Cashplus Payments API hits 1 million transactions in first year
- Payments API hits 1 million transaction milestone just one year after launch
- Transactions totalled more than £310m by May 2020
- Tool offers c.50% reduction against typical fees meaning it can deliver £30m of SME savings per year at current scale
Cashplus, the leading UK fintech, today announces that its Open Banking Payments API product processed over 1 million SME payments in the year following its launch in April 2019.
By May 2020, Payments API customers had completed Faster Payments with a total value of over £310m, with this volume of transactions representing over £30m of annual savings on typical fees for SMEs. To date, the figures stand at close to 1.2m transactions with a value of more than £340m, despite the impact of the Covid-19 crisis.
Payments API uses Open Banking technology to connect with other business platforms, allowing SME customers to make thousands of automated, simultaneous payments instantly, with approximately 50% savings* over the equivalent charges from traditional providers.
The product has been adopted by a diverse range of business customers since launch, from contractor services firms managing monthly payroll to a social enterprise that provides payments for carers and gig economy players using Payments API and associated products to complete driver payments.
Cashplus Chief Commercial Officer, Paul Schooley said: “The Payments API is a great example of the type of innovative, practical products we want to offer our SME customers, using technology to deliver real benefits for these businesses instead of gimmick features and flashy design. Small businesses and start ups play a critical role in the UK economy, providing 95% of all private sector jobs, and their success is even more important at a time of crisis and economic uncertainty. As SME specialists, we understand that money and time are the most valuable savings a small business can make, Payments API delivers both and this million-payment milestone is the proof in the pudding.”
Cashplus is in the advanced stages of application for a full UK bank licence. Once a bank, the company will hold more than £400m in deposits and has ambitious plans to rapidly expand its SME lending and current account growth.
* The Cashplus Payments API can save at least 50% for corporate customers, lowering the average Faster Payment transaction fee from around 65p to 33p
Notes to editors
Alex Moorhouse, Corporate Affairs Director
+44 (0)7834 780299
Cashplus is a leading specialist UK digital challenger to banks for small businesses and consumers. We offer faster, smarter, simpler banking services for the entrepreneurs, independent businesses and individuals that power the UK economy, yet are too often overlooked by high street banks.
Since 2005, we’ve created easier ways for more than 1.6m customers to pay, store and borrow money through our user-friendly digital platform.
We understand what our customers need – time and money to run their businesses and live their lives – and our secure, innovative products are designed to help, where others can’t or won’t.
A true fintech pioneer, we are a fast-growing and credible challenger to UK high street banks.
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