Solving bill pay is an important piece of the puzzle to build out a full stack deposit product. So today we are announcing version 1 of our bill pay product.
Here are some of the features:
Fits right into our existing transactions API
We have built bill pay on top of our existing transactions API. The idea being, you can pay a bill from any type of Synapse managed deposit account, to a
CHECK-US account type. Making this a part of our existing transactions API is crucial, because it means that now developers only need to spend 10–15 minutes to add bill pay functionality into their existing products.
Since the primary distribution mechanism of the bill pay product is a physical check, it ensures that regardless of who the merchant is, we are able to fulfill the bill payment.
Depending on your contract, bill pay would cost anywhere from $1 to as low as 50¢. No percentages or complicated fees.
Automated exception handling
Since the bill pay product is built on our transactions API, it also inherits all the timeline and subscription features, making it very easy for developers to automate exception handling around failed bill pays.