Global payment platform Currency Cloud has launched Payment Engine Two, its next generation API, enabling faster transaction speeds and greater flexibility to its customers.
Keeping up with the payments revolution
The way that people pay for things has fundamentally changed how businesses accept payments.
With the rise of e-commerce and the impending arrival of the EU’s Payment Services Directive (PSD2), companies are constantly processing smaller payments within a more expansive marketplace.
With this changing landscape brings a need for faster payments services. According to Currency Cloud, its new payment engine will allow businesses to gain faster transaction payment speeds and boost volume capabilities through its cash management feature.
Businesses will be able to have greater control over its individual payments, while also saving time by making transactions from a held balance, instead of waiting for funds to convert, a problem which plagues many e-wallet firms that have an active interest in treasury management.
‘Significant shift between merchants and PSPs’
For customers, the API will give them greater flexibility in customizing and managing their payment flows based on individual business necessities.
‘‘There is a significant shift underway in the relationship between merchants and payment service providers, with the sellers beginning to acquire more power,’’ explained Mike Laven, who spoke exclusively to Payment Eye at Pay Expo 2015 about the future of payments.
‘‘With so many options available, financial institutions will need to partner with merchants and digital wallet providers early to avoid significant loss of revenue as customers move across to the new payment methods available to them.’’
‘‘Currency Cloud’s ability to optimise the flow of money via local payments networks will flourish in this new era of open banking, allowing customers to avoid the complex – and often opaque – fees associated with using the international SWIFT network.’’
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