Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, payabl. has called on the anti-fraud capabilities of AI, Brite Payments has installed instant payments for e-commerce merchants in Germany, and TrueLayer announced a record breaking month.
payabl. enlists the AI-backed fraud prevention services of Sift
As fraud continues to plague the minds of payment companies, European fintech payabl. has partnered with Sift to tap into its AI capabilities to reduce fraud attempts for its customer base.
payabl. is aiming to streamline fraud detection and prevention through the automation of Sift’s AI technology, which also cuts chargeback rates and improves approval rates. There is also an added focus on cutting friction during the customer journey.
The integration is already live on payabl.’s modular payments platform, unlocking greater eligibility for Transaction Risk Analysis (TRA) exemptions for EEA and UK merchants to increase conversion while maintaining compliance.
Oleg Stefanets, payabl. Chief Risk Officer, said: “By teaming up with Sift and its AI-driven fraud prevention, we’re delivering top-tier protection that drastically reduces friction for both merchants and their customers. Our merchants can scale fearlessly, confident that every transaction is checked in real time by a system that learns and adapts with each data point.”
TrueLayer underscores instant payment demand for $10bn TPV in April
Open Banking platform TrueLayer reported processing over $10bn in total payment volume (TPV) in April, its largest monthly figure to date.
The monthly figure is equivalent to more than $100bn generated annually, whilst TrueLayer also gained 500,000 new users per month, reaching 13 million users in April.
TrueLayer cited a growing demand for instant payments and refunds to the TPV figure last month, as it provides low-cost payments and real-time instant payments, like Pay by Bank, to facilitate the growing consumer appetite for faster payment solutions.
“Consumers and merchants are moving en masse to Pay by Bank – and they’re choosing TrueLayer”, said Francesco Simoneschi, CEO and Co-Founder of TrueLayer. “This isn’t just about volume. It’s about velocity. We’re building a real-time payment network for Europe and the momentum that we’re seeing proves that we’re solving a real problem for both sides of the market.”
Brite Payments continues e-commerce Instant Payment push in Germany
Brite Payments, a Nordic-based Instant Payment provider, has partnered with German e-commerce platform OXID to integrate its instant payouts solution into the checkout.
Merchants of OXID will be able to perform Instant Payments via the OXID eShop system. The implementation of this payment solution seeks to help merchants scale the optimisation of their B2B and B2C businesses across several industries.
This is enabled by Brite Payments’ Open Banking technology, which eliminates manual registration, card data entry and app downloads. OXID merchants will also be able to streamline refund management through Brite’s solution.
Lena Hackelöer, Founder and CEO, Brite Payments, said: “Brite Instant Payments can be easily integrated into existing shops and facilitates a smooth payments experience for consumers. Additionally, merchants benefit from real-time transaction processing, which means predictable cashflow, reduced fraud risk, and lower operational costs.”
Mollie Portugal launch signals growing demand for digital payments
Launching in Portugal for the first time, Mollie will open its range of digital payment methods to companies of all sizes to meet the growing demand from customers.
Mollie will provide methods such as Apple Pay, PayPal, and Google Pay, as well as localised payments such as MB WAY and Multibanco and 36 other methods to support businesses’ e-commerce platforms.
The nationwide market launch follows the opening of a Lisbon-based tech hub in 2022, which currently employs 60 Mollie professionals who will serve as the company’s primary hub to grow and scale its digital payment services.
myTU ramps up acquiring efforts with Visa and Mastercard licences
European digital bank myTU has made the next step in its bid to build a scalable payments-as-a-service infrastructure by securing acquiring licences from Visa and Mastercard.
This will enable myTU to process card payments through its acquiring infrastructure for e-commerce platforms, retail stores and point-of-sale (POS) terminals.
Raman Korneu, Co-Founder and CEO of myTU, said: “This is a key part of our strategy to evolve as a payments-as-a-service infrastructure provider for our business partners and empower their growth with the tools they need to manage and scale their payment operations efficiently.”
myTU has been a Visa principal member of Visa since 2003, and now, by securing a membership with Mastercard, the digital bank is aiming to expand its services across Europe through compliant, cloud-first solutions.
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