PayU and Silverflow partner to revolutionise card acquiring process
PayU, a Prosus’ fintech and e-payments business announced a partnership with Silverflow, a cloud-based payments processing startup to provide a new card acquiring process to PSPs (Payment Service Providers) across the world.
Partnership to revolutionise card acquiring process
This partnership combines Silverflow’s direct connection to card networks with PayU’s expansive acquiring capabilities. The partnership will revolutionise processing and settlement within the card acquiring process as well as drive innovation across the payments industry.
Mario Shiliashki, CEO of Global Payments Organisation at PayU, said, “We’re excited to be partnering with Silverflow and their unique solution. By combining their offering with our deep expertise and experience in the domain as well as our state of the art acquiring platform and its capabilities, the combined product is uniquely positioned in the market to enhance and even replace PSP legacy systems and make them more suitable to the needs of today’s data-driven world.”
Anne Willem de Vries, Co-founder and CEO of Silverflow, said “Today’s card payment infrastructure is based on 30 to 40-year old technology which hasn’t evolved with the payments landscape. Partnering with PayU, we have the potential to change this. PayU’s global connections and experience with Acquiring Licenses coupled with our cloud-native platform, we can make a demonstrable difference; reducing the time, money and resource the current card processing technology requires. We ultimately believe our platform will facilitate more innovation for the whole card payments system.”
How is it beneficial?
With direct access to card networks via a single API, Silverflow’s platform lets PSPs to instantly add new functionality, streamline quality data flows and significantly reduce costs. As a result, PSPs no more have to be connected to acquirers several times. Also, it reduces the cost and complexity of managing a network of card processing solutions.
Notably, PayU’s unique compliance expertise and Acquiring Licences help in streamlining the process and lets them save their valuable time and resources for PSPs.
What’s noteworthy is that PSD2 has encouraged PSPs to improve their acquiring capabilities and becoming acquirers to future-proof their businesses. PayU’s global expertise and Silverflow’s cloud-native platform creates a cheaper and managed service.
This partnership indicates the common goal of both PayU and Silverflow to drive technological innovation in the global payments industry, creating greater transparency and efficiency and security to merchants and cardholders.