Formance has developed four tech API products that are designed to facilitate companies with complex payments networks (like online marketplaces and fintechs) to track payment flows between pay-ins and payouts in real time and across different merchants and intermediaries.
Most of Formance’s offering is open-source and free, then it charges for more customisable building blocks (which are cloud-based) that companies may want to add on top of that, on a subscription model.
The company has identified still pockets in the payments industry that new startups can tackle. So far, there have been different approaches to the problem of monitoring complex payments processes. Players like Stripe and Adyen enable customers to track the payments made through their platforms, but not all the pay-ins and payouts a company might have.
For now, the Formance is targeting startups and SMEs that are categorised as marketplaces or fintechs, but company officials said that in 2022, it hopes to start working with enterprise customers.
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