Shape Technologies has reportedly introduced its payments-platform-as-a-service (PPaaS) provider, developed to support merchant-facing interfaces.
The customizable PPaaS platform offers services for various payments-focused business, such as acquirers, payment facilitators, payment gateways, independent sales organizations as well as other businesses.
Shape’s PPaaS’ modular architecture enables its licensees to choose from a combination of its products, which offers the infrastructure for a comprehensive service from transaction instigation to fund settlement.
As mentioned in the announcement, the platform reportedly includes automation throughout the merchant onboarding process, international AML/KYC/KYB verification, fund orchestration, reporting as well as billing.
In addition to these features, the platform aims to address various manual backend processes.
Shape Technologies’ co-founder Jack Mangnall, stated:
“We’ve seen so many payments businesses stall under the burden of heavy technology builds and so lose ground on their competition, and now Shape’s solution can put an end to that. Be it for a new-to-market launch or the re-platforming of an existing market player, Shape offers an out-of-the-box PPaaS solution, but with truly in-depth customization capabilities that replicate the style variances normally only found in in-house builds. I’m excited to see how organizations around the world will put our payments-platform-as-a-service to great use.”
Shape explains that it has entered the current market with the folllowing six modules:
- Onboarding;
- Verify;
- Data;
- Payments;
- Analytics;
- Billing.
As explained in the update, each module aims to represent a vital business process of PSPs.
As Shape remains focused on scaling its business, it plans to add more functionality to its product offering, establishing partnerships with various other third-party service providers to support its library of pre-integrated services available to its licensees.
It’s worth noting that addressing the payments requirements in the fast-growing, global digital economy has become critical. That’s why many Fintechs across the world are working towards streamlining virtual payments solutions.
As covered recently, Mesh Payments announced the expansion of its unified spend management platform to support global multinational businesses operating in Europe, UK, and Asia in local currencies.
