Nuvei Adds Split Payments to Its Platforms Offering

Nuvei has unveiled several new features and enhancements for its Nuvei for Platforms product.

“Nuvei for Platforms is designed to accelerate growth and drive revenue for various business models, including marketplaces, commerce platforms, the gig economy, payment facilitators, and independent software vendors (ISVs),” the Canadian FinTech said in a news release Tuesday (Sept. 24).

“Through a single integration, businesses can customize Nuvei’s comprehensive suite of payments technology, including merchant onboarding, pay-ins and payouts, optimization, orchestration, fraud prevention, and risk management.”

Among the new/enhanced offerings are decoupled pay-ins and payouts to provide greater flexibility to manage cash flow, optimize currency conversions and tailor payment strategies to specific market needs.

There’s also a split payments feature, which the company says streamlines operations by automatically splitting processed transactions into the platform’s commission and the seller’s fee, thus ensuring PSD2 compliance.

The release notes that these offerings come as the embedded payment market is poised for a surge in growth, from $83 billion last year to $730 billion by 2023.

“Our mission is to empower businesses to connect more deeply with their customers through innovative payments solutions. This new functionality is a testament to that commitment,” Nuvei Chair and CEO Philip Fayer said in the release.

“By enhancing the embedded payments capabilities of our platform, we’re enabling our customers — from marketplaces and commerce platforms to payment facilitators and software providers — to offer a seamless, customized payments experience that unlocks new growth opportunities.”

PYMNTS spoke last month with Nuvei Chief Revenue Officer Laura Miller about how the complexity of today’s payments world — sitting at the intersection of technology, finance, regulation and end-user behavior — can hinder businesses’ ability to maximize revenue.

“The payments industry has moved faster, technology has changed, consumer needs and experiences, and innovation have all changed significantly, not just along the last 20 years, but in the last three to five years,” Miller told PYMNTS.

Miller said the complexity of payments, payment analytics and risk management make up the three “most significant” pain points that businesses must surpass to capture revenue potential through payments optimization.

However, navigating the maze of options, regulations and risks comprising today’s payments landscape is far from simple, even for the most sophisticated and forward-thinking companies, Miller added.