The bank is focused on delivering payment processing and card issuing services to meet the needs of domestic and cross-border businesses in conjunction with its European Union affiliate Transact Pro, a European-based financial institution and payment gateway provider.
This includes businesses and startups that need to move money domestically and between continents through API-driven open banking services. To enable these functionalities, the bank converted its core account processing platform to Precision from Fiserv and added technology that supports the digital customer experience, money movement, and fraud prevention.
Overall, the partnership will help Transact Bank meet the needs of domestic and cross-border businesses in segments including ecommerce, telemedicine, hospitality, and retail.
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