Merchant firm Credorax adds partners to boost European cross-border payments
Merchant acquirer Credorax has engaged money transfer company Small World Financial and other partners to cover a broader mix of banking and payment acceptance available to the companies' European clients.
Credorax will provide its real-time data and reporting platform, called Insights, along with card acceptance and other merchant services. Credorax will partner with NMI, which will provide the front end payment gateway to support European payment terminals; and Hemisphere West; which will manage logistics and installations for Small World.
The combination will allow a single source for bank transfers, machine learning, fraud prevention and other services that are increasingly in demand among merchants in all markets as omnichannel commerce and mobile payments increase.
“Small World provides an important service to people who are underbanked. Using our fraud tools we can check if a transfer amount being sent correlates with the capabilities or past behaviors of the user since most of the customers are repeat users,” said Igal Rotem, CEO of Credorax.
Credorax Inc. has dual headquarters in Tel Aviv, Israel, and Valletta, Malta; the latter city is where the company’s acquiring bank, Credorax Bank, is based. According to Credorax Bank’s latest annual report, the company processed over €4.13 billion (about $4.63 billion) in payment transaction volume in 2018, up 11% from its 2017 payments volume of €3.72 billion (about $4.17 billion).
Small World Financial Services was acquired last year by the European private equity firm Equistone Partners Europe. Small World was generating in excess of £110 million (about $138 million) in revenues at the time of the acquisition. Small World serves more than 3 million active customers through its mobile app, website and 6,000 third-party send-side agents and 80 branches.