Net Element’s PayOnline Partners with Bank Sputnik

Net Element Inc (NASDAQ:NETE), a global technology and value-added solutions group that supports electronic payments in multichannel environment announced that its PayOnline subsidiary is partnering with Bank Sputnik to offer a comprehensive multi-channel payment facilitator solution for SMB merchants in the Russian Federation.

As quoted in the press release:

This unique solution offers a set of tools not available from any other transaction processing company in the region and expands PayOnline’s offerings beyond electronic commerce.

Bank Sputnik has entered into an exclusive partnership with PayOnline to offer a fully compliant legal framework and bank sponsorship to enable PayOnline to process transactions as a payment facilitator.  By provisioning a single, master merchant ID, PayOnline ensures merchants and their clients benefit from an automated, real-time and seamless onboarding experience. The API-driven platform simplifies merchant account enrollment.  A sub-merchant can be enrolled, approved, boarded and processing payments in a few minutes.

PayOnline merchants have instant access to a suite of value-added merchant solutions which include credit card auto account updater, multi-currency pricing, tokenization, advanced fraud detection tools and smart transaction routing. According to Statista Digital Markets report, the total transaction value in digital payments segment in Russia will amount to US$39.5 billion in 2018, up from US$27.9 billion in 2016. Total transaction value is expected to show an annual growth rate (CAGR 2018-2022) of 11.9% resulting in the total amount of US$61.8 billion in 2022.

“This innovative, turnkey solution offers frictionless onboarding for merchants with integrated, value-added services,” commented Andrey Krotov, CTO of Net Element. “With customizable payment flows, full-stack API and value-added solutions, PayOnline exceeds the unique needs of software platforms and merchants looking to enable payments in a multi-channel environment.”

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