In this newly launched panel discussion, led by Chris Jones from PSE consulting, payment industry leaders from Silverflow, Fraudio and Intergiro will be talking about how the partnership between these three fintechs is setting a new pace in acquiring.

Chris is talking with Silverflow’s co-founder Robert Kraal, product manager at Intergiro Ivan Ferdelja, and the co-founder of Fraudio Joao Moura.

Payment industry leaders about the future of payments


As a new acquirer, Intergiro had challenges with traditional acquiring solutions available to merchants. In todays market there are few easy to integrate, data-rich & cloud-based processing solutions that provide merchants the next level acquiring they deserve. The solutions available were not using the latest technology (such as cloud) or surfacing the latest innovations from Visa and MasterCard. Intergiro wanted to offer its new innovative banking solutions alongside a similarly modern acquiring stack.



At Silverflow we see that many Neo banks (as well as payment service providers) want to become acquirers so they can provide their merchants with customer centric and innovative services. They are looking to innovate in terms of data transparency, speed of onboarding and fast time to market for new card payment features. This type of modern acquiring is not readily available on the market, especially if the acquirer wants to cherry-pick their own partners for onboarding, fraud, etc. That is why Silverflow set out to build a new processing platform and help these types of customers with the very real problems that they face. Firstly It’s about the simplicity we aim to bring allowing new acquirers to quickly go live and being easy to work with during the partnership. But it doesn’t just include the messaging between Visa & MasterCard, as we also solve the other side of acquiring such as exposing all the data and innovations that an acquirer needs to make critical business decisions which the current legacy acquirers cannot do.



At Fraudio they saw an opportunity to provide a modern fraud solution that not only focused on the cardholder flow, but also helps acquirers manage the growing problem of merchant initiated fraud (think online marketplaces!) Fraudio’s approach uses a shared database & AI, allowing the acquirer a single API and data pool for cardholder and merchant fraud engine that completely outperforms the legacy rules-based systems. This in turn and decreases friction for shoppers while increases revenues for acquirers.


Final note

What makes the partnership between Intergiro, Fraudio and Silverflow so compelling is the shared vision of how payments processing, acquiring, and fraud management can be built around the end-users requirements. Next to that they are all truly cloud-native (not migrated to cloud), built from the ground up and are a dream to integrate for modern DevOps teams. We hope you enjoy the talk. We would love to hear from you on how your payments journey is going. Set up a call with one of our payments nerds or email us at .
Read more Silverflow blogs and stay up-to-date.

Video: Payment industry leaders about the future of payments

Industry leading payment orchestration platform IXOPAY, partners with Silverflow, the Global payments technology company. This partnership will allow IXOPAY clients to upgrade their card payments process by switching to cloud based acquiring.

IXOPAY Partners with Silverflow

The world of online payments is a new and constantly evolving ecosystem. PSPs, Gateways, risk and fraud engines, APMs (alternative payment methods), are unlikely to be older than 20 years and those that are have been revamped and modernized since inception. But for card payments, which still have the majority share of online payments, the last mile of delivery is processed via platforms that are at least 20 years old. This limits them in terms of the data they can carry, the functionality they can provide, and makes them cumbersome to work with. In many cases, valuable information provided by the card networks is dropped or distilled and acquirers and merchants cannot react to auth/decline/chargeback reason codes and lack an accurate view of scheme/network costs.

Silverflow solves these issues. Through a single API, users can establish or retain an existing commercial agreement with any acquirer without having to connect to that acquirer’s legacy platform. Once the acquirer’s BIN/ICA is loaded onto the Silverflow platform, card processing becomes available to those users as well as full data and cost transparency coupled with simple, fast onboarding and advanced chargeback handling. Scheme updates, mandates, and innovation are deployed at speed on Silverflow’s platform.

IXOPAY clients, such as financially licensed institutions, payment service providers, and ISOs, will benefit from state-of-the-art cloud based acquiring, cascading, and unparalleled risk management functions. From one platform, users benefit from simplified integrations of acquirers, payment service providers, and risk service providers.

