During the first year, the ING-Payvision partnership brought forward an exclusive blend of payments and banking products to the industry. Besides serving merchants across the globe with a data-driven, omnichannel payments platform, the combined proposition also integrates Internet of Things capabilities from both companies, such as FINN, into a wider fintech ecosystem. This empowers Payvision to accommodate any payment method: from traditional cards to Apple Pay, soon to be introduced by ING in the Netherlands, as well as invisible payment capabilities in the future. In 2018, the strategic focus was placed on serving mid-sized merchants in Belgium and the Netherlands, and large corporations with a global reach. During 2019, this is planned to be extended to all SME customers of ING.

“This first year of partnership involved a deep understanding and adjustment to each other’s business styles, and we all benefited from the creative, straightforward entrepreneurial spirit of Payvision coupled with the resourcefulness and the broader financial knowledge of ING,” said Mark Buitenhek, Global Head Transaction Services at ING Group.

Payvision’s speedy growth paired with the addition of its affiliate company, Acapture, and strategic partnership with ING brought forward the need to redefine its brand position in the payments industry. As part of the rebranding process, the Acapture platform was integrated under the new Payvision brand, uniting the payment solutions offered via Acapture with Payvision’s acquiring network.

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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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