European online payments and digital wallets specialist Skrill is launching its payments solution for digital marketplaces, which the company says will enable them to move money quickly from one customer to another.
Skrill adds that the solution will also help marketplaces deal with the complex challenges normally associated with regulatory and payment network compliance, while assisting digital marketplaces in managing online payments between their buyers and sellers.
“By using a third party service provider such as Skrill, a digital marketplace can reduce regulatory risks, establish local bank relationships to deliver lower processing fees and take advantage of free fraud scanning so that payments are as simple and secure as possible,” says the company.
“Payments can also be split, allowing commission to be deducted before funds are settled to sellers, which makes processing more efficient and cost effective. Sellers can be paid out in one batch using an automated process and can access funds via payment to their bank accounts or instantly through the Skrill Prepaid MasterCard, which is an integrated part of the offering.”
“Our proposition for digital marketplaces offers a scalable, global solution, delivered through a single integration,” said Chantal Willis, vice president of eCommerce at Skrill. “This means marketplaces can concentrate on running their business, knowing that their payments are in safe hands.”
For sellers joining the marketplace ecosystem, a rules-based engine enables a streamlined and paperless onboarding process, providing rapid integration to the existing infrastructure. Marketplaces can track the onboarding status of each seller in real time and get comprehensive analytics and reporting to provide insight into transactions and payouts.
Skrill’s marketplace payments offer a single integration access to 40 currencies and more than 100 local payment options. Sellers can hold balances in several currencies and buyers have the ability to pay in ways that are most familiar to them.
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
Global digital payment volumes are set to reach 426.3bin transactions in 2015, according to the World Payments Report 2016 fromCapgemini and BNP Paribas.
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