The solution is built on Ingenico’s Full Service payments platform and provides marketplaces with the flexibility and conformity to PSD2 they need to scale and grow internationally. The Ingenico Payment Solution for Marketplaces uses API calls to communicate with Ingenico’s payment platform, which gives marketplace operators flexibility and control over critical functionalities such as commission and payout management. 

Online marketplaces are expected to account for almost 40% of the global online retail market by 2020, according to a study by the eCommerce Foundation and Nyenrode Business University. Reflecting the growing influence of marketplaces, the Payment Services Directive was extended in 2015, and some of the exemptions that allowed online marketplaces to operate without being regulated or supervised while providing payment services, were removed. PSD2 comes into effect in 2018, meaning online marketplace operators that sell to European consumers will need to become themselves regulated and supervised (licensed) payment service providers or seek regulatory backing from a licensed partner such as Ingenico ePayments*. 

The new Ingenico Payment Solution for Marketplaces is a scalable, secure and fully PSD2-compliant solution that helps online marketplaces grow beyond their borders and simplify the transaction process for both sellers and buyers. Ingenico’s Full Service model means the company collects all funds on behalf of the marketplace operator. In this model, the marketplace operator becomes an agent of Ingenico, a licensed payment service provider, which removes the need for the marketplace operator to upgrade its company structure to become a licensed payment service provider itself. The new solution also takes care of all KYC requirements including identification and validation of sellers before any transactions are made, in full compliance with mandatory identification obligations. Additional benefits include frictionless onboarding of new sellers onto the platform, multi-seller basket and commission management. 

Marketplace operators can opt to use Ingenico API for a customized implementation of the marketplace solution, or use a dedicated connector for one of the leading middleware platforms for marketplaces, such as Mirakl or Izberg. 

"As online retail matures, we increasingly see the marketplace model driving growth in the space. But to sustain that growth, in particular in the EU, marketplaces will need to step up to become fully compliant with PSD2,” said Ludovic Houri, Vice President, Product at Ingenico ePayments. “Our new marketplace solution not only removes the burden of PSD2 for operators, but provides a set of features and benefits that enable marketplaces to increase efficiency, reduce complexity and scale internationally.”