The Payment Firm aims to offer user-friendly, customer-centric solutions encompassing various payment services. Initially, these services will include accounts featuring virtual IBANs, with plans for expansion into multi-currency accounts, cross-border payments, card issuing, and accounts with virtual SWIFT.
According to representatives from The Payment Firm, the company is committed to transparency and simplicity in its operations, aiming to address longstanding issues of excessive fees and complex terms within the payment industry. The Payment Firm initially engaged an IT service provider for infrastructure development but transitioned to SaaScada due to its expertise and proven track record in the payments sector.
SaaScada's event sourcing architecture facilitated the development of robust payment solutions for The Payment Firm, allowing for seamless balance transfers between accounts on the network without incurring transaction fees. This approach enables cost reduction, as fees are only applicable upon money withdrawal. Additionally, access to real-time customer data aids in streamlining compliance reporting processes, improving efficiency and accuracy.
Officials from The Payment Firm also highlighted the company's commitment to customer-centricity and honesty, underlining the importance of SaaScada's support in achieving their goals. They talked about the company's focus on offering comprehensive payment solutions at competitive prices, prioritising value for customers over niche offerings with high margins. This approach, supported by SaaScada's technology, positions The Payment Firm for expansion into new markets in the future.
In the company press release, representatives from SaaScada brought up their support for The Payment Firm's mission to provide transparent and fairly priced payment services, and underscored SaaScada's role in handling backend operations, allowing The Payment Firm to concentrate on delivering competitive payment solutions efficiently. At the time of writing, The Payment Firm's account is currently undergoing a soft launch in the UK, with plans to incorporate international payments functionality in the near future.
SaaScada is a data-driven core banking engine built using cloud-native technology to deliver lightning-fast data speeds and flexibility. The company’s unified product hub makes it easier and faster to build a range of feature-rich products to deliver improved customer outcomes via open APIs to the partner ecosystem.
In October 2023, SaaScada received funding from TX Ventures to accelerate growth of its NextGen core banking offering. With the expansion of SaaScada’s sales and marketing functions following an investment in 2022, SaaScada’s data-driven core banking brand grew in the European market with fintechs and banks seeking to swiftly launch and scale using a proven, affordable SaaS banking solution.
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