HSBC $HSBA (+1,21%) has entered into a new partnership with Accel-backed payments infrastructure company Juspay to develop a new digital acquiring platform for global merchants.
The platform will combine payment processing, fraud management and settlement services into a single stack solution that will provide "an agile, end-to-end acquiring experience that rivals the capabilities of modern acquirers", according to a joint statement.
This includes native and customized checkout interfaces, transaction processing with intelligent routing and retry capabilities, access to local payment methods, integrated risk and fraud management systems, automated chargebacks and dispute processing, and reconciliation and settlement layers with control and monitoring tools.
The partnership combines HSBC's network, which spans 57 countries and territories, with Juspay's payment infrastructure offering, which currently processes over 300 million transactions daily.
This development comes just days after HSBC announced the launch of a new merchant services division in Juspay's home market of India.
As a complementary offering, HSBC Digital Merchant Services (DMS) will provide "a comprehensive digital payment management solution designed to optimize payment processes for e-commerce merchants," the bank announced on Thursday.
Businesses can use DMS to accept various payment methods, including Mastercard, Visa and RuPay card transactions as well as payments through the Unified Payments Interface (UPI), India's instant payment system launched in 2016.
The bank plans to "gradually" integrate additional features into the suite, stating that "HSBC will enable collaboration with fintech companies, support more digital acquiring capabilities and integrate with clients' broader cash management and liquidity solutions"
