Payment Rails launches API to help businesses set up global payment platforms

payment rails

Montreal-based Payment Rails has an API for a global payment platform, allowing businesses and platforms to send global payments to over 220 countries in over 135 currencies.

The company says that through its integration, businesses and platforms can now access global banking, payment, and real-time networks in a fully compliant and regulated environment. The Payment Rails platform has no setup fees, monthly minimums, or long-term contracts.

“Payment Rails is re-wiring how business payments are sent around the world,” said Tim Nixon, co-founder and CEO. “With our API, businesses can now seamlessly send payments to over 220 countries for as little as $1 per transaction, with live foreign exchange rates, and delivering funds direct to bank accounts as opposed to a recipient’s e-wallet. Our clients are looking for an easy to use payout platform where they own the full customer relationship and UX instead of handing off their customers to an e-wallet removed from their core payment process.”

Payment Rails’ white-label payment infrastructure allows businesses to run their own in-house global payout solution without needing to build or manage it themselves, allowing them to focus on their core business. Key features of the white-label payout platform include:

  • Global bank account validation
  • Recipient Widget for capturing bank account details
  • Automated white-label emails to recipients
  • White-label recipient bank statement descriptors
  • Automated returned payment handling

“Businesses are simply looking for more from their banks and are not getting the additional services they need to automate their processes,” states Ferhan Patel, Payment Rails’ co-founder and Chief Product Officer. 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. We also offer a disruptive way to send international payments, by bypassing costly bank wires, offering access to local banking and real-time payment networks, which can significantly reduce transactional costs by up to 80 percent.”

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.