Brazil-based fintech company Zoop has announced the release of the pilot of its new service, the Payment Transaction Initiator, tested by iFood and OLX . The solution is set to be released next week, as it is currently being tested by ecommerce companies iFood and OLX, according to the press release.

The `ITP as a service` will be presented during the Brazil 2023 E-Commerce Forum, as the company is still focusing on making the last improvements. The Payment Transaction Initiator will be available only for Pix members for the moment. More insights on the ITP product release The ITP was designed to reduce the dropout date of online purchases, as it decreases the payment procedure, making the experience of customers more efficient and faster.

The payment initiator represents Zoop’s first product that is part of the Open Finance ecosystem. As the company does not have an ITP license, Zoop will leverage the service from a local bank in order to give users the possibility to make payments and transactions without the need to leave the application or the overall website of the establishment. The ITP `as a service` was developed by Zoop in order to trigger the command of the payment customer, even without access to the information on its account.

Furthermore, it will also make the resources be transferred directly into the account of the receiver, in a secure and seamless way. The process of payment begins with the initiator, which doesn’t need to have access to the funds moved by the clients into or from the account. Zoop’s recent partnerships In June 2023, Zoop announced its partnership with Nubank in order to release its new product, NuTap. The new tool was designed to offer Nubank’s PJ clients and customers the capability to receive payments by using credit cards, debit cards, as well as Pix directly from their mobile phones.

Following the release, customers that were Nubank account holders were enabled to receive face-to-face payments without the need to leverage a card machine for the transactions to happen. The tool was designed with Zoop’s technology and expertise which were integrated into Nubank’s application and NFC operating system. Micro and small entrepreneurs and businesses were able to benefit from no monthly fee or membership costs, dispenses that came after the acquisition of extra collection equipment, as well as the possibility for fees to be changed for the operations that were 30% less.

Moreover, NuTap aimed to contribute to the improvement of the overall financial management of the company, as the transactions could be tracked in real-time using the banking application that the seller already had in order to manage the company’s account. .