Through this collaboration, FutureBank and Paymentology intend to enable banks and fintechs with instant issuance of virtual cards, even for those who are constrained by their core legacy banking systems. The two companies aim to provide traditional banks with a digital approach and speed without requiring them to impose major replacements.
Paymentology offers banks, fintechs, and telcos the technology to issue and process physical and virtual cards through its multi-cloud platform, providing shared and dedicated processing instances. Currently, the company operates in approximately 50 countries, providing local market knowledge across 14 time zones. As an Open Banking platform and fintech marketplace, FutureBank supports banks, brands, and fintechs in integrating new banking and financial services solutions into their core systems and deploying them with reduced costs and effort.
FutureBank – Paymentology partnership objectives
As per the information detailed in the press release, banks and fintechs currently face the difficulty of issuing card payments instantly to their customers, individuals, and businesses. Legacy core banking systems operate in batch environments, while modern fintech use cases and user journeys need near-instant responses. FutureBank and Paymentology focus on eliminating these challenges at their source by allowing instant insurance through deep integration of both platforms, enabling virtual and physical cards to be accessible for use immediately after the request. Financial institutions can print their customers’ payment cards when conducting the onboarding and order process, as well as instantly display them as virtual cards on a mobile phone.
According to FutureBank’s officials, the partnership with Paymentology intends to solve difficulties encountered by many financial institutions and fintechs. Paymentology’s platform allows instant issuance of tokenised cards, with configurable controls, while FutureBank’s integration capabilities into several existing core systems enable issuers to accelerate product development rapidity in co-existence with their legacy systems. By combining their capabilities, legacy core banking infrastructures can participate in the modern payment ecosystem. Furthermore, enabling financial institutions to produce and activate cards instantly supports the growing demand for younger and digitally savvy customers who require services on demand. Representatives from Paymentology stated that the collaboration with FutureBank aims to facilitate digital-first product launches on top of existing core architecture, minimising costs, complexity, and risk on their journey to modernisation. FutureBank and Paymentology tested their collaboration with multiple customers in the EMEA region, including the launch of a neobank and the modernisation of an existing legacy bank.
More information about FutureBank and Paymentology
As an Open Banking and Embedded Finance platform, FutureBank’s simplified integration technology and partner network allow customers to directly embed offerings in any CX or core system to reach the market at an accelerated pace. The company’s data shows that its services reduce integration costs by up to 85%, support up to 80% of customer-facing functionality off-the-shelf, and integrate with 96% of core banking infrastructure.
By leveraging its solutions, Paymentology offers banks, fintechs, and telcos the technology, team, and knowledge to issue and process any type of physical or virtual card, including debit, prepaid, credit, and Buy Now, Pay Later (BNPL), among others. The company’s multi-cloud platform provides both shared and dedicated processing instances, extended global presence, and real-time data. Additionally, Paymentology is committed to increasing financial inclusion globally, and to having a positive impact in the communities in which it operates.
