AcceptPayments.com has partnered with global tech firm Endava to develop an online comparison marketplace for the payments industry.
The new marketplace will enable small- to medium-sized businesses (SMBs) and corporates to compare offers from various payment service providers (PSPs) on payment acceptance methods such as cards, open banking, cryptocurrency and direct debit, AcceptPayments.com said in a Thursday (Aug. 17) post on LinkedIn.
The platform will launch later this year, according to the LinkedIn profile of AcceptPayments.com Founder and Director Sebastian Wood. The initial phase of the project will launch in the United Kingdom, with 10,000 merchants using the platform, according to the post.
The marketplace will empower merchants to make informed decisions by evaluating services across different categories, including merchant accounts, card machines, tap-to-pay, QR code payments, payment gateways, virtual terminals and buy now, pay later (BNPL) solutions, the post said. In addition, plans are underway to integrate an artificial intelligence (AI)-driven natural language processing tool to further enhance the user experience.
The new offering is a response to payment systems regulations such as the Payment Services Directive (PSD2) and the upcoming PSD3, as well as the U.K.’s open banking directives, per the post. These regulations aim to enhance consumer protection, foster competition, and facilitate smoother and more cost-effective comparison services and switching. The new marketplace will ensure that businesses can find a tailored solution for their specific digital integrations.
PYMNTS research found that the shift to open banking is forcing many industries to innovate quickly. The ability to share data securely can change the speed and accuracy of routine financial services, according to “The Guide to Open Banking: What Enterprise Customers Need to Know Now,” a PYMNTS and The Bank of London collaboration.
Endava, with its extensive experience in the payments industry, will support AcceptPayments.com in establishing connections with providers in the payments ecosystem, according to the post. With a global presence, Endava will provide ongoing support as AcceptPayments.com expands into new geographies.
Wood brings over 12 years of experience in payments and has collaborated with renowned brands and public sector clients, the post said. He envisions AcceptPayments.com as a global one-stop shop for merchants, offering deals from the entire market that can be applied for online instantly, 24/7, 365 days a year.
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