Modo, a U.S.-based bank-grade fintech-as-a-service platform that connects merchants to the market of payment services providers, announced on Monday the launch of its new product, /Checkout, which is focused on simplifying the payment stack for e-commerce merchants. Modo explained:
“With one connection to Modo’s /Checkout API, merchants are given the flexibility to work with multiple payment service providers, networks, and payment methods and the visibility to understand their total cost of payments on a transaction-by-transaction basis. The /Checkout dashboard gives merchants one view into their payments stack for the full lifecycle of a transaction from initiation to settlement and reconciliation to errors and chargebacks.”
Some features of the /Checkout product include the following:
- Assurance: Create customers for life with “soft decline” authorization routing
- Connect: Access to payment providers and platforms around the globe with one click
- Insights: Monitor performance in real time using the performance and notification hub
- Manage: One view of exception, disputes, and fraud across all payment providers in the stack
Speaking about the product, Bruce Parker, CEO of Modo, stated:
“Payments are hard. But there’s no reason that every merchant has to figure it all out on their own, that’s super inefficient. With the internet making every online retailer a global company, we wanted to use the technology we’ve built for global banks and other titans of payments to solve for that complexity and eliminate friction.”
Founded in 2010, Modo offers a cloud-based payments utility that works with banks, networks, payments processors, and their partners to enable interoperability between systems.