Merchant acquiring is an integral part of card payment transactions processing. Acquirers enable merchants to accept card payments by acting as a link between merchants, issuers and payment networks. They provide authorization, clearing and settlement, dispute management and information services to merchants. In today’s ripe competition for digital finance and enablement, having a merchant acquirer in-house can yield big business.
Avanza Solutions and Bogo signed an agreement to set up and deliver an end-to-end merchant acquisition and management platform for the banking and financial sectors. Avanza has acquired equity in Bogo bringing it into the Avanza group umbrella. Bogo’s merchant leg will be implemented within Avanza Ambit, Avanza’s Internet Banking product that ensures continuous delivery of retail and corporate banking services to the bank’s customers. The agreement will help enable Avanza to provide banks and financial institutions the ability to provide discounts at a range of merchants.
The solution allows banks and financial institutions to simply subscribe to a network of merchants as per their need, allowing them to offer a wide range of merchants to choose from. Avanza’s technology will enable customers to manage merchants, implement proximity-based marketing campaigns, and QR-based services along with other value added features.
Institutions will be able to bypass the lengthy and burdensome task of developing and deploying a merchant network on their applications. With Bogo’s strong merchant base and Avanza’s technology, banks and financial institutions will have a unified platform to showcase merchant offerings to their customers.
The agreement gives organizations the comfort of both their tech and operational needs met through the ambit platform, with respect to merchant alliances. Avanza, which always puts its customers first, gives organizations the freedom to seamlessly integrate into any internet banking application giving end users access to the latest discounts and deals. Thus, creating a unified experience where banks can reach out to a vast merchant network, seamlessly plug in functionality into their internet banking apps, and manage users.
Avanza Solutions Director Corporate Services, Sajid Ahmed said, “Today we have marked another milestone in the history of Avanza Solutions, our drive to create real and genuine value for our customers has enabled us to develop solutions that will make real difference in how they operate. I am delighted to have collaborated with Bogo, I am sure we can maximize our synergies to take the industry forward.”
Bogo CEO Karim Kabir said, “At Bogo we aim to provide a bridge between brands and consumers, a platform where brands can attract new consumers and gain a stronger position in the industry. I am happy to have signed with Avanza Solutions, with their advanced solutions we will be able to serve an even greater audience and create more value for all stakeholders.”