PayU, the fintech and e-payments business of Prosus, announces its partnership with Silverflow, the cloud-based payments processing startup, to offer Payment Service Providers (PSPs) globally a new card acquiring process.
By combining Silverflow’s direct connection to the card networks with PayU’s expansive acquiring capabilities, the move will revolutionise processing and settlement within the card acquiring process and drive innovation across the wider payments industry.
By allowing direct access to card networks through a single API Silverflow’s platform enables PSPs to instantly add new functionality, streamline quality data flows and significantly reduce costs. This means PSPs no longer have to connect to acquirers multiple times over, reducing the complexity and cost of managing a network of card processing solutions. PayU’s unique compliance expertise and Acquiring Licences streamline the process further, saving valuable time and resources for PSPs.
PSD2 has encouraged many PSPs to look into improving their acquiring capabilities and becoming acquirers themselves to future-proof their businesses. However, PayU’s global expertise combined with Silverflow’s cloud-native platform creates a cheaper, managed service.
PayU’s partnership with Silverflow indicates their common goal to drive technological innovation in the global payments industry, creating greater transparency, efficiency and security to benefit merchants and cardholders.
Mario Shiliashki, CEO of Global Payments Organisation at PayU, says, “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, says, “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.”