The "Full Stack" service lets businesses in the United Kingdom and globally access integrated local payments in the UK Market via one API.
LONDON, June 2, 2020 /PRNewswire/ -- Rapyd, a global Fintech as a Service company, today announced the launch of a single, "full-stack," payment solution in the United Kingdom allowing businesses locally and globally to access every major local payment method — such as cash, bank transfers, ewallets, and cards — through one easy to integrate connection. In partnership with several major payment partners including Visa, Mastercard, Payzone, and ClearBank, Rapyd's all-in-one payment solution facilitates payments locally, and across borders for companies of any size, through one single API, reconciliation process, and contract.
The Rapyd Global Payments Network supports more than 900+ payment methods in over 100 countries. Rapyd's "full-stack" approach brings every disparate and fragmented local payment method in a specific country into a single, integrated connection. Businesses can simply plug in the Rapyd API to provide consumers with a local payment experience. And it allows companies located outside of the UK to seamlessly operate in the UK market from anywhere in the world, all through one platform.
Rapyd's uniquely flexible fintech as a service approach gives businesses a much wider range of options in crafting new payment strategies by being able to issue and accept cards through a single connection. The company's principal membership in the United Kingdom for card-issuing and acquiring with both Visa and Mastercard offers merchants a greater range of capabilities so they can scale faster and simplify their back-office operations.
Sarel Tal, Vice President, Europe, Middle East and Africa (EMEA) at Rapyd noted, "The idea behind our full-stack offering is simple: provide companies with the capability to accept every major local payment method without having to expend resources to build complex payments infrastructure needed to power fintech and commerce applications as digital payments accelerate. By enabling both disparate local and global payment networks, we are able to provide businesses around the world a way to tap into the growing UK market quickly, while minimizing operational costs and managing all local regulatory requirements. Rapyd's integrated Fintech as a Service platform and global payments network reduces this down to one, powerfully simple API."
Rapyd's integrated payments network allows online marketplaces, Fintech services, cross-border B2B companies, neo-banks, gig-economy platforms, and global retailers to access digital, physical, and omnichannel payment capabilities that include collection and disbursement payment methods including cards, ewallets, bank transfers and even cash in a single, safe solution, and at a fraction of the time and investment, it would otherwise require. Rapyd's service seamlessly handles all cross-border transactions, foreign exchange, and other reporting requirements.
"With the launch of this platform, Rapyd is making operating in the UK market as simple and efficient as it can be for companies around the world," said Martin Rouse – Retail Director at Payzone. "We are excited to work with Rapyd to provide local payment options for companies around the globe and help them grow their businesses and provide better payment options for UK consumers."
"We're delighted to partner with Rapyd on the launch of this integrated payment solution," added Simon Jones, CCO of ClearBank. "It's vital that businesses are able to meet the growing customer demand for the real-time payments. Rapyd's platform will enable global businesses to offer the ability to make payments 24/7/365 via the Rapyd API, providing UK consumers & businesses with the seamless experience that they increasingly expect."
Rapyd's Full Stack Capabilities in the United Kingdom include:
- Access to UK Faster Payment and BACS
- IBAN and Virtual IBAN issuing
- Card acquiring and issuing via principal membership with Visa and Mastercard
- Cash collection and withdrawal
- eWallet and other payment account issuing
- Disbursement to bank accounts, eWallets, and other payment methods
- Access to "open banking" services through the use of Account Information Service Providers (AISP) and Payment Initiation Service Providers (PISP)
Rapyd is authorized and regulated by the Financial Conduct Authority in the UK.
Visit www.rapyd.net/uk to learn more.
Rapyd does for fintech what the cloud did for IT. They built the world's largest local payments network to power frictionless global commerce. Innovative ecommerce companies, technology firms, and marketplaces use their Fintech-as-a-Service platforms: Collect, Disburse, Wallet, and Issuing to seamlessly integrate payment capabilities into their applications. The Rapyd Global Payments Network covers 900+ locally preferred payment methods, including bank transfers, ewallets, and cash in more than 100 countries. Now businesses can open new markets, create new fintech applications, and reach four billion consumers worldwide without thinking about infrastructure or regulations. Investors include Stripe, General Catalyst, Oak FT, Tiger Global, Durable Capital, Target Global, and TaL Capital. For more information, visit www.rapyd.net