Payment systems in the UTIP Platform
In the present article the UTIP Technologies Ltd. experts shed light on payment solutions and their core features.
Payment systems in UTIP Platform
Searching for the right payment solution is time intensive, and our clients can’t always have the time for it. The UTIP pleased to help you with the choice of a payment system, its integration on our platform, compliance and so on. The UTIP gathers 40 integrated payment solution providers and about 50 payment solution integration services.
Types of payment solutions
The list of payment solutions:
- Acquiring: acceptance by Visa/MC/AmEx cards, etc.
- Crypto acquiring: cryptocurrency purchase made by traders with credit card or other methods.
- Crypto processing: crypto transfer from a trader’s account to a broker’s account.
- Local methods that are available in a particular region.
- Bank transfers.
Types of payment solution providers
Payment solution providers can be divided into several groups:
Payment systems (PS) are gateway owner-companies that have the funds transferred from traders to a broker. A shorthand name for payment service provider is PSP.
Payment aggregators (PA) are providers of several methods for accepting payments: for example, by cards, crypto, e-wallets. Plus, payment systems, gateways or banks can be integrated into the payment aggregators. PSP is alternatively used as a shorthand name for payment solution providers.
Payment solutions (PS). No own gateway, but have available multiple options. They act as mediators between brokers and other PSPs.
Cashier Services are non-payment service providers that integrate a variety of payment solutions within their system.
The advantages of using a PSP
Vast geography of payment transactions including ample of countries. Some PSPs pitch the idea of anonymous cryptocurrency transactions. Others use more traditional fiat payments or a combination of fiat and crypto currencies. Cashier services ensure brokers with the recent additional tools as smart routing*, MID** and cascading***.
*Routing is an extensive list of payment channels depending on the credit card issuing country.
**Mid is a share-based payment transaction throughput different PSP.
**Cascading is a transfer to another PSP after the previous transaction has been declined.
Some payment systems are tailored to QR code and mobile payments, P2P and other local methods.
Each PSP has its own set of documents for compliance required from the broker’s side. The first are willing to work with individuals without a registered legal entity, the second are requesting for a license, the third are willing to work only with a full legal component. The UTIP experts are pleased to assist you in choosing PS by meeting the forex brokers’ demands.
UTIP Technologies Ltd. provides brokers with our open back office API which they reroute to new PSPs for further integration with us. The integration is not that sophisticated for the PSPs. Above all, there is a PSP without API-integration.
Please feel free to contact UTIP sales managers with any questions on payment systems. We are open to your requests and feedbacks.
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