sage’s Bank Feeds, allowing joint customers to automate bank reconciliation and digitize financial records.
Earlier this year, the company also announced a partnership with Currencycloud to enhance its global payments services for small businesses looking to expand across borders.