NMI Debuts Embedded Payments Offering
Payments technology company NMI has debuted a new embedded payments solution.
NMI Payments, announced Thursday (Feb. 15), is designed for software companies, independent sales organizations (ISOs) and payment professionals, the company said in a news release.
“The NMI Payments platform easily integrates within existing applications and payment solutions, offering a flexible, modular approach that expedites and streamlines payments. The solution allows partners to manage the full merchant and client payment life-cycle,” NMI said.
According to the release, the solution optimizes and automates payments, underwriting and workflows, meaning that merchants can be onboarded quickly and ready to start accepting payments in minutes.
“Our company mission is to provide our partners with payment capabilities from signup to payout in minutes,” said Vijay Sondhi, NMI’s chief executive.
“By managing risk, optimizing monetization and offering revenue-sharing models, we can support our partners wherever they are on their payments journey, no matter the size or expertise of the business.”
Elsewhere in the embedded payments space, recent research by PYMNTS Intelligence and Carat from Fiserv finds that 65% of independent software vendors (ISVs) and marketplaces that do not yet have payment capabilities intended to incorporate embedded financial products for payment acceptance this year.
That move, according to the research, puts them in the company of roughly 75% of ISVs and marketplaces who already have payment capabilities but want to improve their integrated financial products in 2024.
On average, more than 80% of ISVs anticipate an uptick in revenue from payment acceptance over the next 12 months, suggesting a large degree of trust among payment providers.
“Specifically, 94% of ISVs in retail sales and 75% in wholesale trade or logistics anticipate a noticeable increase in the proportion of their total revenues derived from payment acceptance during the period, as do 60% of multimedia or telecommunications ISVs and nearly 82% of ISVs categorized as software producers and publishers,” PYMNTS wrote last month.
NMI’s product launch follows the company’s recent purchase of software and payments technology company Sphere’s Commercial Division.
As noted here at the time, the acquisition is designed to enhance NMI’s underwriting and risk management capabilities, while also providing its partners with simplified payment solutions, letting ISOs, ISVs and FinTechs create merchant accounts within the NMI platform.
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