Payments Fintech PayU has partnered with Silverflow, a cloud-based payments processing startup, to offer Payment Service Providers (PSPs) a new card acquiring process. According to a release, by combining Silverflow’s direct connection to the card networks with PayU’s acquiring capabilities, the two companies will improve the processing and settlement within the card acquiring process and drive innovation across the wider payments industry.
PayU explains that by allowing direct access to card networks through a single API Silverflow’s platform allows PSPs to instantly add new functionality, streamline quality data flows and significantly reduce costs.
Mario Shiliashki, CEO of Global Payments Organisation at PayU, commented on the partnership:
“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, said that today’s card payment infrastructure is based on 30 to 40-year old technology which hasn’t evolved with the payments landscape. By partnering with PayU, they 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.”
PayU is the payments and Fintech business of Prosus (AEX:PRX), a global consumer internet group. PayU is an online payment service provider, operating in 50+ markets. Additionally, PayU is a big investor in Fintech having dedicated over $1 billion to the sector.