Mollie Enters Italy with Local Payment Solutions
Hey Payments Fanatic!
Mollie, one of Europe’s fastest-growing financial service providers, just launched in Italy! This is a big step forward in their mission to make payments and money management effortless for businesses across Europe.
With their single, streamlined platform, Italian businesses can now access simplified payment processing, reporting, and fraud prevention all in one place.
Mollie’s expansion taps into Italy’s booming eCommerce market, the fourth-largest in Europe, which has been underserved by traditional payment providers. With an engineering hub in Milan and plans to grow their local team, Mollie is set to deliver a hyper-local experience tailored specifically for Italian businesses. Plus, their platform integrates seamlessly with top e-commerce solutions like Shopify, Magento, and WooCommerce—making it easy for businesses to get started.
Koen Köppen, CEO of Mollie, said: ‘We are incredibly excited to bring the Mollie experience to even more businesses across Europe, especially as we expand into a key European market: Italy! This launch enables us to serve new customers in a new market while also supporting our existing customers with their cross-border plans in Italy, thanks to the hyperlocal payment methods we’ve introduced."
This has been quite a week for Mollie! Enjoy more FinTech industry news below👇 and I'll be back in your inbox on Monday.
Cheers,
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INSIGHTS
📊 Check out the State of Payments 2024 by Marqeta 👇
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🇺🇸 Stripe launched a SDK built for AI agents. These automations can translate prompts into sequences of programmatic actions to interact with other systems. These agents are built using new frameworks that blend prompting and function calling. Click here to learn more
🇺🇸 Payfinia launches CUSO with Star One Credit Union. The Credit Union Service Organization (CUSO) aims to support payments modernization solutions and embedded fraud controls through an open payments platform for credit unions and industry partners.
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🇺🇸 Payouts Network announced the appointment of industry veteran Garen Staglin to its Board of Directors. This addition strengthens the company's leadership team and positions it for continued growth and success in the rapidly evolving payments landscape.
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GOLDEN NUGGET
How does the money move when you purchase a product online?
Assume that Bob wants to buy a book from Claire’s shop on Amazon.
🔹 1. Pay-in flow (Bob pays Amazon money):
Step 1.1 - Bob buys a book on Amazon using PayPal.
Step 1.2 - Amazon issues a money transfer request to PayPal.
Step 1.3 - Since the payment token of Bob’s debit card is stored in PayPal, PayPal transfers money on Bob’s behalf to Amazon’s bank account in Bank A.
Step 1.4 - Both Bank A and Bank B send transaction statements to the clearing institution. Clearing is a process to reduce the transactions that need to be settled. Let’s assume Bank A owns Bank B $100 and Bank B owns Bank A $500 at the end of the day. When they settle, the net position is that Bank B pays Bank A $400.
Steps 1.5 & 1.6 - The clearing institution sends clearing and settlement information to the settlement bank. Both Bank A and Bank B have pre-deposited funds in the settlement bank as money reserves, so actual money movement happens between two reserve accounts in the settlement bank.
🔹 2. Pay-out flow (Amazon pays the money to the seller Claire):
Step 2.1 - Amazon informs the seller (Claire) that she will get paid soon.
Step 2.2 - Amazon issues a money transfer request from its own bank (Bank A) to the seller bank (bank C). Here both banks record the transactions, but no real money is moved.
Step 2.3 - Both Bank A and Bank C send transaction statements to the clearing institution.
Steps 2.4 & 2.5 - The clearing institution sends clearing and settlement information to the settlement bank. Money is transferred from Bank A’s reserve to Bank C’s reserve.
🔹 There are three layers in the process:
- Transaction layer: where the online purchases happen
- Payment and clearing layer: where the payment instructions and transaction netting happen
- Settlement layer: where the actual money movement happen
The first two layers are called information flow, and the settlement layer is called fund flow.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐟𝐥𝐨𝐰 𝐚𝐧𝐝 𝐟𝐮𝐧𝐝 𝐟𝐥𝐨𝐰 𝐚𝐫𝐞 𝐬𝐞𝐩𝐚𝐫𝐚𝐭𝐞𝐝. In the info flow, the money seems to be deducted from one bank account and added to another bank account, but the actual money movement happens in the settlement bank at the end of the day.
Source: Hua Li
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