“The partnership with Silverflow is very exciting, by combining our best of breed platform with cloud based card acquiring our clients will have access to the best payments technology providing their merchants with a best in class service.” Said Rene Siegl, Founder and Chairman of IXOPAY

“IXOPAY is an industry leading payment orchestration platform and we are pleased to be selected as one of their partners as it highlights the strength of our technology. Together we can provide clients and their merchants a world class payments setup.’ Added Anne Willem de Vries, Co-Founder and CEO of Silverflow.

Upgrade your payment setup with IXOPAY and Silverflow.


IXOPAY is a payments orchestration platform enabling independent, flexible and global payment processing. As a highly scalable and PCI-DSS certified “fintech enabler”, IXOPAY fulfills the needs of large merchants as well as those of “white label” clients: payment service providers (PSPs), acquirers and independent sales organizations (ISOs). The modern, easily extendable architecture offers smart transaction routing & cascading, state-of-the-art risk & fraud management, fully automated reconciliation and settlements processing, comprehensive reporting as well as plugin-based integration of acquirers, payment service providers and alternative payment methods (APMs).

IXOPAY is part of the IXOLIT Group, founded in Vienna, Austria in 2001. With local entities in Austria and the USA, IXOLIT supports national and international customers across various industry verticals. The owner-led and -financed company has grown from 2 to more than 65 employees and is focused on building innovative solutions for eCommerce.

Please find more information about IXOPAY here:

About Silverflow 

Silverflow is a global payments technology company, founded by online payments industry veterans, with the mission to accelerate technological innovation in the payments industry. Silverflow’s cloud-based platform provides a state-of-the-art upgrade and direct access to the card networks for payment services providers, merchants and acquirers. Its intuitive product and scalable technology brings value, creates efficiencies, and drives new opportunities for all. Based in Amsterdam, Silverflow is backed by Crane Venture Partners, INKEF Capital and notable angel investors from Pay.On, First Data, Mastercard,, and Adyen. Learn more:

  • Cooperation includes card acquiring & BIN-sponsorship for cloud-based card acceptance solutions
  • Initial solutions available for corporate banking clients in Germany and payment service providers (PSPs) across Europe and the US will launch in Autumn 2021 

Frankfurt & Amsterdam – May 19, 2021 – Deutsche Bank and Silverflow have announced a cooperation to support the bank’s payments strategy. The partnership will include two new payment services, which are expected to launch in Autumn 2021. 

Kilian Thalhammer, Head of Merchant Solutions at Deutsche Bank’s Corporate Bank, said, “Deutsche Bank is creating a new digital payment ecosystem, working with best-in-breed tech players like Silverflow. With Silverflow’s cloud-native payment technology, we can offer our customers high-end, best-in-class services that set new standards for bank-supported acquiring services and digital payments.”

Deutsche Bank will enable PSPs across Europe and the US in the first step to accept debit and credit card payments through Silverflow’s cloud-based card acquiring service. 

Silverflow will also provide innovative new solutions for Deutsche Bank corporate banking customers. Initially launching in Germany, Silverflow’s will provide access to its machine-learning powered merchant chargeback API to manage disputed payments from card issuers on behalf of a cardholder. This is an industry-first approach to automate a largely manual mail and fax-based process, which will help merchants make substantial cost savings. 

Founded by experienced online payments experts, Silverflow is the first card payments processor with a cloud-native platform with simple APIs, robust data and direct card network integration. Based on today’s service-based technology approach, Silverflow helps customers easily add new features, markets and scale processing capacity as needed. 

Anne Willem de Vries, Co-Founder and CEO of Silverflow said, “Silverflow is building a new payments tech stack for the modern age that aims to replace the legacy systems that the industry has long viewed as an immovable force. Silverflow enables customers and partners to setup, scale and automate manual tasks such as managing chargebacks, alleviating headaches and supporting growth. Signing Deutsche Bank as our global partner is a significant achievement for Silverflow that shows the strength of our technology and team, bringing best-in-class card payments processing to banking customers.”

