OneFor launches with transaction times of less than a second
OneFor, a fintech enterprise that offers various mobile money applications and technical services, today entered the market offering national and international money transfers and payments.
The company aims to set itself apart by offering less than one second transaction time, and with up to 70% lower average transaction cost.
“OneFor is positioned to best serve millions of people, including migrants, whose livelihoods rely on sending and receiving money internationally. Its recognisable card features are supported by Mastercard.” the company said.
Users register in-app in a few minutes and add payment recipients directly from their phone’s address book. The connected individuals, wherever they are, receive an e-wallet and a ready-to-go Mastercard debit card, which allows online or POS payments and ATM cash withdrawals in the country they live.
The app and its e-Wallet are free; all that users need to qualify is a locally recognised ID card and proof of address (such as a phone bill).
Marco Abele, co-CEO of OneFor, said: “We believe money is about more than transactions – it’s about the connections, experiences and possibilities it unfolds. Our goal for OneFor is that it transforms transactions into moments of emotional connection, payments into shared experiences, and financial inclusion into a force for social progress and economic potential”.
OneFor is now available in the UK and all EU countries with an immediate focus on the UK, Germany, Switzerland, France, Belgium, the Netherlands, Greece, Italy and Spain, connecting them to the first receiving countries in North Africa, South East Europe and Latin America.
“We have an ambitious growth plan and we have done our homework to build a model that enables us to scale “, added Fatih Bektas, OneFor co-CEO. “Apart from remittances, we are innovating other payment features. This includes the imminent roll-out of a QR-code solution serving local markets with a substantially cheaper and instant mobile POS for “touch & go” merchants, like small business owners or delivery services.”
OneFor is led by two Fintech veterans. Marco Abele is a digital innovator and FinTech entrepreneur with more than two decades of experience in the banking sector having served as Chief Operating Officer and Chief Digital Officer at Credit Suisse. Fatih Bektas is a lawyer and founder with more than a decade of payment experience in a regulated environment, having held C-Level positions at various German fintech companies.
Nymbus enters strategic partnership with Plaid
Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions.
This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.
What are the benefits of the integration?
Benefits of the Nymbus and Plaid integration for financial institution customers include:
- Improve user identity verification and reduce fraud.
- Instantly authenticate and link members’ bank accounts.
- Streamline ACH transfers between any bank or credit union in the US.
- Access and analyse comprehensive transaction data.
- Validate real-time account balances to protect against overdraft and enable account pre-funding.
“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”
Continuous growth and expanding partnerships
Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.
Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.
Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”
Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.