Payments round-up: 11 January 2018
Yesterday was an easy game to play as there was a paytech round-up on 10 January. Here’s more action featuring lots of partnerships – with Ripple, MoneyGram, Worldpay, Iyzico, MSTS and Apruve.
Ripple, which is usually in the blockchain round-ups, has partnered with MoneyGram to pilot XRP in its payment flows. So, we’ll put it here for now. As part of this agreement, both companies will also explore MoneyGram’s integration into Ripple’s ecosystem through xVia.
MoneyGram will use XRP through xRapid, Ripple’s on-demand liquidity solution. According to Ripple, the current model for these payments requires money transfer companies to use pre-funded accounts across the globe to source liquidity.
Worldpay targets Turkey
There’s another partnership as Worldpay has teamed with Iyzico, a payments provider in Eastern Europe and Turkey, to extend its services into Turkey. According to Worldpay’s data, eCommerce in Turkey is set to grow at a CAGR of 13% over the next four years, on track to be worth $17 billion by 2021.
The Worldpay-Iyzico partnership will offer support for card brands Visa, Mastercard and American Express; Turkish local card brand Troy; and local instalment options such as Bonus, Maximum, Paraf, World, Cardfinans, Axess and Advantage.
It seems no one wants to be alone because over in the US, MSTS, a B2B payment and credit solutions provider, and Apruve, a B2B credit network, are also working together. Apruve will use MSTS’s Credit-as-a-Service (CaaS) offering. The latter says it underwrites nearly $4 billion in transaction volume annually, and “will greatly increase the lending capacity of Apruve’s merchants”.
The plan is to provide manufacturers, wholesalers and distributors an alternative payment and credit solution “that competes directly with credit cards”. The duo say the solution eliminates the need for businesses to leverage their capital and resources to provide credit and payment terms to customers. The two companies expect to release it in early 2018.
