New digital tool to ease mass payments for firms

Interswitch Group has launched a digital payment platform that allows firms make mass payments to multiple recipients.

The firm said the platform, Autopay will enable banks, Sacco’s, digital lenders and corporates to perform one-off or recurring direct credit multiple payments to vendors, contractors, suppliers, and staff, across multiple banks and mobile wallets like M-Pesa and Airtel Money.

To use the system, businesses will need to log into an Autopay web-portal provided by Interswitch or integrate the Autopay platform to their existing business systems like mobile banking, internet banking and Core banking systems.

“The platform is built to allow automation of payments like salaries, loan disbursements, dividend payments, supplier payments, inbound remittance last mile disbursements and farmers payments among many others,” said Interswitch Group Country Manager Romana Rajput in statement yesterday.

Ms Rajput revealed that 32 businesses entities, including commercial banks, Saccos and lenders have signed up on the product.

The web-based model is provided to businesses that currently do not have an existing channel of disbursing payments. These businesses may be relying on cheques or internet banking provided by their banks.

Businesses that currently have an existing mobile banking interface can be integrated to consumer Interswitch’s transfer Application Programming Interface.

“We are targeting Saccos, banks, credit providers, digital lenders, remittance companies and other large businesses looking for a bulk disbursement solution for instance insurance, investment banks, agricultural farms among others,” he said.