Rappi is a fast-growing delivery company and part of the gig economy. Their prior procurement processes made it difficult to scale their operations and for their under-banked delivery workers to transact efficiently. Rappi needed a bank that could offer dynamic financial and transactional capabilities that would satisfy the requirements of a real-time, platform-based business.
NovoPayment enabled Rappi's bank, Banco Pichincha Colombia, using our open banking platform and secure APIs, which Rappi's platform could use to enroll and authenticate workers, as well as order and electronically fund network-branded accounts to provide real-time, mass payout capabilities.
This collaboration enabled Rappi to issue, fund and block accounts in self-serve fashion, tap real-time transaction data and recall unused funds. This helped them to significantly improve cash management and operational efficiencies. Productivity also increased, as these independent, gig economy workers were able to access funds for procurement in real-time and receive their commissions sooner.