About Silverflow 

Silverflow is a global payments technology company, founded by online payments industry veterans, with the mission to accelerate technological innovation in the payments industry. Silverflow’s cloud-based platform provides a state-of-the-art upgrade and direct access to the card networks for payment services providers, merchants and acquirers. Its intuitive product and scalable technology brings value, creates efficiencies, and drives new opportunities for all. Based in Amsterdam, Silverflow is backed by Crane Venture Partners, INKEF Capital and notable angel investors from Pay.On, First Data, Mastercard,, and Adyen. Learn more:

About Deutsche Bank

Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.

Our CCO, Nigel Thacker talks about the benefits of Silverflow’s cloud native processing in his conversation with Chris Jones.

PayU, the fintech and e-payments business of Prosus, today announces its partnership with Silverflow, the cloud-based payments processing startup, to offer Payment Service Providers (PSPs) globally a new card acquiring process. By combining Silverflow’s direct connection to the card networks with PayU’s expansive acquiring capabilities, the move will revolutionise processing and settlement within the card acquiring process and drive innovation across the wider payments industry. 

PayU partners with Silverflow to revolutionise card-acquiring process for PSPs

By allowing direct access to card networks through a single API Silverflow’s platform enables PSPs to instantly add new functionality, streamline quality data flows and significantly reduce costs. This means PSPs no longer have to connect to acquirers multiple times over, reducing the complexity and cost of managing a network of card processing solutions. PayU’s unique compliance expertise and Acquiring Licences streamline the process further, saving valuable time and resources for PSPs.

PSD2 has encouraged many PSPs to look into improving their acquiring capabilities and becoming acquirers themselves to future-proof their businesses. However, PayU’s global expertise combined with Silverflow’s cloud-native platform creates a cheaper, managed service. 

PayU’s partnership with Silverflow indicates their common goal to drive technological innovation in the global payments industry, creating greater transparency, efficiency and security to benefit merchants and cardholders. 

Mario Shiliashki, CEO of Global Payments Organisation at PayU, says, “We’re excited to be partnering with Silverflow and their unique solution. By combining their offering with our deep expertise and experience in the domain as well as our state of the art acquiring platform and its capabilities, the combined product is uniquely positioned in the market to enhance and even replace PSP legacy systems and make them more suitable to the needs of today’s data-driven world.”

Anne Willem de Vries, Co-founder and CEO of Silverflow, says, “Today’s card payment infrastructure is based on 30 to 40-year old technology which hasn’t evolved with the payments landscape. Partnering with PayU, we have the potential to change this. PayU’s global connections and experience with Acquiring Licenses coupled with our cloud-native platform, we can make a demonstrable difference; reducing the time, money and resource the current card processing technology requires. We ultimately believe our platform will facilitate more innovation for the whole card payments system.” 

Adyen alums get €3m to launch Silverflow, the first cloud-native card payments platform that connects directly to card networks

Crane Venture Partners and Inkef Capital back Adyen alum startup Silverflow to transform online card payments processing providing an instant upgrade to thousands of industry payments services providers.

Start-up Silverflow raise €3m

Amsterdam and London –  22 October 2020 – Silverflow, a global payment technology company, is announcing a €2.6m seed funding round, led by UK-based seed-stage investor Crane Venture Partners with participation from INKEF Capital and notable angel investors and industry leaders from Pay.On, First Data, and Adyen. With this seed round, Silverflow has now raised €3m in total funding.

Silverflow is a payments technology company building a modern and easy-to-use cloud platform for global cards processing with direct access into the card networks. Founded by long-time online payments industry veterans and seasoned startup founders CEO Anne-Willem de Vries (who was focused on card acquiring and processing at Adyen), CBDO Robert Kraal (former Adyen COO and EVP global card acquiring & processing of Adyen) and CTO Paul Buying (founder of acquired translation startup Livewords), Silverflow will launch its card payments processing technology in early 2021.

