Highnote Introduces Instant Payments for Faster, Smarter Business Payouts
Unified Product Platform of Highnote Develops to Incorporate Instant Payment Functionality
Highnote, a leading financial technology company, has unveiled a new capability called Instant Payments. This innovative feature allows businesses in the U.S. to deliver near real-time payouts from Highnote-issued cards to eligible external debit and prepaid cards.
The introduction of Instant Payments is a response to evolving customer needs and reflects Highnote's commitment to delivering tools modern businesses require to scale. This feature is accessible through one API with intelligent routing based on speed, cost, and destination, making it easier for businesses to manage their payout operations.
Highnote's Instant Payments solution is supported by Mastercard Move and Visa Direct, leveraging their robust security infrastructure and push-to-card transfer capabilities. By embedding this capability directly into its unified product platform, which combines issuing, acquiring, credit, and a general ledger, Highnote offers seamless, intelligent money movement from day one.
The use cases for Instant Payments are diverse, ranging from gig worker payouts to insurance reimbursements, merchant settlements, refunds, and more. For instance, gig economy workers can now access their earned wages faster, while businesses can settle funds with merchants more quickly. Instant Payments also enables immediate payouts of tips to employees and rapid delivery of refunds to customers.
Mastercard views the collaboration with Highnote as an exciting new chapter filled with opportunity to enable the seamless movement of money across key verticals and segments. Visa, too, is committed to providing seamless and secure money movement capabilities that help businesses access funds in real-time through Highnote's platform.
Kin Kee, CTO of Highnote, stated that Instant Payments reflects both where Highnote's subscribers are today and where the market is headed. He emphasized that by embedding on-demand disbursements directly into its issuing stack, Highnote is helping businesses move money faster and more intelligently, all within a single, unified product experience.
Instant Payments is the first release in Highnote's larger effort to unify outbound money movement through a single, programmable framework. With this feature, businesses can push funds to debit and prepaid cards in the U.S., giving recipients faster access to their earnings.
Mastercard and Visa believe that collaborating across the ecosystem is essential to ensure businesses can securely access critical funds in near real-time to keep their operations up and running. With Highnote's Instant Payments, businesses can do just that, improving liquidity and payout operations for a more efficient and modern financial landscape.
[1] Highnote Press Release: Highnote Launches Instant Payments for Faster, Smarter Business Payouts [2] Highnote Blog Post: Introducing Instant Payments: The Future of Business Payouts
1) In response to evolving business needs, Highnote, a prominent financial technology company, has integrated Instant Payments into its product platform, allowing for near real-time payouts to debit and prepaid cards.
2) Leveraging Mastercard Move and Visa Direct, Highnote's Instant Payments feature offers a secure, efficient solution for businesses to manage diverse payout operations such as gig worker payouts, merchant settlements, and refunds, ultimately improving their financial landscape.
