Rapyd demonstrates digital payments can be a force for good
The company’s approach favours a streamlined approach that offers a diverse range of local payment options through a single API. It accomplishes this while still managing compliance and regulatory requirements for each.
“The demand for online payments has skyrocketed following the restrictions due to the effects of COVID, and as a company, we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast,” said Arik Shtilman, Co-Founder and CEO.
Addressing the needs of regions and the unserved
FinTech Magazine recently spoke with Sarel Tal, VP EMEA, who emphasised that understanding the different priorities and requirements for each region was imperative to serving them correctly:
“In Europe there’s a small selection of alternative payments options, but their importance there is not quite as crucial as in APAC (Asia-Pacific), for instance, where there are far more.
“In APAC, they were doing local payment methods on a large scale initially and have subsequently moved to card payments. In Europe it’s the inverse: everyone was using cards and then local payments were added.”
For Tal, by far the most crucial aspect of Rapyd’s expansion will be its capacity to address the needs of unbanked or underserved communities.
“Historically, only a small percentage of the population of a developing country/community will use card payments. Alternatives are better suited for these conditions,” he says.
Rescuing businesses through payments
An apostle for the power of next-gen payments solutions to not only improve lives but also business, Eric Rosenthal, Rapyd VP Americas, that enhanced digitalisation could help ramp up growth despite difficult pandemic conditions:
“The COVID-19 pandemic has thrown a wrench into many businesses’ plans for expansion. Among those who have bucked the trend, however, there’s a common thread: robust digital capabilities that have enabled companies to continue serving customers and deftly adjust.”
It is remarkable that streamlining a single aspect of finance can yield such a broad range of benefits. If current trends continue, one could argue that the story of payments’ evolution will mirror society’s own.
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