PLANO, Texas, February 26, 2019 – Nuvei, a leading provider of global payment solutions and the first-ever community of payment experts, today announces the launch of its payment processing solution for the traditional and online lending industry. The company will offer its services to bank and non-bank digital lenders in the rapidly growing alternative financing market.
Lenders can now leverage the power of Nuvei’s platform to consolidate their payment functions, enhance reliability and reduce costs. Nuvei integrates seamlessly with loan management software and allows for additional custom applications. Loans can be securely processed through Nuvei’s proprietary gateway or via third party by bank card, ACH, Apple Pay and Google Pay, making transactions frictionless for loan providers and their customers.
Nuvei’s fully-featured payment solutions include a global payment gateway, technical and integration specialists, end-to-end transaction security, risk mitigation and chargeback management, funding and reporting. In addition, Nuvei can help lenders achieve and maintain card network compliance. By integrating with Nuvei, lenders may also be eligible for lower interchange rates and other incentives offered by card brands.
Through its network of banks and subsidiaries, Nuvei supports most forms of lending scenarios, including:
- Online lending platforms
- Conventional secured lending
- Title and payday loans
- Retail installment financing
- Consumer installment loans
- Auto financing
- Short term loans
- Business loan sourcing
Growth of online lending market
Driven by the increase in use of mobile devices and smartphones, the global digital lending platform market is expected to grow from USD 5.1 billion in 2018 to USD 12.1 billion by 2023, according to Research and Markets, with North America accounting for the largest share. Digital, non-bank lenders provide alternate access to consumer and business loans through online channels, offering decision automation and speed, with a near-instant response to loan requests.
“Technology will continue to change how the lending industry operates. The rise in adoption of cloud-based digital lending solutions has disrupted this market,” said Philip Fayer, Nuvei’s chairman and CEO. “As partnerships evolve between banks, online lenders and fintechs, Nuvei is perfectly positioned to improve how both traditional and digital lenders process their payments. We are also enabling our reseller partners to attract these new, lucrative opportunities by leveraging our robust platform.”
We are Nuvei, the first-ever community of payment experts. We provide fully-supported payment solutions designed to promote and advance our partners’ success. We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships. Learn more at www.nuvei.com