Axcess Unveils New Platform to Revolutionize Post-Payment Processing

Why a New Platform Was Necessary

Leeds, UK – Axcess Payment Services officially launched its new proprietary payments platform, utlx, on August 27. The technology division of Axcess Payments Group aims to streamline the complex processes that occur after a payment is made. This new system connects to over 300 banks and supports more than 30 alternative payment methods.

The company, established in 2007, operates under strict PCI DSS Level 1 compliance. It describes utlx as an operating layerdesigned to manage the intricate ecosystem of payment processing. This includes everything from fraud prevention to settlement and reconciliation.

Nick Fox, chief executive of Axcess Payments Group, explained the rationale behind building their own platform. He noted the growing complexity in the payments landscape. Merchants often struggle to manage various payment methods and post-transaction activities. Existing solutions were not comprehensive enough.

What Challenges Does utlx Address?

We saw a gap in the market for a truly integrated solution, Fox stated. He emphasized the need for a single platform to handle the entire payment lifecycle. This includes authorization, settlement, and reporting. The goal was to simplify operations for businesses.

The utlx platform tackles several key challenges faced by businesses today. It provides a unified view of all payment data, regardless of the original payment method. This helps businesses gain better insights into their financial operations. Fraud detection and prevention are also significantly enhanced.

The platform's ability to connect with over 300 banks offers unparalleled flexibility. It also supports a wide array of alternative payment methods. This makes it suitable for businesses operating across diverse markets. It simplifies cross-border transactions and compliance.

The launch of utlx marks a significant step for Axcess Payment Services. The company aims to empower businesses with greater control and efficiency over their payment processes. This could lead to reduced operational costs and improved customer experiences. The platform promises to bring clarity to the often opaque world of post-payment activities.

Frequently Asked Questions

What is PCI DSS Level 1 compliance? PCI DSS Level 1 compliance is the highest level of security certification for companies handling credit card data. It ensures robust security measures are in place to protect sensitive payment information.

How many payment methods does utlx support? The utlx platform supports more than 30 alternative payment methods. This broad compatibility allows businesses to cater to a diverse customer base and various regional preferences.

What is the primary benefit of utlx for merchants? The primary benefit for merchants is the simplification of post-payment processes. utlx offers a single platform to manage fraud, settlement, and reconciliation, reducing complexity and operational overhead.