Net Element, an electronic payments acceptance firm, has introduced merchant acquiring enablement services via Netevia HQ platform in the US.
Netevia HQ is designed to help small and regional banks provide merchant acquiring and payment services to fintechs.
CB Insights report shows that global financing in the fintech industry surged in 2018, increasing by two-fold compared to the 2017 figure with more than $40bn invested in 1,700 deals.
Small and regional banks intend to draw fintechs to grow deposits, loans and fees, said Net Element. The company added that these banks can use merchant acquiring services as a customer acquisition tool.
Netevia HQ platform includes multiple reporting and marketing tools for payments and point-of-sale.
Banks can use the platform to develop their brand identity, manage ISOs and for fast access to documents and forms.
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Netevia HQ will also aid in equipment management and deployment, paperless merchant boarding and merchant processing.
The platform enables automated underwriting, along with risks and value-added services management.
Net Element president of integrated payments Vlad Sadovskiy said: “Small and regional banks understand that the ability to service fintech companies should include acquiring services as a must have offering.
“The latest consolidation of the largest acquiring and issuing platforms in the US market is an indication of this growing trend and current demands in the marketplace.
“We aim to become a viable option to those banks and institutions that understand this demand and provide them an alternative and ability to differentiate themselves from the competition in this market.”