HitPay introduces Payout APIs for more seamless business transactions regionally

Global payment platform, HitPay, has introduced mass payouts in Singapore, Malaysia, and the Philippines with its Payout APIs (application programming interface). With this rollout, businesses can now seamlessly pay workers, contractors, partners, and suppliers via the Singapore-headquartered platform.

Marketplace and platform-based businesses will also be able to securely manage mass payouts with HitPay’s Payout APIs. This marks an expansion of the brand’s end-to-end payment solutions that streamline online payments, point of sale (POS), and B2B payments.

Don’t miss: GXBank officially launches in Malaysia, rolls out debit card

Some of HitPay’s Payout APIs features include a single API integration with mass payout capabilities, enabling businesses to send payouts without the need for intermediaries. As a registered operator of a payment system (OPS), regulated under the Bangko Sentral Ng Pilipinas (BSP) and Monetary Authority of Singapore (MAS), it will also carry built-in compliance features, such as transaction monitoring and fraud protection.

With automation, businesses can set up flexible payout instructions based on their payment preferences. Detailed reporting via the platform will also enable businesses to track and manage payouts with comprehensive insights on their transactions.

In Singapore and the Philippines, businesses will be able to send funds with no cut-off times or restrictions, enabling timely payments and speeding up access to funds.

Under the initiative, the supported payment networks include Singapore’s FAST, Malaysia’s RTGS and InstaPay, and the Philippines’ PESONet. Additionally, HitPay will soon be supporting PayNow payouts in Singapore and DuitNow payouts in Malaysia.

HitPay will support additional payment rails in 2024 to expand its mass payout capabilities to more countries, including domestic payouts in Indonesia, Thailand, Vietnam, and Australia. Globally, it also aims to support cross-border payouts using mass payment networks, e-wallets, and over the counter (OTC) channels. These seek to provide businesses with more comprehensive solutions for managing payouts in different countries and currencies under an integrated platform.

This is the latest in a dynamically developing fintech landscape in the region. Recently, Grab and Singtel-backed digital bank, GXBank, launched its operations in Malaysia and opened its app to all Malaysians. This reportedly followed months of testing amongst GXBank internal staff, shareholders, partners, and selected users.

In addition to launching the app, GXBank also reportedly rolled out its debit card, GX Card, in partnership with Mastercard.

Related articles:
GXBank’s new app undergoes beta testing to select users in Malaysia
Grab and Singtel's GXBank gets approval to operate in MY from Bank Negara Malaysia
Grab PH to reportedly expand into fintech market