SlicePay, a PSD2-compliant payment product that supports merchants to handle complex split settlements

September 14, 2017 by
Nico Hoeijmans

AcaptureGlobal data-driven omnichannel PSP Acapture has launched SlicePay, an easy-to-integrate product designed to reduce the burden of payouts to multiple parties in various countries and currencies. It supports marketplaces, sharing economy operators, franchises, online travel agencies and other companies handling third-party funds to become fully compliant with PSD2 (Payment Service Directive 2).

Through PSD2, the European Union (EU) opens up the market to new parties, lowers the influence of banks and adds new measures to protect citizens and their funds. Organizations that operate a marketplace business model, handling transactions between two or more parties, when either or both of the parties are located in the EU, are severely disrupted by PSD2. They need to either obtain a payment institution license or find an accredited partner to fulfill the transactions on their behalf. This also applies to Asia and US based merchants if they want to expand their business into the European region. Obtaining such a license is costly both in terms of time and resources.

Acapture is accredited to handle these types of transactions on behalf of its merchants, as it is a licensed payment institution in the EU. Through a simple and automated set of APIs calls, the merchant can instruct the system to split transactions and payout funds to its sellers. The seller can receive funds directly into their bank accounts, with no need for e-wallets. The solution does not interfere with the merchant’s business model, offering a compliant solution, keeping the consumers’ funds safe and secure.

Alongside the challenge of PSD2, these organizations also need to manage complex payouts to various partners. With one RESTful API, SlicePay makes this process simple through an automated payment system. The marketplace receives a single payment from the buyer, which SlicePay splits between the sellers, in the right currency, at the right time and in compliance with all regulations. If needed, a secured account can be used to hold the funds until the product has been delivered.

Companies that fail to become PSD2 compliant could face major financial penalties if found operating without a license from January 2018 onwards. More information regarding the implications and consequences of PSD2 can be found here. Marketplaces can check if PSD2 affects them here.

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