Mangopay 2023 Wrap-Up
As we go full steam ahead of 2024, we're taking a look back on some of our biggest moments in 2023.
We’ve set out on a transformative journey last year, from reshaping our brand design to enhancing our array of capabilities through strategic acquisitions to propel platforms and marketplaces’ success and redefine industry standards.
We still have a long way to go, but it’s been a busy year for our team and we want to make sure their efforts don’t go unnoticed. We've worked hard and we’re proud!
Let's dive in!
Nethone joined in to bring an AI-powered fraud prevention solution
Bad actors are on the rise and ready to swipe profits when people are off guard, so we’ve made it a priority to enhance our fraud prevention capabilities with the acquisition of Nethone.
Nethone not only brings a cutting-edge fraud prevention technology but also a team of fraud experts constantly looking at trends and honing our fraud engine. This is paramount as the whole world transitions into hyper-innovation with the rise of AI (Artificial Intelligence).
With Nethone, we’d be able to build a 360° fraud prevention engine that will be a perfect solution for a multi-party e-commerce setup as it addresses a large spectrum of fraud types, from account takeover to payment fraud, protecting the user journey from login to post-payment.
Here are a few of Nethone's capabilities:
With Nethone, we’re able to provide peace of mind for our clients by keeping their platforms and marketplaces safe while effectively protecting their revenue.
WhenThen is also in the house to bring us Payment Orchestration
As platforms and marketplaces venture into global markets, the need for an acquirer-agnostic payment infrastructure becomes paramount. A Payment Orchestration solution empowers them to implement local routing strategies, boosting acceptance rates and optimizing payment processing costs.
Furthermore, as the e-commerce landscape continues to transform into a unified ecosystem of embedded finance technologies, marketplaces need a way to seamlessly integrate with their underlying tools and software.
A Payment Orchestration Layer solves this by providing a single, interoperable ecosystem and a network of partners such as acquirers, PSPs(Payment Service Providers), gateways, and other third-party service providers to easily integrate with, allowing for more control and flexibility in scaling an entire payment operation.
Through an external token vault for enhanced data utilization, marketplaces can streamline building of workflows between these tools from end-to-end.
With these capabilities combined, we'll be able to:
In 2023, leveraging the connectivity as we combine WhenThen's Payment Orchestration technology with Mangopay, we’re able to quickly expand our payment methods offering and improve the implementation experience for our clients.
This is just the start of a wider, more connected ecosystem as we integrate more of WhenThen’s Payment Orchestration functionality into Mangopay.
Marketplaces are becoming more diverse, so are we
With the myriad of cross-border payment providers today, the currency market is far from underserved. However, FX spans further than just moving money abroad.
Today as e-commerce bring more diversity into their experiences, FX has become one of the most crucial foundations of an expansion strategy and depending on the choice of FX provider, a business could either lose or gain revenue when operating in a global landscape.
Without a wide network of local partners to settle locally, cross-border transactions can have long settlement cycles and higher transaction fees.
For marketplaces and platforms, having a multi-currency experience means offering sellers a way to get paid in the currencies they need without having to rely on external solutions to convert and hold their earnings. On the other hand, buyers expect local currency pricing to avoid getting charged conversion fees by their bank.
Under the hood, marketplaces with multiple entities spread across the globe need to hold and reconcile payments without worrying about revenue lost from FX fluctuations. All while navigating diverse regulatory and compliance requirements.
Mangopay’s new FX solution solves these challenges by not only offering support for a range of currencies to accept, manage and payout in, but also to efficiently manage them from end-to-end within the same ecosystem.
Additionally, by leveraging our guaranteed or spot FX support, our clients can unlock a new revenue stream through FX margins with selected cross-currency transactions within their marketplace.
Every sale counts so here's a conversion optimized Checkout SDK
Abandoned carts, representing lost sales opportunities, have long plagued e-commerce businesses. However, checkout best practice isn't always straightforward and implementation often requires dev effort.
To solve this challenge for our clients, we’ve encapsulated a conversion-focused checkout experience into a single, easy-to-integrate module, resulting in faster time to market and lower engineering overheads.
We’ve launched a code-light, customizable solution that allows our clients to start accepting PCI-compliant card, Apple Pay and Google Pay payments online through desktop and mobile devices for a quick and easy way to start accepting online payments.
Mangopay’s Checkout SDK can handle card validation, card brand detection and complex payment flows, reducing errors and abandonment and further optimizing payment acceptance.
The SDK also comes with additional benefits including enhanced security, and is fully PCI compliant, leveraging Mangopay's tokenization and data protection, as well as fraud prevention powered by Nethone's SDK.
We’ve strengthened our presence in the UK
UK EMI license
In 2023 we strengthened our UK presence, becoming authorized by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI). The new UK EMI license empowers us to continue facilitating digital payments, and providing an array of payment solutions to support growth in the UK market. This enhances our regulatory standing in the UK and facilitates our operations in the market post-Brexit.
Meanwhile, we've given our website and hub a new look
We take pride in being experience-led and to demonstrate that commitment, we revamped our documentation and the client hub.
New client hub
Late last year, we've released the new revamped version of the client hub with a fresh new look, simplified and focused interface, and new environment selector. These changes make it easier for platforms and marketplaces to integrate with the Mangopay API, manage their accounts, track their transactions, view their financial reports and scale their operations.
2024 is going to be a busy year for our experience team as we continue to improve the Customer Experience aspect of our product.
Developer experience for a flexible payment infrastructure is one of the core elements in building a successful marketplace.
Mangopay's infrastructure, being wallet-based, requires intricate implementation designs and building the best developer experience for it is a challenge that we're excited to take on.
We've taken the first step towards this goal as we released our new API documentation, now offering more core features and better structure aiming to speed up solution implementation for developers.
To do justice to the amazing work our team has done this year, we’ve given our brand a new look to align with our transformation and mark our commitment to innovation.
Our new branding is a complete overhaul of our previous design. We refreshed the Mangopay logo, updated our color palette and even created new brand identifiers!
It turns out we're award winning. We're pretty proud.
Not to brag, but for our team it's a huge deal to be recognized in the industry. We've been working hard and these awards are testament to our team's dedication, creativity, and innovation.
Best platform and marketplace provider
In March 2023, Mangopay was named “Best Platform and Marketplace Provider” at the Merchant Payments Ecosystem (MPE) Awards for providing best-in-class payment services to marketplaces and platforms.
We're one of FXC Intelligence’s most promising cross-border payment companies
In October 2023 we were named one of FXC Intelligence’s most promising cross-border payment companies. The list highlights companies that are at the forefront of innovation and are poised to make a significant impact on the cross-border payment landscape.
What's next for Mangopay?
We've seen our efforts move the needle for Mangopay this year. However, the new product adoption velocity isn’t just driven by new product lines and facelifts. Looking through the lens of the ever-evolving market dynamics, scalable solutions are becoming increasingly attractive for fast-growing marketplaces and platforms as they look for solutions that scale with them, while keeping costs down.
Our truly flexible and modular solutions enable merchants to seize opportunities in front of them and solve problems in a more innovative way to stay ahead of the curve.
We take pride in our wallet-based payment infrastructure and we believe in the immense value it could bring both in capturing more revenue and delivering best-in-class experiences as digital commerce transforms into a more unified ecosystem of embedded finance solutions.
With great momentum, we're forging ahead, investing into our product development and enhancing the experiences we deliver to our clients. It's an exhilarating era to be in this industry, as the world embraces transformative advancements across different sectors.
If you want to learn more please reach out to our team!