OKQ8 partners Enfuce for card issuing modernisation

Monday 12 December 2022 10:40 CET | News

Finland-based fintech Enfuce has partnered with fuel company OKQ8 to launch a Visa-branded credit card programme as part of the latter’s card issuing modernisation.


As OKQ8 is on a journey towards sustainable mobility, the launch of the card programme marks the modernisation of its open-loop scheme card and closed-loop private card offering. Leveraging Enfuce’s cloud-native platform, OKQ8 is set on replacing its legacy platforms for company and private cards issuance. Following this, the Visa card programme was introduced, starting with Visa cards, with no go-live issues, as per the company’s press release. The card is ready for instant scalability due to Enfuce’s unified and innovative back end issuing solution and its API-focused design. 

Partnership details within card issuance modernisation

A core element of the collaboration is that of replacing OKQ8’s existing closed-loop fleet cards with open-loop Visa cards, both credit and debit, which is believed to help expand cards’ usage into more locations and increase transaction volumes. 

Due to Enfuce’s strict alignment to core regulations of the likes of the European Union's second Payment Services Directive (PSD2), the card issuing modernisation process has enabled OKQ8 to meet increasingly stringent industry and regulatory compliance standards, something that could not have been achieved through OKQ8’s existing legacy IT platforms.

Having approval from Finland’s Financial Supervisory Authority (FIN-FSA) and PCI DSS Level One compliance, Enfuce’s services are designed with security, compliance, and smooth onboarding in mind. 

Speaking on the collaboration, OKQ8 representatives have advised that Enfuce is not only a software solution supplier, but also an important partner that enables the company to innovate their card issuing process to align with their shift towards sustainable mobility. As per the statement provided in the press release, Enfuce supported OKQ8 with technical know-how and recommendations for best practice as the company transitions and scales its business. 

Finland-based fintech Enfuce has partnered with fuel company OKQ8 to launch a Visa-branded credit card programme as part of the latter’s card issuing modernisation.

Sustainable mobility and how the companies’ offering falls into place

In reference to sustainable mobility, OKQ8 has committed itself to becoming a leading brand within the sector, focusing on electric vehicle charging, Green Fleet solutions and clean energy solutions of the likes of solar energy, as opposed to its traditional fossil-based fuel business. Operating in Denmark and Sweden as one of the Scandinavian fuel market players, the company is now in the process of having its complex, custom-built legacy IT infrastructure replaced with a new, flexible, agile IT solution that enables support for the businesses’ rapid scalability and ensures continued customer service. Following this focus on mobility and sustainability, the company believes that the Enfuce collaboration will ensure that it is prepared to handle payments of any kind as it embraces digitalisation.

Enfuce’s offering includes an alternative to current issuer processing platforms, which provides the ability to add modules and services in an expedited manner however and whenever needed, as well as a flexible pricing model that is cost-effective and in accordance with companies’ scaling needs. 

Commenting on the partnership, Enfuce officials have advised that OKQ8’s ability to integrate its solutions enables the company to no longer invest time and money in IT development and infrastructure for the support of its card issuing needs and to offer its customers a flexible and modern solution. Having fully moved the card issuing to the cloud, Enfuce is a one-stop shop for companies looking to issue cards to their customers, providing a CaaS (Card-as-a-Service) model, packaged BIN sponsoring, and handling all regulatory compliance. 

Enfuce’s CaaS helps ensure banks, fintech, financial institutions and non-bank brands alike are fully PSD2-complaint, taking care of programme management, data reporting and analytics, BIN sponsorship, card issuing, and regulatory KYC/AML and payment scheme compliance. Leveraging this speed, flexibility, and end-to-end programme management, clients are enabled to launch card payment services with expedited time-to-market, offer access to third-party service providers to digital accounts, and provide customers and end users with increased choice when it comes to payments methods. Its CaaS for businesses can be launched in as little as eight weeks, an onboarding timeframe that differs significantly from other providers that can take up to six months to enable embedded payments for their partners. Part of its services’ key applicants include expense management, neobanks, fuel cards, loyalty programmes, as well as corporate and consumer lending.

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Keywords: partnership, Issuer, card scheme, cloud services, digitalisation, API, sustainability
Categories: Payments & Commerce
Companies: Enfuce, OKQ8, Visa
Countries: Scandinavia
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Payments & Commerce






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