“Modernizing our North American infrastructure with our proprietary clearing and settlement capabilities is a major milestone for Nuvei,” Phil Fayer, chair and CEO of the Canadian FinTech, said in a Thursday (July 31) news release.
“Merchants in the U.S. and Canada now operate on the same platform as our customers in other global markets, gaining the transparency, consistency, and control needed to grow faster and compete globally. This update also benefits international businesses operating in North America by unifying their view across all regions, removing barriers, and supporting efficient global scale.”
The expansion gives merchants access to the real-time intelligence and reporting available across Nuvei’s global network. The company said early adopters found a 60% reduction in manual reconciliation time and fewer fee-related inquiries.
The new offering follows last week’s release of new features aimed at improving the authorization rates for Nuvei merchants in North America. This includes the addition of PIN-less debit and least cost routing to its authorization optimization suite, designed to improve authorization rates by up to 3.5 percentage points for applicable transactions.
PYMNTS spoke last month with Nuvei Vice President of Product Ed Dean about the rise of pay by bank.
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By allowing for quicker money movement, pay by bank gives businesses a clearer, more immediate picture of their financial standing, letting companies make more informed decisions regarding their liquidity.
Dean likened the evolution of the payments landscape to the history of gaming consoles. “Merchants need ERPs to support the newest consoles, if you will, because if you don’t have the right tools, you can’t play the game,” Dean said.
Much like the gaming world evolved from the original Nintendo Entertainment System to Super Nintendo to the Wii to the Switch, the payment landscape has moved from ACH to same-day ACH to real-time payments, with request for payment (RFP) on the horizon.
These advances, Dean added, are centered around the concept of account-to-account payments, with pay by bank serving as the “newest evolution” in this chain, and a need to improve infrastructure and connectivity to get there.
