Based on the information detailed in the press release, following the securing of the licence, Paytrix is authorised to provide UK-based businesses with foreign exchange, remittance, and local payment services to enable their global scalability.
The announcement details that for fast-growth businesses that are looking to expand past their local market, having to resort to convoluted, poorly connected, and expensive international payment systems is believed to present a considerable challenge. Due to this, businesses that have international ambitions are found in the position of having to leverage multiple payment service providers.
Having this knowledge as its basis, Paytrix’s curated payments solution aims to address these difficulties by enabling access to payment products around the world through means of a single platform, single contract, and single API.
Commenting on the announcement, Aran Brown, Paytrix CEO stated that achieving an increased standard in compliance and licensing across the entirety of the business, from technology to banking partners, is a core part of Paytrix’s vision. As per their statement, the company’s compliance-first approach together with its technical expertise aims to provide customers and prospects alike with the confidence needed when moving money globally. The acquisition of the payments institution licence marks the first step of the fintech’s regulatory roadmap as it builds onto its global payments solution.
As per the press release information, the licence gives Paytrix the option of sitting in the flow of funds, which is believed to bring several benefits to customers and the business. When talking about customers, working with the flow of funds provides them with increased control, and enables them to have the user experience optimised from a commercial and operational perspective alike.
The announcement details that when leveraging alternative third-party payment platforms, the instigating business can be faced with a three- or four-time removal from the process, which introduces costs, complexity, and doubts to potential buyers, exemplifying the instance of being transferred to unfamiliar third-party payment screens. What is more, Shopify research highlights that one in six abandoned online checkouts is caused by a lack of trust in the website.
Having this knowledge as its basis, Paytrix believes sitting in the flow of funds to be an essential requirement for its goal towards a global, ‘seamless’, and secure payment experience, with the company and its customers alike thought to be able to benefit from economies of scale as payment volumes increase.
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