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Payments-as-a-service and other “as-a-service” technologies have emerged in recent years to package the technology and expertise needed for fintechs to expand their reach and expertise in payments. Now acquiring-as-a-service is stepping onto center stage with news that Fiserv Inc. has agreed to support payments for merchants using Trust Payments Ltd. to accept card transactions.
The deal has emerged as merchants continue to seek out technology that can enhance point-of-sale systems with functions such as contactless payments and support for multiple payment methods. Based in London but with operations in 10 offices globally, the company says it is working to enhance its acquiring technology as world conditions change. Its acquiring network embraces more than 50 banks around the world and supports cryptocurrency among other alternative payments. It also has licenses for gaming payments in six U.S. states.
The latest announcement also comes as Trust Payments has become one of the first companies to make use of a set of application programming interfaces from Fiserv that ease access to newer payment methods. “With this extension, Fiserv will deliver the next generation payment-processing capability necessary to support Trust Payments’ growth for years to come,” says Daniel Holden, chief executive at Trust Payments, in a statement. Trust Payments’ connections to Brookfield, Wis.-based Fiserv date back 10 years.
The fintech has already experienced fast growth, with an increase of 73% in revenue in 2021, driven by the recruitment of more merchants seeking support for digital payments, according to the company, which did not release the absolute figure.
The new acquiring-as-a-service connection is the latest development in a busy year for Trust Payments. In March, the company launched an e-commerce platform called Stor, aimed at small and medium-sized businesses, and invited independent sales organizations to help sell the service. The platform is based on technology Trust Payments picked up early this year with its acquisition of Wonderlane Solutions Ltd. for unannounced terms.
