Ingenico unveils new PSD2-compliant payment platform
Ingenico ePayments has launched a new PSD2-compliant payment platform designed specifically for online marketplace operators.
The platform, known as Ingenico Payment Solution for Marketplaces, is built on the company’s Full Service payments platform. Full Service model means the company collects all funds on behalf of the marketplace operator.
In Full Service model, the marketplace operator becomes an agent of Ingenico, which is a licensed payment service provider. The marketplace operator will no longer be required to upgrade their company structure to become a licensed payment service provider itself.
The newly launched platform will also takes care of all KYC requirements including identification and validation of sellers before any transactions are made, the company said.
It will also facilitate smooth onboarding of new sellers onto the platform, multi-seller basket and commission management.
The newly launched platform uses API calls to communicate with Ingenico’s payment platform giving marketplace operators control over critical functionalities like commission and payout management.
Ingenico ePayments vice president of product Ludovic Houri said: “As online retail matures, we increasingly see the marketplace model driving growth in the space. But to sustain that growth, in particular in the EU, marketplaces will need to step up to become fully compliant with PSD2.
“Our new marketplace solution not only removes the burden of PSD2 for operators, but provides a set of features and benefits that enable marketplaces to increase efficiency, reduce complexity and scale internationally.”
Once PSD2 comes into effect in 2018, online marketplace operators that sell to European consumers will need to become themselves regulated and supervised (licensed) payment service providers or seek regulatory backing from a licensed partner.