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What is a Payment Service Provider (PSP) and How Do They Work?

Stax

The dominance of cashless commerce means only businesses that ensure the seamless processing of in-store and online credit and debit card payments will remain competitive. The question is: how do payment service providers work and how can you choose the right one for your business?

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What Is A Payment Service Provider (PSP)?

Nanonets

​A payment service provider (PSP) is a company that provides online payments for e-commerce, similar to a credit card processor in a brick-and-mortar store. PSPs are usually used by merchants who sell online, although some may also provide services for offline sales as well.

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PayPoint Issues Call to Arms Over Confirmation of Payee Aggregator Deadline

Fintech Finance

PayPoint today announces a call to arms for Group 2 Payment Service Providers (“PSP”) yet to implement the Confirmation of Payee (CoP) service ahead of the mandated deadline of 31 October 2024, to take action now. The service was developed and owned by Pay.UK

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UK Finance Publishes Report to Facilitate Commercial Variable Recurring Payments

Fintech Finance

UK Finance, in association with law firm Addleshaw Goddard LLP , is today announcing a report on the use of model clauses to support the development of the Variable Recurring Payments (VRPs) for commercial applications in the UK. JROC has identified VRPs as a key test case for premium application program interfaces (APIs).

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Surfboard Payments and Worldline Forge Strategic Partnership to Empower Businesses with Seamless Payment Solutions

Fintech Finance

In a customer-centric alliance, Surfboard Payments , and Worldline , a leading payment provider in the Nordics, have joined forces to offer businesses across the region unparalleled payment solutions.

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ACI Worldwide and RYVYL EU Power Merchant Payments in Central Eastern Europe

Fintech Finance

ACI Worldwide ( NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, today announced a collaboration with RYVYL EU, a leading payments service provider (PSP) and acquirer in Central Eastern Europe (CEE), to help merchants across the region increase revenues through higher transaction conversion rates.

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UK Finance and Addleshaw Goddard Set Groundwork to Develop VRPs for Commercial Use

The Fintech Times

A new report by UK Finance in association with law firm Addleshaw Goddard LLP , has revealed key issues and processes that are needed to develop variable recurring payments (VRPs) for commercial applications. “This is a positive step forward to help unlock the potential for open banking payments. .

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