epay announces new partnership with Revolut
The full service payment provider which was founded in 1999, will offer its unique range of products via Revolut’s platform in 36 countries, through an API integration into the challenger bank’s three apps, Junior, Consumer and Business.
Currently, epay provides a range of tailored electronic payment, cash collection solutions including POS systems integration, a full settlement and reporting service and full marketing and distribution service support.
The fintech’s portfolio includes prepaid mobile top-up, prepaid debit and gift cards, e-wallets, bill payment, digital music and other content, money transfer through its sister company Ria, lottery and transport payment solutions including road tolls and public transport.
epay’s collaboration will enable Revolut customers to enjoy a wider range of services via the bank’s apps, including gift cards and digital content without having to leave the platform.
Revolut expansion strategy
The news follows on from the challenger bank’s announcement last week that Revolut is working towards becoming an all-encompassing business platform by launching currency forward contracts (FX forwards) for its business customers in the UK.
The move means users can now arrange future exchange rates online at any time and are able to get a fixed FX for an agreed amount and date through Revolut’s app.
The new partnership with epay will also enable the bank to make use of epay’s extensive network which spans 36 countries.
The challenger, which was awarded a Lithuanian banking licence last year and currently processes over 100 million transactions monthly, has a presence in 10 European countries customers are able to make global payments with the Revolut exchange which handles 31 currencies.
Speaking about the new partnership, Maisum Dairkee, Product Owner at Revolut said, “Our customers are primarily millennials and digital natives who expect a financial app to offer attractive additional services as well as a perfect user experience—we enable both of these with epay’s flexible API integration.”
He continued, “epay’s API integration not only provides access to a broad range of scalable content to meet all customer needs at both a local and global level, but it also serves to provide a perfect and seamless customer experience without ever having to leave the app.”
According to Kevin Caponecchi, Executive VP and CEO, epay, Software and EFT Asia Pacific Division, the partnership will enable Revolut to provide a better offering to its customers.
“Our technical solution and processes allow us to provide Revolut with value-added services through a single API as a full-service payment provider,” Caponecchi said. “This means we go beyond the classic role of a gift card provider and instead become more of an infrastructure partner for a worldwide roll-out. We want to help fintechs like Revolut provide their customers with the exact content they expect or have always wanted.”
He added,”We are also showing our 2000 + existing gift card and prepaid portfolio of brand partners, new ways of connecting with their customers by opening up new digital and mobile sales channels such as Revolut.”
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG