Upgrades to Nuvei's suite of seamless Embedded
Payments solutions unlocks new growth opportunities for businesses
of all sizes
MONTREAL, Sept. 24,
2024 /CNW/ -- Nuvei Corporation ("Nuvei" or the
"Company") (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech
company, today announced the launch of several new features and
enhancements for its Nuvei for Platforms product.
Nuvei for Platforms is designed to accelerate growth and drive
revenue for various business models, including marketplaces,
commerce platforms, the gig economy, payment facilitators, and
independent software vendors (ISVs). Through a single integration,
businesses can customize Nuvei's comprehensive suite of payments
technology, including merchant onboarding, pay-ins and payouts,
optimization,
orchestration, fraud prevention, and risk
management.
Highlights of Nuvei for Platforms' new features and enhancements
include:
- Decoupled pay-ins and payouts to provide greater
flexibility in managing cash flow, optimize currency conversions,
and tailor payment strategies to specific market needs. Businesses
can also expand their geographic reach for payment acceptance,
choosing from over 700 local and alternative payment methods. Nuvei
for Platforms currently supports decoupled pay-ins and payouts in
the UK and EU, with global expansion to follow.
- Split Payments: Nuvei's split payments feature
streamlines operations by automatically splitting each processed
transaction into the platform's commission and the seller's fee,
ensuring PSD2 compliance. It also enables seamless multi-seller
management and simplifies regulatory compliance by keeping the
platform out of the money flow.
- Auto Reconciliation: Nuvei's auto reconciliation
capabilities consolidate multiple incoming payment flows into a
single payout to the seller or platform, simplifying accounting and
operations.
- Balance Management: New features include the ability to
transfer funds between marketplace and seller accounts, allowing
platforms to charge for corrections or monthly fees.
- Seller Invoicing: Nuvei's seller invoicing feature has
been updated to offer enhanced customization and white-label
options, allowing businesses to tailor invoices to their brand
identity and specific operational needs.
Amidst the digital transformation of the global commerce
landscape, the Embedded Payments market is poised for continued
rapid growth, translating into substantial revenue opportunities
for Nuvei via its Nuvei for Platforms product suite. The market,
valued at approximately USD $83bn in
2023, is projected to expand at a compound annual growth rate of
greater than 30%, reaching an estimated $730bn by 2032.1
"Our mission is to empower businesses to connect more deeply
with their customers through innovative payments solutions. This
new functionality is a testament to that commitment," said
Philip Fayer, Nuvei's Chair and CEO.
"By enhancing the embedded payments capabilities of our platform,
we're enabling our customers – from marketplaces and commerce
platforms to payment facilitators and software providers – to offer
a seamless, customized payments experience that unlocks new growth
opportunities."
The growth of marketplace payments
Marketplace payments are experiencing rapid growth, driven by
the surge in eCommerce adoption and the international expansion of
many of the globe's leading online marketplaces. Marketplaces are
now the single largest source of online consumer purchases, with
estimates ranging from 40-60% of all consumer payments taking place
via a marketplace platform2. The relevance of
marketplaces will continue to grow, with Gross Merchandise Value
reaching an estimated $3.8tn for the
top 100 global marketplaces in 2024.3
By leveraging Nuvei's cutting-edge solutions, businesses can
unlock new revenue streams and capitalize on the booming
marketplace economy. The flexibility and control provided by the
decoupled pay-in and payout processes, along with the availability
of localized payment methods, position Nuvei as a key strategic
partner in driving marketplace success.
In conjunction with introducing these new product enhancements
to its Nuvei for Platforms offering, Nuvei recently acquired
marketplace technology provider Payaut and is excited to welcome
its expert team that brings even more specialized knowledge to
support our ongoing commitment to innovation in the payments
space.
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company
accelerating the business of clients around the world. Nuvei's
modular, flexible and scalable technology allows leading companies
to accept next-gen payments, offer all payout options and benefit
from card issuing, banking, risk and fraud management
services. Connecting businesses to their customers in more than 200
markets, with local acquiring in 50 markets, 150 currencies and 716
alternative payment methods, Nuvei provides the technology and
insights for customers and partners to succeed locally and globally
with one integration.
For more information, visit www.nuvei.com
NVEI-IR
Contact:
Public Relations
alex.hammond@nuvei.com
Investor Relations
IR@nuvei.com
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1
https://www.paymentscardsandmobile.com/embedded-finance-market-to-reach-730-5-billion-by-2032/
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2
https://thepaypers.com/expert-opinion/the-marketplace-landscape-an-analysis-of-current-trends-market-insights-and-future-directions--1268708
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3
https://www.digitalcommerce360.com/top-online-marketplaces-data-stats/
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SOURCE Nuvei