Credorax, the Digital Merchant Acquirer, today announced that it has received a license from Japan's Ministry of Finance.
This license further demonstrates Credorax’s fast-approaching status as a global merchant acquirer to provide merchants - through its online cross-border payments platform – with new seamless and cost-effective access to e-commerce and m-commerce markets worldwide.
Already acknowledged in the banking world as the first technology company to become a licensed financial institution and merchant acquiring bank, Credorax is comprised of a unique blend of technology titans, online payments experts and a risk and fraud management team.
Since its inception, Credorax has been tirelessly enabling both large and small online merchants to discover new financial revenue streams through its unique cross-border, online payments business paradigm. Credorax’s fast-track to success is mainly due to its discovery early on that in order for merchants to tap into global consumer markets beyond their own borders, their online payments experience has to be seamless, completely legal and compliant and most of all, not burdened with high banking and foreign exchange fees.
In order to solve these combined issues, Credorax developed the first, single and unified global online technology payment platform. Known as its “Smart Acquiring” platform, through a single, completely automated and digital API, merchants and payment service providers can conduct all of their online payments business through one source instead of fragmented solutions dispersed in different “silo” global regions.
More importantly, because Credorax is a licensed acquirer in each local jurisdiction within the countries it practices banking in, through its Smart Acquiring platform, cross-border merchants that enter these local markets deal with local vs foreign banking fees. In other words, they significantly reduce the banking and exchange fees associated with cross-border e-commerce.
“This license is not only a win for Credorax, but one for the entire global online payments ecosystem. We are the first amongst our competitors to receive this kind of license in Japan, which means we are unlocking the door for others to enter this otherwise protective market,” said Benny Nachman, CEO of Credorax. “We feel extremely fortunate to be able to pave the road and make it easier for other acquirers as well as our partners and customers to enter this promising market.”
Through its new license in Japan, in the near future, Credorax will be able to process US, European and other global merchants’ online payments domestically, within Japan. In other words, merchants will now have a new, alternative way to access Japan's high-end, international, Internet-savvy market. In addition, Japanese merchants can immediately leverage Credorax as their preferred acquirer to process payments in 27 countries in Europe and soon begin processing with Credorax domestically in Japan as well as the US market.
Jonathan Epstein, Country Manager for Credorax Japan, will continue to lead the company’s endeavours on-ground in its Tokyo office. Prior to joining Credorax, Mr Epstein served as General Manager for Paypal Japan, where he was responsible for growing YoY revenue and profit +40%. He also held c-level executive positions at NASDAQ Japan, AIG Corporation Japan & Korea and Asurion Japan Corporation.