Skrill Acquires payolution

Skrill, a large European online payments provider which operates under the Moneybookers brand, has completed the acquisition of payolution, a European social risk engine provider, to facilitate invoice and instalment payments for online and offline merchants.

payolution’s two key products which will be available through the Skrill payment offering are:

• Invoicing and paying in instalments: a system which enables merchants to extend credit to consumers to pay later via invoice once the goods have been shipped. This can be enabled as a one-off payment or as a payment in instalments over time for higher value goods. The merchant assumes no transaction risk, in case an instalment is not paid by the consumer.
• Social Risk Engine: an automated system, which allows merchants to establish the identity and/or creditworthiness of a new customer based on the online footprint of that person from publicly available data such as online social networks and other collaborative online services.

Nikolai Riesenkampff, Skrill’s co-chief executive officer (CEO), said: “We are constantly looking for ways to improve our product suite and innovate. By adding payolution’s products to our already comprehensive payment and security systems we are once again able to differentiate our offering to merchants and enable them to generate even more efficiencies from our service.”

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