XPAY partners with Finastra

Thursday 26 January 2023 14:44 CET | News

XPAY, a Germany-based embedded finance provider, has selected Finastra, a provider of financial software applications, to support its growth plans.

Fusion Essence, a Finastra product, will already be integrated with the company's payment processors and Salt Edge's Open Banking Compliance. Salt Edge is a global Open Banking innovator. As it expands, XPAY is able to provide unique end-user experiences thanks to the integrated offering and access to, powered by Microsoft Azure.

XPAY, an Egypt-based embedded finance provider, selects Finastra, a provider of financial software applications, to support its growth plans.

Digital banking solution Fusion Essence blends functionality and technology to boost business agility, cut costs, and boost operational effectiveness. The integration with and open design make it possible for financial institutions to gradually add useful services. With the use of NetGuardians-powered artificial intelligence and secure SEPA payments that are checked against sanction lists before being processed, Finastra's Fusion Total Messaging solution delivers real-time fraud detection. With cross-bank and pan-European API (application programming interface) standards, including The Berlin Group in the EU, Salt Edge's Open Banking Compliance fully covers regulated markets.

According to Finastra, their open ecosystem and solutions let banks take advantage of cutting-edge tech and value-added services to promote innovation and growth.

Finastra’s past partnerships

Finastra has a lengthy history of collaborations. It began working with Veem, a network for AR and AP for SMBs (small and medium-sized organizations), in December 2022 to provide business payments through a native connection with Finastra's Fusion Digital Banking Platform. Through digitalisation, this alliance also streamlines the AP and AR processes, resulting in greater efficiency including time savings while enhancing operational performance.

Finastra and Modefin teamed in November 2022 to make Finastra's solutions available to banks in many Indian subcontinent markets as well as in Africa. The two businesses have a history together, having worked together to promote Modefin solutions using Finastra's platform.

In the same month, Finastra announced a collaboration with Jifiti to provide embedded finance capabilities to banks participating in the Finastra BaaS (Banking-as-a-Service) ecosystem. Thus, banks will be able to offer financing options to customers through retailers at the point of sale, boosting both the digital customer experience and the number of options for end users.

XPAY’s offering

The required banking infrastructure and the customized Mastercard debit card are provided by XPAY. With its business strategy, XPAY seeks to establish a market at the nexus of banking, purpose economy, and consumer loyalty. Customers who choose to use their preferred brand's card for every transaction earn loyalty points, which may then be exchanged for customised membership benefits. According to an XPAY official, payment procedures can foster a new level of closeness in client interactions in the era of social media and online shopping, based, for instance, on shared values and interests.

XPAY has announced that it would launch its first debit card program for 'personal brands' in December 2022. Smaller brands and influencers who want to create their own Mastercard with their own design can do it with the help of the solutions. The fintech wants to give businesses the chance to quickly put up their own debit card with customised loyalty features.

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Keywords: partnership, expansion, embedded finance, payments , Open Banking
Categories: Banking & Fintech
Companies: Finastra, XPAY
Countries: World
This article is part of category

Banking & Fintech




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