Peach Payments has launched real-time clearance (RTC) payouts for all merchants on its platform in South Africa. The new payouts solution lets merchants top up their float and disburse payments in just minutes.
Rahul Jain, CEO and co-founder of Peach Payments, says: “Peach Payments’ revamped payout capability offers a seamless, automated solution to disburse funds in South Africa. With real-time payouts, automated processes, and batch payment handling, it reduces manual intervention and enhances efficiency.
“This is a key enabler for Peach Payments as we look to scale our offering locally and further afield.”
Merchants can top up their float using their settlement funds or via EFT, which simplifies float management. Real-time clearance means recipients can typically access their funds within 90 seconds.
Peach Payments has launched the offering at roughly half the usual merchant transaction fee, he adds.
Peach Payments’ RTC Payouts offers automated reconciliation, CSV uploads, float top-ups, and batch payments, which are not delayed if the merchant’s bank’s systems are down.
The Peach Payments API handles automated bulk payments, keeps payouts moving to other banks, and highlights any failed payments for quick reprocessing, with no guesswork or manual reconciliation. A UI on the Peach Payments dashboard manages payments for merchants who prefer not to use the API, or want to make a single payment.
The solution is useful for companies that need to rapidly distribute refunds and commissions to customers, pay gig workers with varying payout schedules, and manage salary disbursements, bonuses, and expense reimbursements. It can also facilitate loan disbursements and repayments, and insurance claim settlements to policyholders.
Merchants with the in-house technical abilities to use the API can integrate and go live within a day or two. Merchants who prefer not to use the API can access Payouts on their existing Peach Payments dashboard.
The offering is currently available in South Africa and will be made available in other countries in due course, contingent on their regulatory requirements.