PayModum, an online payment gateway providing 150+ online payment methods, announces its acquisition of Floid Inc. A Delaware-incorporated entity that holds direct relationships to enable local, instant online bank payments for merchants.
Jake Dovey, CEO of PayModum, commented: “The acquisition represents a huge step forward for PayModum, as it becomes a major participant in the rapidly growing, increasingly popular market for enabling instant online bank payments across the US”.
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With the increasing demand for instant payment rails, especially those providing account information services (i.e., DOB, Name, Address and other information required to verify the entity of the payee), the acquisition represents a significant improvement to current payment processes, which fail to provide such information, with regulation constantly evolving, it is now more important than ever for online merchants to support their business with a deeper understanding of the underlying payment information that they collect, that other payment methods, simply do not provide.
Daniel Bessmert, Local Director at Floid Inc., added: “As a local director of the business, we are excited to continue the growth of this exciting proposition to online merchants. We aim to deliver a market-leading payment experience, trust and reliability for end users and merchants. Whilst the US is known for being a market driven by credit cards, we are seeing an increased uptake in the popularity of local bank payment”.
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