Now you can invest and pay online by bank transfer

Now you can invest and pay online by bank transfer

21 May 2021

FINTECH

FEATURE

PAGAMENTI

INVESTIMENTI

INNOVAZIONE

The main interest of Mamacrowd is to make the experience of every user and investor as simple, fast and easy as possible.

Everyone's life is full of commitments, so from today those who invest on our equity crowdfunding platform, in addition to having access to the best companies carefully selected by the team, will be able to make their transfer directly online through the platform, without having to repeat the classic and tedious operations or having to enter reasons and codes, risking annoying errors and also having to change the page to enter in their home banking service.

PSD2 - Payment Services Directive

With the new European Directive on payment services, Payment Services Directive(PSD2), online payments have been improved with an increase in efficiency, security and reliability.

The PSD2 aims to encourage the development and growth of digital payment services and has meant that the discipline has introduced new services also provided by operators other than banks, known as "Third Party Providers" ( TPP).

The possibility of third party intervention has favoured the creation of three types of new services:

  • The AISP: allows to obtain aggregate information for one or more accounts available to the customer, even on different banks
  • ThePISP: allows you to make a payment through a PSP (Payment Service Provider), different from the one where you have the account
  • TheCISP: allows you to make a payment through a debit card issued by a party other than the one in which you have the account

PISP

The PISP (Payment Initiation Service Providers) is the type of service that we have implemented on Mamacrowd to allow the user to make a payment by bank transfer. Mamacrowd, therefore, acts as a third party between the Bank and the owner of the payment account.

How does it work?

PISP is part of the digital payments sector, an increasingly dynamic and innovative market that has led to an increasing use of technological tools such as tablets, smartphones or wearables. Tools such as PISP are born to improve the customer experience of the user, unifying the market of payment services.

Thanks to this service and API technology, the interface that is presented will be customized for each investor, allowing them to access their account directly from Mamacrowd.

A clear example of technology that, by adapting to the user, allows them to make their payment securely and through an environment (their bank's interface) that is more familiar to them.

Benefits:

In addition to the time saved, this service allows you to avoid typing errors when copying the beneficiary, amount, reason code. These errors often cause the payment to be rejected by the platform, forcing the investor to repeat it and spend much more time and effort than necessary.

Some clarifications

As per the PSD2 Directive, Mamacrowd, as a third party involved in the payment:

  • Does not withdraw the payer's funds, and does not use or store the payment data for purposes other than providing the service;
  • It will be the user to carry out the authentication procedure of their bank, connecting directly to their account, without the credentials being shared with anyone.
  • There are no limits on the amount (unlike the credit card), so it is perfect for any size of investment
  • The cost of the operation is that of a normal transfer (the conditions of your bank apply).

Therefore, upon authorization, the PISP will send the request to the Bank to complete the payment on the customer's payment account.

In Italy, the service has only been active for a few months and is only used by Trenitalia and a few other players, to which Mamacrowd has now been added.

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