New digital payments system aims to tackle compliance risk

The digital wallets and online payments developer Skrill has created a new payment solution for digital marketplaces which it says will take the headache out of regulatory and network compliance.

The system, which manages  payments between buyers and sellers, handles 40 currencies and integrates with over 100 local payment options. According to Skrill, it also takes care of the “complex challenges” involved in meeting security and privacy demands, taking the pressure off merchants to fulfil these requirements.

By using a third party service provider such as Skrill, a digital marketplace can reduce regulatory risks, establish local bank relationships to deliver lower processing fees and take advantage of free fraud scanning so that payments are as simple and secure as possible,” says the company. “Payments can also be split, allowing commission to be deducted before funds are settled to sellers, which makes processing more efficient and cost effective. Sellers can be paid out in one batch using an automated process and can access funds via payment to their bank accounts or instantly through the Skrill Prepaid MasterCard, which is an integrated part of the offering.”

Our proposition for digital marketplaces offers a scalable, global solution, delivered through a single integration,” said Chantal Willis, vice president of eCommerce at Skrill. “This means marketplaces can concentrate on running their business, knowing that their payments are in safe hands.”