What is the payment facilitator model? Put simply, it’s a model for streamlining merchant services. Payment facilitators eliminate the need for individual merchants to establish a traditional merchant account. But how do you know if it’s right for your business?
Paysafe announces plans to acquire iPayment while global retail giant Walmart is reported to be in the midst of a majority purchase of Indian ecommerce company Flipkart. And in other news, Mastercard expands India technology hub and Stripe enables Sage customers to get paid twice as fast.
The Unique Identification Authority of India (UIDAI) has revoked access for a dozen agencies currently providing eKYC verification and authentication services throughout India’s ever-expanding digital market.
In part I of this series, we discussed the impact of the beneficial ownership rule on banks and their payment facilitator relationships. In this installment we discuss how the beneficial ownership rules apply to a bank acting as an originating depository financial institution for Automated Clearing House (ACH) transactions and its relationships with Originators, Third-Party Service Providers, and Third-Party Senders.
Stripe introduces Stripe Billing to target the recurring business model specifically while Mastercard forgoes the customer signature on in-store purchases at US and Canadian merchant locations. And in other news, PayPal leads the rankings for mobile wallets while QR code adoption faces challenges in Europe and North America.
In the last 6 months, interest in the technology has exploded, with new announcements – and scandals – occurring almost every single day. We are at a point with blockchain that is very similar to the excitement that many experienced in the early days of the internet.
If you’re a payment facilitator, how much do you currently know about the owners of your sub-merchant customers? If you’re a processor, how much do you know about the owners of your payment facilitator customer’s sub-merchant customers? And if you’re a bank, how much do you know about the owners of your processor customer’s payment facilitator customer’s sub-merchant customers (who are, technically, also your customers)?
Japan’s top three banks have come together to drive the push towards cashless. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Financial Group aim to unify a QR code specification in an effort to standardize a smart phone QR-based payment system across the participating banks.
Google has plans to expand its Tez mobile app into new markets while Paytm rivals both Google and WhatsApp with new payment app enhancements. And in other news, Visa pays out winnings to 50 small businesses in the Visa Cashless Challenge.
As a software provider, you have many options for bringing your payments solution to market. One avenue is to become a payment facilitator (PF). But what exactly does it entail? Following are answers to some of the most common questions about payment facilitators, to help you determine if this is the right path for your business.
Arizona becomes the first US state to implement a fintech sandbox to drive innovation. And in other news, the Bank of England, Singapore Fintech Association and the Fintech Association of Japan all lead individual efforts to foster fintech.
As Know Your Customer (KYC) regulations become increasingly critical in the underwriting process, payment facilitators may seek to better understand high-risk merchants by collecting information separate from what is provided by the applicants themselves. Corporate registration records offer reliable, useful data that may help to paint a more complete picture than application information alone. Knowing where to look and what to look for may lead to more effective Customer Due Diligence (CDD) or Enhanced Due Diligence (EDD) efforts.
Payments platform Adyen announced the launch of its POS offering in Singapore and the subsequent expansion of its unified commerce footprint. SafeCharge also reports significant growth numbers and BlueSnap’s all-in-one platform solution has grown ten-fold year over year.
Google partners with Shopify and the Las Vegas Monorail to drive digital while Mastercard collaborates with IBM to form independent trust body Trūata. And in other news, a new emerging markets fund is created to support fintech innovation.