New award-nominated interface technology from Cashplus allows thousands of simultaneous, automated payments, dramatically reducing transaction costs
UK fintech disrupter Cashplus is empowering SME customers with the release of a new, award-nominated Payments API (Application Programme Interface) product, which allows thousands of simultaneous payments to be processed instantly, potentially halving transaction fees to high street banks.
APIs act as messengers between different websites, devices and apps, allowing them to speak to one another in real time. The Cashplus Payment API connects with other business platforms, meaning payroll, lending, accounting and recruitment firms and other suppliers to SMEs, particularly those who operate in the gig and sharing economy, can now make many thousands of automated payments instantly, replacing laborious and costly individual transactions.
These companies could save 50% or more on transaction costs associated with traditional banks, totalling over £500m in potential savings for UK businesses and £117m for payroll transactions specifically.
Launching ahead of the 14th March 2019 Open Banking deadline for financial services providers, the Payments API has already been shortlisted for two awards: Best Technology Initiative of the Year at The Card & Payments Awards, and Best Initiative from an SME as part of an innovative three-API suite that Cashplus currently offers to its business partners and SME customers.
Cashplus CEO Rich Wagner says the new integration allows business owners to streamline their finances without the hassle and human error of manual payments processing. Also, real-time financial reporting will enable SMEs to keep their fingers on the pulse of their cashflow. Most importantly, this will give business owners more time to focus on growing their businesses.
He goes on to explain, “Small and medium business owners are the backbone of the UK economy, and they’ve got enough on their plates without spending hours managing their finances on manual systems. We’re thrilled to offer a technology solution that saves them valuable time and money.”
Kilian Fitzsimmons, Commercial Director at JustAccounts, the first company to use the full new API suite, says: “Our partnership with Cashplus is constantly evolving, and it’s exciting and rewarding to bring UK businesses an integration which is so quick and user-friendly, even for those who have never used the platform before.”
The Payments API joins Cashplus’ recently released Account API and Application API as part of a new suite of integrations, which is believed to be a UK-first for business current accounts, remaining unmatched by traditional UK banks.
The game-changing API suite, cements Cashplus at the forefront of open banking and has been welcomed by SME customers across the UK, including accounting software innovator JustAccounts.
A fintech pioneer and digital challenger to banks, Cashplus has been championing smarter current account and credit solutions for UK businesses and consumers since its launch in 2005.
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Notes to Editors
Cashplus, the trading name of Advanced Payment Solutions Ltd (APS), has been FCA authorised and regulated for over a decade. During this time, it has amassed a string of ‘Firsts’, including the first non-bank to offer banking services through the 11,500 Post Office branches and the first non-bank to introduce an instant online business current account.
Cashplus, one of the pioneers in Fintech, has developed a wide range of digital banking services, which challenge the traditional banking model. Through its proprietary technologies, award winning products and superior in-house data analytics, Cashplus has been able to offer over 1.4 million customers fast, convenient and transparent banking solutions to efficiently manage their finances and business cash flow. Voted the Best Challenger Bank 2017 by readers of PayBefore even though it’s not yet a Bank, Cashplus continues to provide innovative banking solutions for customers typically overlooked by traditional banks.
Authorised and regulated by the Financial Conduct Authority, APS has a full permission credit licence for consumer credit activities (FRN 671140). APS Financial Ltd (“AFL”), a subsidiary of APS, is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN 900002).
AFL was the first non-bank issuer to gain Mastercard membership and is a member of both UK Finance and Emerging Payments Associations.
 The Cashplus Payments API can save at least 50% for corporate customers, lowering the average Faster Payment transaction fee from around 65p to 33p. Some 364m payroll payments were processed in 2017, and 1.7bn Faster Payments.