Anne Willem de Vries, CEO and cofounder of Silverflow, commented, “Today’s card payment infrastructure is based on 30 to 40-year-old technology that’s still in use across the global payment landscape. The payment technology infrastructure costs everyone time and money: consumers, merchants, payment-service-providers, and banks. We founded Silverflow with the belief that  the payments technology stack needs an upgrade.”

Silverflow is the first card payments processor with a cloud-native platform built for today’s technology stack, with simple APIs and streamlined data flows, that is directly integrated into card networks. Silverflow is made for payment service processors (PSPs), acquirers and global top-market merchants that are seeing €500mn-10bn in annual transactions. Instead of customers needing to manage a complex network of acquirers across markets  and maintain dozens of bank and card network connections Silverflow provides card acquiring processing as a service that connects to card networks directly through a simple API.

Krishna Visvanathan, Partner at Crane Venture Partners, added, “Our mission at Crane is to back entrepreneurs who are redefining the enterprise technology stack and Silverflow epitomises this as it relates to global card processing. Whilst payments power the digital economy, existing backend processing technology is old, costly and inflexible – and ripe for reinvention. Silverflow’s founders are a powerhouse team of payments industry experts with a unique insight to building a product that transitions PSPs, acquirers, and merchants from inflexible legacy systems to a fully cloud-native modern architecture. We are proud to be supporting them as they launch and scale their card payments-as-a-service platform globally.”

Silverflow is a team of five employees based in Amsterdam. The new seed funding round will enable Silverflow to double its team by the end of 2020, adding new developers and a commercial director. Silverflow has been in development for over two years and will be ready to launch in early 2021.

Angel investor Marcus Mosen, senior payment executive, industry advisor and early investor in fintechs like Iyzico or N26, added, “I’m proud to support the founding team at Silverflow as they get ready to launch a truly innovative payments technology platform. Silverflow is the solution to bring innovation to the payments tech stack through intuitive card network connections and processing. Reducing the complexity and cost of managing a network of card processing solutions, Silverflow brings modern technology, smart data insights and the ability to roll out new products across markets with its new card payments processing technology.”

About Silverflow 

Silverflow is a global payments technology company, founded by online payments industry veterans, with the mission to accelerate technological innovation in the payments industry. Silverflow’s cloud-based platform provides a state-of-the-art upgrade and direct access to the card networks for payment services providers, merchants and acquirers. Its intuitive product and scalable technology provides value, creates efficiencies, and drives new opportunities for all. Based in Amsterdam, Silverflow is backed by Crane Venture Partners, INKEF Capital and notable angel investors from Pay.On, First Data,, and Adyen. Learn more:

About Crane

Crane is a London-based VC firm focused on early-stage investments in European start-ups that are solving real problems for the enterprise and enterprise workers. We back ambitious founders building category defining companies who are redefining the enterprise stack. Crane’s portfolio includes 7Bridges, Axiom, Foundries, Harbr, Onfido, Shipamax, Tessian and Virtuoso.

About INKEF 

INKEF Capital is a venture capital firm based in Amsterdam, backing promising early stage companies in Europe. Notable recent investments include Gitlab, Geophy, Urban Sports Club, Happeo and Remote. INKEF takes pride in being a patient, long-term investor with the ability to support companies through several rounds of funding. From the early stages of a technology or life science venture, INKEF Capital supports entrepreneurs building their ideas into successful international businesses. Learn more:

Exchange rates are hard. Constantly converting amounts between for example Euro’s and GBPs is cumbersome. Having to deal with buy and sell rates makes this even more painful. But the hard thing about exchange rates is not doing the conversion. The hard thing about exchange rates is that they change. They change all the time. In most cases they only change a little bit, but this is enough to completely mess up your reconciliation. If you don’t know what exact rate to apply at the time of your transaction you will never be able to reconcile.

Exchange rates - Global payment technology - Silverflow

To make things even worse is the fact that in dual messaging (which is the case for most card payments) the exchange rate applied at the time of authorization differs from the exchange rate applied at the time of clearing due to the time lag between authorization and clearing. So the 100 Euro purchase shows up as a hold of 91 GBP in the cardholder account at the time of the transaction (authorization), but the cardholder is charged 92 GBP two days later (at the time of clearing).

