US-based payments solution company i-payout has launched an enhanced real-time payments service in the USA and Canada.

The service will allow recipients to use their existing bank accounts to receive instant payments directly from their i-payout account.

It is expected to transform the way businesses can pay, transfer, and distribute payments, according to a statement by the company.

Traditional real-time payment solutions require recipients to buy and activate a company-issued prepaid card and then add funds from their wallet onto the card.

i-payout said that its new service, which allows payments to be settled in near time, is aimed at empowering customers in key industry verticals within the gig economy such as direct sales.

i-payout founder and CEO Edwin Gonzalez said: “Our customers are more competitive when their employees, agents, and distributors can be paid instantly, on-demand, and anywhere at any time.

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“Instant payouts, combined with i-payout’s other custom offerings, provide our customers a competitive advantage.”

i-payout enables companies to send and receive payments in local currencies globally through a single account and portal.

The firm also offers management tools designed to enhance integration and streamline workflows. These include a developer-friendly API and a digital wallet and management console that optimises operational capabilities and customises reporting.

Last year, AptPay joined forces with NRT Technology and Mastercard to launch an instant payout service for the casinos and gaming industry.