TopCashback has announced it will implement Santander UK’s API-based payments product enabling faster payments.
The aim for Topcashback is to slash the payment processing time for its members for same day cashback payouts. The cashback firm believes the API will enable ‘thousands of payments to be processed each minute’.
“Topcashback has always existed to save its members as much money as possible, and now more so than ever it is essential that cashback can be paid out promptly,” stated Peter Amison, Finance Director of TopCashback.
“Our members are central to everything we do, which is why we are so pleased to be able to deliver their cashback to them through our new Santander UK payment system.”
Santander UK will use its API plug-ins directly into the Faster Payments portal of TopCashback, which in turn, sends payment instructions to the banks own systems. This enables TopCashback to improve on their cashout payout process, which was a three-to-five day process before implementing Santander’s newest offering.
Santander UK’s PaymentsHub API anticipates it can process more than a million cashback payouts in up to a year for TopCashback and a thousand payments per minute.
Due to TopCashback’s accelerated growth, now boasting more than 12 million members, it has had to call on the assistance of Santander UK to help manage the increased volume of cashback payouts, which it states has made ‘millions of cashback payouts to its members’.
Nick Ashman, Relationship Director, Santander UK, concluded: “We’re delighted to have collaborated with TopCashback to tailor our PaymentsHub API product to its specific needs.
“It enables TopCashback to process thousands of payments every minute with real time verification and settlement, giving its members same day cashback payouts and providing a rapid and seamless experience.”