xpate, the rapidly-growing simplified cross-border payments platform, has announced the launch of its disruptive core banking solution, which links merchant and acquirer systems to offer agile, flexible and harmonized payment processing, and crucially helps them to bypass legacy IT platform limitations.
xpate’s core banking solution has been designed and engineered to speed up and simplify merchant payment gateway integration with multiple acquiring systems, giving merchants the widest possible access to seamlessly integrated payment processing, powerful real-time data analytics, and intelligent transaction routing to ensure higher approval rates. Combined with xpate’s renowned UX design-led focus, the new core banking solution will help merchants and acquirers to tap into even more cross-border ecommerce opportunities through its easy-to-use integrated platform.
Core banking platforms play an important role in the payment system, enabling smooth transactions between consumers, merchants, acquirers and other parties. As the technology used to process transactions from an ever-growing number of channels, devices, and touchpoints is outdated or no longer compatible with, core banking platforms within companies are becoming less relevant.
It is expensive to upgrade these platforms in-house. While plug-and-play functionality allows for some flexibility, the intense data-driven requirements and complexity of cross-border eCommerce processing mean that the continued use and expansion of such platforms could threaten the efficiency and profitability merchants and acquirers seeking to expand cross-border operations.
The launch of xpate’s core banking solution solves these operational challenges through its agile and flexible cloud-based architecture, which is designed to efficiently handle the escalating demands of ecommerce and increasing digital channel convergence. Merchants and acquirers are now able to scale up and adapt to the digital-first environment in a cost-effective and configurable way.
Mihails Safro, Founder Comments from xpate’s CEO: “Core banking technology is the best thing you can have in-house, but it’s incredibly costly and difficult for companies to develop by themselves. Outsourcing isn’t always the answer either, as third-party vendors may lack the flexibility and infrastructure to design solutions attuned to each business’s needs. At xpate, we wanted to build something that was by us, for us, and there is nothing in the market like it in our vertical.”
“The launch of xpate’s core banking solution adds to our growing momentum over the past 12 months, fuelled by the launch of breakthrough services such as our acquiring platform Links, and the recent addition of 35 developers to our team to build out our agile cloud and API capabilities for ecommerce merchants and acquirers everywhere. In only four years, we’ve transformed cross-border payment processing, and we’re incredibly ambitious and laser-focused on opening up new possibilities for our clients with our fresh approach to solving age-old problems.”
With the value of cross-border payments anticipated to hit $250 trillion by 2027, xpate’s mission is to take the complexity out of cross-border payment processing by giving merchants and acquirers optimal FX rates through its smart routing network, intelligent fraud mitigation and accelerated onboarding and compliance processes – all through one unified, simplified platform that’s designed to be as user-friendly as possible.
The addition to its platform of the core banking solution shows how xpate keeps creating new growth opportunities for merchants and acquirers of any size in every sector.