@Pay partners with Pismo

Through this collaboration, @Pay integrates the Pismo core banking platform to facilitate the offering of BNPL, debit, credit, and prepaid cards. Moreover, it allows the company to leverage the Pismo platform to tokenise cards for inclusion in Apple and Google wallets. @Pay intends to soft launch the platform in Australia in the upcoming period, with plans to be commercially released in the first quarter of 2024 and include other jurisdictions, such as the GCC region and North America later in 2024.

According to officials, Pismo offers @Pay and its tech stack the ability to provide improved core banking technology to consumers and merchants while also supporting its BNPL and card management programmes. With the integration of Pismo, the company aims to maintain control over payment authorisation so that customers can utilise its services only at partnered merchants. The partnership also enables @Pay to enter additional geographies with scalability, security, and serviceability as the company expands its footprint across borders. @Pay’s main objective is to develop its operations beyond Australia and the introduction of its platform aims to play a considerable role in meeting the company’s goals.

With its operations based in Brazil, Pismo provides an all-in-one processing platform for banking, payments, and financial markets infrastructure. The cloud-native microservices platform can be leveraged by banks, marketplaces, and fintech companies to launch solutions and transfer from legacy systems to a more improved technology. At the beginning of July 2023, Grow Finance chose Pismo to support its card-issuing operation. Considering the SME landscape in Australia, Grow Finance intended to launch the Grow Mastercard credit card to offer business owners enhanced cash flow, management, and capital to help them improve their businesses.

During the same period, Visa signed a definitive agreement to acquire Pismo for USD 1 billion in cash. With this acquisition, Visa can deliver core banking and issuer processing capabilities to customers via cloud-native APIs for debit, prepaid, credit, and commercial cards. Moreover, Pismo’s infrastructure allows Visa to facilitate and link financial institution clients to developing payment rails.

Furthermore, in June 2023, City Treasury and Trade Solutions partnered with Pismo to improve its corporate demand deposit accounts. The collaboration enabled Citi’s clients to benefit from a scalable microservice-based ecosystem with no hardcoded application, allowing simplified integration across products and a globally consistent experience.