Fintech as a service company Rapyd has launched its single, ‘full-stack’ payment solution in the UK.
In partnership with several major payment partners including Visa, Mastercard, Payzone and ClearBank, Rapyd’s all-in-one payment solution facilitates payments locally, and across borders for companies of any size, through one single API, reconciliation process and contract.
The Rapyd Global Payments Network supports more than 900 payment methods in over 100 countries. Its ‘full-stack’ approach allows businesses to ‘plug in’ the Rapyd API to provide consumers with a local payment experience.
The company’s principal membership in the UK for card-issuing and acquiring with both Visa and Mastercard offers merchants a greater range of capabilities so they can scale faster and simplify their back-office operations.
Rapyd’s capabilities in the UK include:
- Access to UK Faster Payment and BACS
- IBAN and Virtual IBAN issuing
- Card acquiring and issuing via principal membership with Visa and Mastercard
- Cash collection and withdrawal
- eWallet and other payment account issuing
- Disbursement to bank accounts, eWallets, and other payment methods
- Access to open banking services through the use of account information service providers and payment initiation service providers
Rapyd is authorised and regulated by the Financial Conduct Authority in the UK
Sarel Tal, vice president of Europe, the Middle East and Africa at Rapyd, said: “The idea behind our full-stack offering is simple: provide companies with the capability to accept every major local payment method without having to expend resources to build complex payments infrastructure needed to power fintech and commerce applications as digital payments accelerate.”
“By enabling both disparate local and global payment networks, we are able to provide businesses around the world a way to tap into the growing UK market quickly, while minimising operational costs and managing all local regulatory requirements. Rapyd’s integrated fintech as a service platform and global payments network reduces this down to one, powerfully simple API.”
“With the launch of this platform, Rapyd is making operating in the UK market as simple and efficient as it can be for companies around the world,” said Martin Rouse, retail director at Payzone. “We are excited to work with Rapyd to provide local payment options for companies around the globe and help them grow their businesses and provide better payment options for UK consumers.”
Simon Jones, chief customer officer at ClearBank, added: “We’re delighted to partner with Rapyd on the launch of this integrated payment solution. It’s vital that businesses are able to meet the growing customer demand for the real-time payments. Rapyd’s platform will enable global businesses to offer the ability to make payments 24/7/365 via the Rapyd API, providing UK consumers and businesses with the seamless experience that they increasingly expect.”
Rapyd’s launch in the UK follows the expansion of its platform in response to the coronavirus (Covid-19) pandemic and an increasing reliance on digital services amid national lockdowns.