The company’s new merchant acquiring service is delivered through a single proprietary processing platform, making it one of the largest acquirers in the region by coverage. It is set to make card transactions increasingly accessible while concomitantly standardising and consolidating fragmentation throughout the area. Furthermore, it is set to further improve acceptance rates, overall settlement performance, and underwriting, with Kushki anticipating this to result in a 300% operations growth in the region.
Kushki offers direct connections to primary payment networks, meaning that merchants and other businesses looking to partake in the regional payment ecosystem will be enabled to directly link to and communicate with payment networks and systems in Latin America, free of reliance on additional intermediaries or third-party banking institutions.
The new model will offer benefits for merchants and customers paying in both physical and online stores, including expedited transactions, increased stability and traceability in transaction processing, and a more tailored service. Through ongoing innovation, Kushki seeks to provide a modern technology platform with a complete understanding of regional payment regulations that new market players require to succeed.
Up to this point, Latin America-based merchant and payment companies had to depend on one or more local acquirer processors per country, which have usually been operating as monopolies established in the 90s with little incentive to create broader access to the ecosystem or to innovate their legacy infrastructure. This has prompted regional regulators to cooperate with companies like Kushki to open the market and broaden the ecosystem, and 7 years following its founding, the company was approved by regulators in the countries mentioned above as a non-bank entity operating as a merchant acquirer.
When commenting on the announcement, Kushki officials advised that, as the first regional acquirer, the company is to be enabled to make payment innovation more accessible and provide stores and payment service providers with increased control over their transactions.
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