- Payments platform APEXX is to work with leading global fashion retailer ASOS as part of a new payment processing deal to improve efficiency and drive down costs.
- APEXX will provide ASOS with a suite of new services, including transaction routing engines and access to a network of in-country banks.
- Leaders at both of the companies said that the collaboration, which will focus at first on Europe but will later be rolled out across the world, will be positive.
Payments platform APEXX has announced a new collaboration with the clothing firm ASOS.
APEXX said that it will be working as ASOS’ designated Payments Orchestration Layer in a range of key European economies where the retailer operates.
Initially, the service will be focused just on Europe, but this is expected to expand as time goes on, and the firms are thought to be preparing for a more globalised expansion.
APEXX’s role will be significant, and will in part entail authorising and putting through transactions.
It will also attempt to improve the process for ASOS from an efficiency perspective, helping the retailer to save money.
It will create a payments platform for ASOS, which will in turn allow costs to be driven down and safety to be improved.
There will also be a significant international money transfers element to the new service.
Over three-fifths of ASOS’ work is believed to be done abroad, meaning that the smooth progress of international money transfers is an important goal for the firm.
APEXX offers a local processing service that ASOS can use.
It will also benefit from a transaction routing engine that will avoid the challenges associated with traditional payment fee structures.
APEXX is also going to help ASOS build a network of in-country banks designed to act as financial services gateways in each country.
In a set of statements, leaders at both firms gave their views on the collaboration.
The co-founder and managing director at APEXX, Rodney Bain, said that the partnership was a sign that his firm’s product is “best-in-class”.
“We are hugely excited to be announcing a strategic partnership with one of the most recognised and forward-thinking eCommerce brands in the world,” he said.
“ASOS’ confidence in us demonstrates the value that the APEXX platform and its best-in-class international payments optimisation capability can bring to online payments,” he added.
A senior figure at ASOS added that the collaboration was of growing importance given the global expansion that the firm plans.
“With our growing international footprint, it is increasingly important for ASOS to offer our customers their preferred payment methods and currencies, and for us to optimise our international payments in a way that makes sense for our business,” said Brent Hobson, who serves as head of payments.
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