Payment Rails, a global payouts platform provider, has announced the launch of its Global Payout API which allows developers to add to applications payout capabilities such as international ACH, real-time currency conversion, and global mass payouts.
The Payment Rails platform provides access to a payments infrastructure and global banking network for sending payouts worldwide using SWIFT, local banks, Visa and MasterCard, mobile money accounts (AirTel Money, bKash, and M-PESA), and other payout methods. The platform is capable of processing local bank transfers into more than 60 countries and SWIFT bank transfers to more than 220 countries. The platform leverages machine learning for fraud prevention and uses AI and fuzzy logic for AML watchlist screening. The platform also leverages AI and machine learning for payment routing optimization which is based on speed, cost and FX rates.
"Businesses are simply looking for more from their banks and are not getting the additional services they need to automate their processes," said Ferhan Patel, Payment Rails' co-founder and Chief Product Officer, in a prepared statement. “Many of our clients are migrating off their core banks' treasury service and leveraging Payment Rails' payout platform because we offer automation and REST API connectivity. Our platform provides the same level of treasury services you'd expect from your bank, but with a fintech level focus on the user experience.”
For more information about the Payment Rails platform, visit https://www.paymentrails.com.