Historical series Itaú Unibanco, Rede and Zoop team up to offer split payments solution for large companies to boost their business
Partnership will provide a solution for companies that allows them to split the value of a transaction between multiple recipients in a transparent and automated way, in physical and online sales
March, 2024 – Itaú Unibanco and Rede announce a strategic partnership with Zoop, a startup that pioneered the Fintech-as-a-Service model in Brazil, to offer its split payments solution to customers. This new offering will enable fluid integration between sales channels, as well as insights to improve business strategies for large companies that need customization and flexibility in splitting payments for their transactions. The solution caters for different business models, such as franchises, associations, and product and service marketplaces.
Payment split is a feature that allows the amount received by the company in a sale to be divided between various parties involved – such as vendors, service providers, suppliers or partners – without the need for the company to act on each sale. With Zoop, Rede and Itaú customers will have access to the most robust payment split on the market. It will be possible to split the value of a transaction between multiple recipients in a transparent and automated way, in all forms of capture, whether online or physical, in cards, pix (Central Bank of Brazil’s instant payments system), boleto, and boleto with pix, allowing the company to use its own visual identity from end to end, including on machines.
Even before a sale takes place, the shopkeeper can already define the amount that will be divided between the participants, either as a percentage or as a predetermined fixed amount. The same split can also be made after the sale has been concluded. In both these ways, the split payments generate savings in time and resources, as well as greater operational and tax efficiency.
According to Luis Lima, superintendent of digital products and partnerships at Rede, the initiative provides greater efficiency in payment processes in the market. “Developing partnerships is part of Itaú’s DNA, always with the aim of offering a wide range of services across its multiple channels, with exclusive advantages and solutions tailored to business demands. With strategic partnerships, we reinforce our value proposition with a complete and innovative ecosystem, aligned with the needs of our corporate clients,” says the executive.
Zoop is a leader in embedded finance technology in Brazil. The partnership combines the innovation of a startup with the solidity of the country’s largest private financial institution and its means of payment company, developing the best strategies and technologies to drive financial solutions in business.