Canadian fintech Nuvei Corporation (TSX:NVEI) has launched direct local acquisition capabilities in Colombia, further expanding its presence in Latin America (LATAM) and strengthening its overall footprint in the region.
Nuvei is the first global payments company to offer direct local acquisition in Colombia, allowing local and international partners to accept card payments from their customers in the country without relying on intermediaries or third-party payment processors. Simplifying payment relationships in Colombia enables e-commerce businesses to maintain greater control over transaction flow management, as well as develop a more localized payment experience for customers.
The benefits of direct local acquisition to e-commerce businesses selling to customers in Colombia through their global integration with the Nuvei platform include an increase in card authorization rate, reduced settlement times from days to potentially less than 24 hours, and optimized processing resource commitments.
Philip Fayer, President and CEO of Nuvei, commented:
“The launch of our direct local acquisition capabilities in Colombia strengthens our presence in LATAM and reinforces our commitment to growth in the region. We already operate in more than eleven markets in LATAM through direct integration into local buyers and networks, and the addition of direct local acquisition capabilities in Colombia strengthens our ability to provide best-in-class service to our customers across the region.”