Following this announcement, the acquisition is set to combine TransNetwork’s payment network and instant money movement capabilities with Inswitch’s financial technology services offered through an API-based core platform. The transaction is expected to accelerate the development of TransNetwork’s digital product suite of cross-border payments in the region of Latin America.
In addition, both companies will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Inwitch represents a global provider of Embedded Finance technology, offering companies and partners its suite of solutions for their accelerated deployment and growth in the industry. TransNetwork was developed in order to provide banks, money transfer operators, payment providers, financial technology companies, and financial institutions with access to a multinational network that offers multiple use cases.
TransNetwork and Inswitch aim to deliver a secure and efficient range of financial technology products for enterprises and their end users. The combined product suite is expected to include white-label digital wallets, cross-border and domestic payments, as well as full-service issuance, processing of physical and digital cards, and an extensive pay-in/pay-out network. This will include banks, card acquiring, wallets, and cash, among other features.
Both financial institutions will focus on the shared commitment to digitise cross-border transactions and the overall provision of financial services in the region of Latin America. This will include the process of facilitating the transition from cash to digital-first financial solutions, as well as providing access to safe and convenient real-time financial products across borders.
In addition, TransNetwork will optimise its money send and receive capabilities, while also providing customers and users a suite of digital products that are set to improve the value proposition and overall payment experience.
At the same time, the acquisition is set to provide Inswitch with the possibility to extend its payment and regulatory coverage to its new and already existing users and customers. The company will also be allowed to deliver its advanced technology and complete financial services product suite in the region of the US.
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