HSBC has formed a new partnership with Accel-backed payment infrastructure company Juspay to develop a new digital acquiring platform for global merchants. The platform will consolidate payment processing, fraud management, and settlement services into a single stack solution that a joint statement says will deliver “an agile, end-to-end acquiring experience that rivals the capabilities of modern acquirers”.
This includes native and customised checkout interfaces, transaction processing with smart routing and retry capabilities, access to local payment methods, integrated risk and fraud management systems, automated chargebacks and disputes handling, plus reconciliation and settlement layers with control and monitoring tools.
The partnership combines HSBC’s network, which spans 57 countries and territories, with Juspay’s payments infrastructure offering, which currently processes over 300 million transactions daily. The development notably comes just days after HSBC announced the launch of a new merchant services division in Juspay’s home market of India.
A complementary offering, HSBC Digital Merchant Services (DMS) provides “a comprehensive digital payment management solution designed to streamline payment processes for e-commerce merchants”, the bank said on Thursday. Businesses can use DMS to accept multiple payment methods, including Mastercard, Visa and RuPay card transactions, as well as payments made through the Unified Payments Interface (UPI), India’s instant payment system first launched in 2016.
The bank plans to introduce additional features to the suite “in a phased manner”, stating that DMS “enables HSBC to collaborate with fintechs, supporting more digital acquiring capabilities and enabling integration into clients’ wider cash management and liquidity solutions”.
Source: https://www.fintechfutures.com/
