After a £1.2 million seed round raise in August of last year, Ryft, the ground-breaking PSD2-compliant payments platform, has reported that it has received a UK licence from the Financial Conduct Authority (FCA). The approval of the permit allows Ryft to work with some of the top firms globally as a compliant payment provider.
Ryft will be able to grow its internal compliance staff under the direction of Grant Campbell, the new Head of Compliance Officer and Money Laundering Reporting Officer (MLRO), because of the FCA licence. As a result, the company will be able to handle more complicated payments, allowing B2B marketplaces and digital channels to maximise payments across their infrastructure and autonomously broker agreements with other businesses.
The Ryft technology accepts payments and instantly directs money to retailers and sub-retailers the following business day. Imagine Stripe Connect but without the hefty costs and protracted payout delays. The answer fully complies with PSD2. A full-length system offered by Ryft takes care of everything, including collecting online payments, vetting and onboarding vendors, and dividing up payments yet a company sees fit. Simple API documentation is used to simplify everything and quicken the development process.
The Concept Behind Ryft
Sadra Hosseini and Alex Mackenzie, co-founders of Butlr, a mobile application for bars and pubs marketplace, had the concept for Ryft. Throughout the COVID-19 epidemic, they quickly grew their company, hitting a peak of over a million consumers and 500 operating locations before this network was purchased. They discovered an existing gap in the efficiency of micro-transactions and quick payouts, and as a result, Ryft was created. A tremendous opportunity to gain share in the marketplace by offering a solution that resolves this and relieves the administrative burdens from finance teams is presented by the fact that many marketplaces are taken aback by PSD2 compliance.
Ryft addresses the issues that various sub-retailers are currently experiencing in the payment exchanges, which lead to lengthy wait times and several platform-specific procedures. Each of these procedures is streamlined by Ryft into a single, effective platform, safeguarding workers, and companies from FCA penalties, ensuring anti-money laundering regulatory compliance, and lowering the risks involved for marketplaces and their customer onboarding procedures.
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