Following this announcement, the acquisition is set to strengthen NMI’s underwriting and risks management offerings, as well as to give its partners and collaborators (such as independent sales organisations, fintech innovators, or independent software vendors) the possibility to design merchant accounts with the existing platform of the company.
In addition, by incorporating Sphere’s Commercial Division in its suite of solutions, NMI will allow its clients to monetise more value chain by providing additional payment capabilities to their traders and merchants. As NMI’s partners will be enabled to use their own merchant accounts just as before, the possibility to create new merchant accounts will also allow them to deliver an improved flexibility and security in order to meet the needs, expectations, and demands of their traders and users.
The terms of the acquisition are undisclosed, and the process will not affect any of the other entities of Sphere. The employees of its Commercial Division will be included in the NMI community.
Global payment enabled platform NMI had multiple partnerships and product releases in the last couple of months, covering several different geographic areas around the world.
At the beginning of April 2023, the UK-based payment hardware provider Miura Systems announced that it completed certification on its M021 payment terminal, together with NMI. The M021 was developed to provide independent software vendors (ISVs) developing retail applications with a payment solution in order to accompany their software systems, while also expanding technology options for retailers from the US.
The M021 was fully certified with Worldpay’s Vantiv processing platform, and it supported EMV contact and contactless payments, all major card schemes on the market, as well as cloud operations. The device was made available on NMI’s cloud POS, which meant that payment terminals were driven directly from the NMI payment gateway in response to the transaction commands that came from a web-hosted POS application. Merchants and traders simply needed to access a web browser in order to install or add terminals automatically via Wi-Fi, Bluetooth, or USB. There was no need for local software to be installed or maintained.
Earlier in March 2023, the cross-border payment provider Finaro partnered with Mastercard, neobank and POS provider Northmill, and NMI in order to deploy Cloud Commerce in the region of Europe.
According to the information detailed in the press release, the strategic deal aimed to bring Mastercard’s cloud-native software-based acceptance service, Cloud Commerce, to small and medium-sized merchants and businesses across three Nordic markets. These included Norway, Sweden, and Finland, prior to a planned commercial roll-out in other areas throughout the continent.
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