As per the information detailed in the press release, the collaboration between Mynt and Visa focuses on providing the former’s solution to Enterprise Resource Planning (ERP) fleet and fuel companies and banks and enabling them to offer enhanced fully embedded corporate cards and spend management services to their customers. Representatives from Mynt underlined that the alliance with Visa intends to develop a new ecosystem for banks and ERPs to provide SMEs with a simple way to manage company spending. The two companies are set to deliver businesses and banks a complete product suite in spend management and the ability to better collaborate with issuers that aim to improve their offerings without necessarily developing all the technology.
Mynt’s capabilities and offering
Considering the complexity of managing expenses, Mynt developed a solution that accumulated SME customers and solidified its position in the industry in the Nordic region. As of the announcement, the company has launched an API-based full-service solution for embedded cards, expense management, and spend management, which includes a modular feature setup. This enables partners to select from a range of capabilities to accommodate their customers’ needs, with the features having the ability to be integrated into systems efficiently. Additionally, partners can leverage a white-labelled version, where banks can receive a branded web and mobile app that can improve an existing corporate card offering. The solution can be applied to legacy systems that intend to modernise their product and maintain the engagement of customers.
Apart from being able to provide card issuance as a service, by using Mynt’s services, clients can manage cards, analyse spend, and enable credit, among others. The company focuses on elevating its partners’ capabilities, regardless of whether the user is a bank, a fuel company, or an ERP.
Mynt – Visa collaboration objectives
The alliance between Mynt and Visa focuses on offering comprehensive solutions, including issuing Visa cards and integrating Mynt’s spend management software natively or white labelled into the partners' systems. By joining forces, Mynt has the ability to leverage Visa’s extensive payment network to provide simplified and secure card-issuing services and, merged with a modular setup for expense management, allows the collaboration to ensure that SMEs have access to improved payment solutions, fostering growth, and financial flexibility.
According to Visa’s officials, the collaboration with Mynt supports Visa’s commitment to helping businesses with enhanced payment solutions. The open approach allows the company’s clients to leverage its technology and security standards, as well as features from Visa Partners. The company focuses on assisting small businesses, as they have a significant role in helping the advancement of digitalisation and inclusive growth. By working with Mynt, Visa intends to enable its clients to improve their banking and payment solutions for SMEs.
