According to the official press release, the integration focuses on business coverage and market share increase in Austria and Central Europe. In essence, the collaboration will increase the number of payment options and strengthen the security of e-payments processing in Austrian and international markets.
Moreover, by embedding Qenta payment solutions within the Akurateco Payments Orchestration Platform, merchants will be able to reach a wider audience by giving them access to their preferred payment methods.
Akurateco's Payment Orchestration Platform is a brandable, white-label solution that allows users to own the end-to-end ready-to-use PCI DSS gateway. The solution has more than 150 connectors to banks and payment methods all over the world available via a single platform.
It also supports any transaction-based flow and maintains a single integration approach, allowing clients to manage all their payment channels in one place, optimising payment processing costs and improving transaction approval ratio.
According to another official press release, Akurateco’s clients have access to more than 200 integrated payment providers and acquirers operating worldwide. Payment connectors integrated into the platform provide users with traditional and alternative payment methods and make their services accessible to customers on a global scale.
In May 2022, Akurateco also announced an integration with US-based commerce solutions company Cybersource. Following this integration, payment providers began to accept and manage payments via Akurateco’s admin panel worldwide on acquirers working on Cybersource technology.
Moreover, according to Akurateco, the primary reason for the integration was to reduce time-to-market for customers by eliminating the need to connect local payment methods one at a time. Cybersource is a payment software that specialises in secure payment processing and fraud detection.
According to a report by grandviewresearch.com, the global payment orchestration platform market size was valued at USD 927.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 24.5% from 2022 to 2030. During the forecast period, the industry is driven by the growing prevalence of ecommerce platforms, as vendors leverage Payment Orchestration Platforms (POPs) to achieve consumer security and payment integrity.
According to the same report, the market’s development is also heavily influenced by the increasing penetration of smartphones and the internet. More specifically, the use of smartphones for online transactions through digital payment platforms is expected to drive industry growth.
When it comes to type, the global industry is divided into B2C, B2B, and C2C, with the B2B segment being the most prevalent in 2021 as it accounted for the largest share of more than 62.00% of the global revenue.
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