Payment solutions provider Central Payments has announced the launch of its new payout platform, PayCP. PayCP is a white-label, turnkey solution that allows companies to offer customers different methods to receive payments.

The portal enables partners to initiate and track payouts and review historical and analytical insights. Central Payments’ officials highlighted that some of the use cases the new platform can assist with include companies that need a faster, digital way to send rebate, loyalty, incentive, or rewards funds to their customers. The company’s objective is to help its partners digitalise their processes, in a secure and cost-effective way.

PayCP’s features The initial phase of PayCP includes additional payment options, such as a virtual Discover Prepaid Card, a physical Prepaid Card, a real-time push-to debit card using Mastercard Send, and ACH bank transfers. Central Payments developed a robust plan for the remainder of 2023 into 2024 with enhanced payment options and payout situations. PayCP has been developed for a faster onboarding process, with users being able to fully enrol in approximately 30 days. Partners can initiate disbursements, view extended analytics, and history of specific campaigns through the portal. The consumer portal notifies customers when funds need to be claimed, and they can select the disbursement method and in what timeframe they want to receive the amounts.

About Central Payments The US-based payments company provides partners with single-source access to the entire payment landscape with its proprietary Open*CP API Marketplace. Moreover, the company operates Falls Fintech, its startup fintech accelerator, as well as produces Fintech Brews, a podcast aiming to bridge the gap between banking, startups, and the fintech industry. In June 2023, the company partnered with Allied Payment Network to embed Allied bill pay technology into its Open*CP Fintech API Marketplace. Through this collaboration, Central Payments can offer US residents online and mobile bill pay and money movement services, as the company’s partners receive a seamless integration to Allied’s payment technology. Central Payments also entered a strategic partnership with Advantage Payment Services in May 2023, aiming to embed the latter’s dispute management solution directly into the Open*CP payments ecosystem.

In April 2023, the company collaborated with Galileo Financial Technologies for a long-term processing services renewal. Both companies’ objective is to ensure that programs delivered through Open*CP can leverage robust and scalable processing capabilities for embedded finance and financial institutions. Enterprises use Open*CP to enhance their large-scale programs which were utilised for the launch of their financial solutions and tools.

In order to allow customers to develop financial products, the companies use Galileo’s API approach and effective platform. .