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This article was published on February 25, 2013

    After the release of its Payouts API, Balanced introduces same-day payments to Wells Fargo customers

    After the release of its Payouts API, Balanced introduces same-day payments to Wells Fargo customers Image by: Justin Sullivan
    Ken Yeung
    Story by

    Ken Yeung

    Ken Yeung is a reporter for The Next Web based in San Francisco, CA. He carries around a big camera & likes to write about tech, startup Ken Yeung is a reporter for The Next Web based in San Francisco, CA. He carries around a big camera & likes to write about tech, startups, parties, and interesting people. Follow him on Twitter, on Facebook, and Google+.

    The speed in which payments are being made in the marketplace are becoming faster and faster. The payment service Balanced is now giving its users that are customers of Wells Fargo bank the ability to be paid the same day, all through its Payouts API.

    It was just this month when Balanced released its Balanced Payouts API as a standalone product, which allows developers to tap into next-day ACH deposits. But now, through an agreement with one of the biggest bank chains in the United States, now those that use the service will be provided same-day delivery.

    When compared to other similar services like Stripe (takes 7 days) or PayPal (3-5 business days), it appears that Balanced could be the fastest. The industry norm is 3-5 days.

    But while this affects only those with Wells Fargo, there is much work to be done to bring this service to other financial institution customers, such as Bank of America, JP Morgan Chase, and Citigroup.

    Balanced’s API sees 100,000 calls per day and is being used by companies like Grubwithus, Kibin, Vungle, Adworkz, and CourseHorse. Each payout sent through the API costs $0.25.

    Photo credit: Justin Sullivan/Getty Images