The shifting trend from traditional banking towards fintech has erupted the growth of e-money and payments companies. In this Macropay review, learn more about the scope of our advisory and compliance services.
The Scope of Macropay’s Advisory & Compliance Services
We provide knowledgeable, practical, and timely advise to businesses in need of digitising their payments systems and money flow. We also serve on an individual basis, taking care of all legal and regulatory obligations of a new or even an existing platform.
There are many new and possibly foreign areas in the emerging e-banking industry. Macropay provides advisory services in most of these sectors, especially regarding:
- Electronic Money Institutions (EMIs)
- Alternative Payment
- Open Banking and
- Acquiring
What Is an Electronic Money Institution?
Electronic Money Institutions or EMIs are specific fintech companies that derived the name from the legal status provided to them. These companies operate under the Payment Services Directive 2 – PSD2 framework within the European Union.
EMIs are not full banks but can provide services like deposit and withdrawals into payment accounts, online transactions, and remittances. They have become popular among users due to their snappy mobile-centric interface and fast pace to embrace new technologies, thus making payments quicker and more efficient.
The Rise of Alternative Payment
Alternative payment methods refer to the payment modes that are anything other than cash, credit & debit card payments. These include bank transfers, digital wallets, mobile payments, online currencies, and many more. These payment methods depend heavily on local usage and differ from region to region.
Over the past few years, alternative payments took off with the growing demand for billing solutions over the internet. Platforms are integrating localised alternative payment solutions to be more accessible and at the same time, globally competitive.
Demand for such payment modes drove both traditional banks and payment processors into developing the alternative payment space.
Open Banking Is the Future
Open banking means traditional banking institutions allows third-party service providers to access their customers’ data. These include both personal and financial data and might need customers’ consent before sharing.
Open banking has often been referred to as the future of banking. Tech companies can access banking data via application program interfaces (APIs) and offer innovative services to the customers. This promotes payment innovations that are otherwise impossible through traditional banking.
Acquiring Is the Key
An acquiring bank acts as a middleman and processes several payments on behalf of merchants. They usually associate with several banks and then allow merchants to accept several payment modes under a single platform and interface.
This demand for acquiring banks exploded with the rise of credit and debit cards and is once again growing due to online and alternative payments.
Macropay Is Offering 360° Advisory
Macropay’s advisory service aces in all aspects of an online business for both new and existing platforms. With years of experience in the industry, we focus on streamlining the payment process of businesses. It is our aim to enable our clients to offer the best payment experience to their customers.
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