FinXP launches Real Time Payments

Payment and banking service provider FinXP has launched Real Time Payments by FinXP (RTPF). This is an account-to-account payment method that is targeted at online merchants. The Malta-based electronic money institution says its transaction fees are lower than many other popular alternative payment methods.

Online payments have become increasingly popular over the past year, due to the overall boost of ecommerce in Europe. Especially alternative payment methods saw their popularity grow significantly.

Alternative payment methods saw their popularity grow significantly.

“For online retailers it has become increasingly important to offer payment options that maintain high checkout conversation rates while charging low transaction fees”, Jens Podewski, CEO of FinXP comments.

‘The cost benefits can be significant’

To better serve these online merchants, FinXP has launched RTPF. According to Podewski, the cost benefits of this new service can be significant. “The transaction fees are not only lower than card processing fees but they can also be lower than the fees charged by other popular alternative payment methods.”

RPTF introduces something different to the market.

With RTPF, FinXP wants to fill this gap in the market. This is not the first payment solution it offers. The company already offers several payment and banking solutions such as a payment gateway with over 350 payment methods and IBAN accounts in which merchants can make and receive payments. “With RTPF we are now offering an exclusive payment method that introduces something different to the market.”

Europe-wide coverage by the end of 2021

At the moment, Real Time Payments by FinXP is only available to merchants in Germany and Austria, but the company is working to make it available to the rest of Europe by the end of the year. The new solution can be used for real-time direct cross-border payments, enjoys a very low risk of fraud, and doesn’t allow for chargebacks. This should give merchants immediate peace of mind over sales, Podewski says.