Following this announcement, Collctiv is set to leverage Ryft’s expertise in order to facilitate the development of their money pots for customers, as well as simplify the money collection process for organisers of group gifts and activities. The new collaboration will provide a multitude of additional features and benefits for Collctiv, including reduced fees and increased payment flexibility. The company also expects the introduction of new customisable payment links, focused on optimising client engagement by making the payment procedure more personalised and secure.
At the same time, the partnership will streamline Collctiv’s merchant onboarding processes and bring improved transparency and efficiency in its operations. Both firms will also focus on their extended reach within Europe and beyond, which is set to allow them to enter new markets and strengthen their international expansion.
UK-based PSD2-compliant payments system, Ryft announced multiple partnerships and developments in the last couple of months, covering several different geographic areas around the world.
In October 2023, the company announced its decision to open up its payment infrastructure to easyFood in order to optimise the manner in which the latter brought new franchise partners and collaborators into its system in a secure and efficient manner. The strategic deal was aimed to simplify the sign-up procedure that was provided to new franchise collaborators. Following this announcement, Ryft was expected to introduce an improved onboarding process for venues which were keen on joining easyFood.
In addition, the press release published at the time also highlighted that the new process was proven effective in the overall procedure of minimising partner turnover. It also allowed potential franchise ventures to join the firm’s solutions in a faster way. Ryft aimed to bring scores of restaurants onto the easyFood platform in recent times, with multiple more being set to join in the future. By providing access and usage to its regulatory licences, Ryft enabled its partners to undertake the scaling objective without the need to worry about compliance, as well as saving time, resources, and attention to focus on its strategy to disrupt the hospitality sector.
Earlier in April 2023, Ryft secured its UK Financial Conduct Authority (FCA) licence and was set to be enabled to operate as a regulated payment facilitation. Throughout this announcement, the company benefited from several new opportunities, as the FCA licence was obtained a couple of months after the firm raised GBP 1.2 million in a seed round back in August 2022.
At the same time, the licence offered Ryft the permission to expand its in-house compliance team, which enabled businesses and collaborators to facilitate more complex transactions, such as B2B digital and marketplace platforms in order to monetise payments across their technology. In addition, this took place for the independent broker connection within the other organisations as well.
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