Following the announcements, Ryft will benefit from multiple new opportunities, as a newly regulated payment facilitator to other companies and acquirers. The licence was obtained a couple of months after the company secured GBP 1,2 million in a seed round in August 2022.
Its platform was designed to process payments and automatically divert funds to merchants, sub-merchants, and traders following the next working day.
The product is also completely PSD2 compliant. Ryft’s end-to-end solution has multiple beneficial features, such as the possibility to accept online payments, splitting up the payments however a business or an organisation wishes, as well as verifying and onboarding merchants and customers.
Furthermore, the licence will offer Ryft permission to expand its in-house compliance team. This will enable businesses to facilitate more complex payments, such as B2B digital and marketplace platforms to monetise payments and transactions across their technology, as well as the independent broker connection within the other organisations. The processes go through an easy-to-use API documentation procedure, which was aimed to remove its complexity of it while fast-tracking the cycle of development and growth.
The company will use its licence to further strengthen its suite of services in order to solve the current problems in the payment marketplaces, which appear to multiple sub-merchants, in a faster and more secure way. This will help customers to avoid large periods of time and multiple processes that otherwise would have happened across different platforms.
Moreover, it will continue to streamline all of these processes in a singular efficient platform while focusing on protecting employees, ensuring anti-money laundering rules are followed, reducing the associated risks for marketplaces and their own onboarding processes, as well as protecting businesses and companies from FCA fines by making sure they follow all the necessary rules and regulations they need.
UK-based PSD2 compliant payments system, Ryft enables its customers with automated `next day` payouts for marketplace businesses, as well as their customers and clients, for a single flat fee per transaction.
Its PaaS service offers users the possibility to go through a fast and secure process of onboarding while utilising its KYC/KYB solutions, with the average approval time being allegedly just a few hours to remove the sub-merchant sign-up friction. Additionally, customers benefit from next-day payouts (a feature provided by the technology stack which automates multi-vendor payouts, with funds being delivered the next working day), as well as transparent pricing (the charging of the client represents one safe and transparent transaction fee for an end-to-end solution).
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