The key to growing online sales lies in offering shoppers every conceivable way to pay – so that they can pick their preferred method. As the number of ways to pay has grown to include direct bank payments, mobile payments and more, offering this has become more tricky for retailers to manage.
To solve this problem, Mia-FinTech, a technology provider for banks and financial institutions based on the Mia-Platform technology, has launched Payment Integration Hub (PIH), a new application that brings together all digital payment methods in a single console.
The B2B2C offering will allow all kinds of companies to integrate and handle different payment APIs in a single modular, ready-to-market solution where they can manage the entire digital payments lifecycle.
Businesses will be able to offer their customers the opportunity to choose their preferred payment method at the checkout for a better user experience, while a back office application will ensure that every single transaction is monitored in real time. The Payment Integration Hub complies with all security protocols in digital transactions, ensuring user privacy while maintaining a high level of governance.
Bruno Natoli, CEO of Mia-FinTech, explains: “The total transaction value of digital payments in the UK is projected to surpass £360 billion in 2023, out of which e-commerce will account for over £240 billion. With a rapid increase in the use of all digital payment methods, there is a need for an associated ecosystem of services to evolve and keep pace with innovations in this space.
“The pandemic accelerated the appetite for digital payments and now consumer buying patterns and habits will drive new payment innovations, pushing industry players to reconsider and upgrade operating models. The PIH from Mia-FinTech is a composable and flexible solution that will unify all payments and provide true digital payment governance to companies, allowing them to better manage their business and respond quicker to evolving consumer preferences.”
The Payment Integration Hub supports more than 10 payment providers including, but not limited to: PayPal, Google Pay, Apple Pay, Satispay, Stripe and UniCredit. Additionally, it provides APIsto easily connect various physical and digital POS through a simple configuration, making it possible to integrate external ERP systems.
Businesses can engage with multiple payment providers at once and offer different features, such as total and partial reversals, Buy Now Pay Later, pay-outs and refunds, all while producing in-depth analytics and insights.
The PIH provides a customizable white-label, front-end interface so that it will be consistent with a company’s other digital assets. It can be integrated with any website or app and allows clients to apply custom logic for an adaptive checkout experience.
Through its backend management console, users will be able to manage permissions and directly perform special actions on transactions, such as invoice reversals or sending notifications of payments received, which are saved on a log to ensure transparency, compliance, and security.
The launch of PIH comes as Mia-FinTech celebrates its first anniversary since entering the fintech space in 2022. A vertical solution under Mia Platform, an end-to-end platform builder that allows businesses to build modern cloud-native applications, Mia-FinTech is focused on developing capabilities and solutions specifically for the financial market.
In its first year of operating, Mia-FinTech has successfully hired 20+ employees and expanded its business internationally operating from Mia-Platform’s new offices in London and Amsterdam, two of the biggest fintech hubs in Europe. It has also developed a portfolio of technology partners so that the platform marketplace can offer access to specialist tools ranging from encrypted documentation handling to embedded insurance, mobile banking and identity security services.
Bruno Natoli concludes: “2022 has been an extremely successful first year! Significant growth in our customer acquisition numbers has laid the foundations for a great future ahead. We have created an impressive catalogue of services together with our partners, which will make digital transformation much more accessible for any financial services organisations looking to introduce cloud-native applications to give them a competitive edge.”
