PayU, the fintech and e-payments business of Prosus, has confirmed its partnership with Silverflow, the cloud-based payments processing startup, to bolster card acquiring processes for payment Service Providers (PSPs).
Uniting Silverflow’s direct connection to the card networks with PayU’s acquiring capabilities, the move aims to evolve processing and settlement within the card acquiring process.
By allowing direct access to card networks through a single API, Silverflow’s platform enables PSPs to instantly add new functionality, streamline quality data flows and significantly reduce costs.
Mario Shiliashki, CEO of Global Payments Organisation at PayU, stated: “We’re excited to be partnering with Silverflow and their unique solution. By combining their offering with our deep expertise and experience in the domain as well as our state of the art acquiring platform and its capabilities, the combined product is uniquely positioned in the market to enhance and even replace PSP legacy systems and make them more suitable to the needs of today’s data-driven world.”
PayU’s partnership with Silverflow underlines their common goal to drive technological innovation in the global payments industry, creating greater transparency, efficiency and security to benefit merchants and cardholders.
Anne Willem de Vries, Co-founder and CEO of Silverflow, added: “Today’s card payment infrastructure is based on 30 to 40-year old technology which hasn’t evolved with the payments landscape.
“Partnering with PayU, we have the potential to change this. PayU’s global connections and experience with Acquiring Licenses coupled with our cloud-native platform, we can make a demonstrable difference; reducing the time, money and resource the current card processing technology requires. We ultimately believe our platform will facilitate more innovation for the whole card payments system.”