As of August 11th, 2020 Mastercard will apply the same exchange rate during clearing as was applied at the time of authorization. Visa will do the same starting April 2021. These adjustments will make it easier for PSPs, merchants and cardholders to deal with multi-currency transactions.

However, some exceptions do apply, for example:

  • Mastercard transactions submitted for clearing more then 9 days after authorization
  • Visa transactions submitted for clearing more then 8 days after authorization
  • Visa transactions with certain merchant category codes (like hotels, airlines and car rentals)

So how about refunds and chargebacks? In this case the exchange rate is used at the time the refund or chargeback was submitted to the card network. Depending on the time passed since authorization and the exchange rate fluctuations the amount debited for a refund or chargeback can be more then the amount received earlier on.

A lot has been written about PSD2 and Strong Customer Authentication (SCA). This blog post provides insight into transactions where SCA does not apply. A quick reminder: enforcement of SCA is mandated by the ECB as of 31 December 2020. The exception being the UK, where SCA will be enforced per 14 September 2021.

Enforcement will not happen by the ECB itself, but by the national authorities. The PSD2 mandate is for the banks, not for merchants. However, if a merchant does not support SCA, issuing banks will start to refuse their transactions. To avoid this, both Visa and Mastercard require merchants to support EMV 3DS 2.1 or above.


Merchants and their payment service providers need to support transactions where SCA is not applicable (out-of-scope/excluded of PSD2), not desired (exempted of SCA to avoid shopping cart abandonment), or not possible (when the cardholder is not interacting with the merchant’s platform).

Exclusions (SCA not applicable)

Transactions excluded from the PSD2 mandate are:

  • Transactions initiated by mail or telephone order (MOTO transactions).
  • Transactions with a card issued outside the European Economic Area (EEA) acquired from within the EEA or vice versa (one-leg transactions).
  • Transactions where an anonymous pre-paid card is used.

Unless the merchant requests so, issuing banks will not apply strong authentication for the above transactions.

Exemptions (SCA not desirable)

Both the acquirer and the issuer can initialize an exemption to the SCA mandate.

The following are exemptions applied by the issuer:

  • Transactions from merchants whitelisted by the cardholder.
  • Secure corporate transactions.
  • Low risk transactions (depending on issuer fraud levels).
  • Low value transaction (below 30 euro), but not exceeding counter and volumes limits.

In the above cases the merchant is best off by initializing a 3DS authentication. If an issuer exemption applies, the cardholder will not notice that 3DS authentication was initialized. Fraud liability lies with the issuer if the merchant has initialized 3DS authentication.

The following exemptions can be requested by the merchant:

  • Low risk transactions (depending on acquirer fraud levels).
  • Low value transaction (below 30 euro), but not exceeding counter and volumes limits.
  • Delegation of SCA (for example by a wallet provider like Apple Pay or Samsung Pay).

Fraud liability lies with the merchant in these cases. It is up to the issuer to decide whether to accept these exemptions or not. The issuer may also soft decline a transaction by indicating this in the authorization response. In that case the merchant should retry the transaction, but with SCA authentication. Ideally the payment service provider will retry this automatically for the merchant.

Recurring Transactions and Merchant Initiated Transactions (SCA not possible)

In the case of transaction series where the subsequent transaction is not triggered by the cardholder (for example subscriptions, bill payments or additional charges) the SCA mandate applies only to the first transaction of the series. One-click purchases – where the card is stored on file for later usage triggered by the cardholder – are included in the PSD2 SCA mandate.

Fraud liability of a subsequent transactions depends on the status of the first transaction of the series. Therefore it is important to indicate that a transaction is the first of a series during the authentication. For subsequent transactions the authentication value of the first transaction can be reused to get the liability shift from merchant to issuer.

The SCA authentication is not a standalone process, but also impacts authorization and clearing messages, and needs to be supported by your acquirer.