Oclio develops its marketplace with HiPay
In order to comply with European banking regulations, Oclio (DuPareilAuMême Group), one of the online leaders in childcare products, chose HiPay and its HiPay Marketplace solution.
In a high-potential market with sales revenues exceeding 3 billion euros in France, DP… am Group, an international key player in children’s clothing, has decided to expand its offering on its website www.oclio.com. To showcase the widest product range in this sector, the e-commerce website opted for the launch of a marketplace to distribute childcare products from other vendors and manufacturers. From baby bottles to clothing, Oclio’s marketplace offering also includes furniture and decorative items.
A solution to meet new regulatory requirements in place
The marketplace model is a very specific distribution channel in which the platform collects payments on behalf of selling partners. This practice is regulated by the Monetary and Financial Code, especially for the acquisition of payment orders and the execution of transfer orders. A the end of 2014, the ACPR (french regulatory authority) sent a letter to all the stakeholders to remind them of their obligation to comply with current regulations.
“Informed of this obligation by our legal Department in January 2015, we looked for a partner able to guide us”, indicates Mathieu Jourdain, Head of Marketplace at Oclio.
Marketplaces have two options:
- To get their own Payment institution or E-money issuer license from the competent authorities
- Or to become an Agent of a duly accredited Payment institution acting as a intermediary.
After a comprehensive benchmark of the solutions on the market, Oclio chose to integrate HiPay Marketplace.
To read the end of the Oclio-HiPay success story, click here.