Feb 9, 2021

Paymentology gets certified for Visa

paymentology
Visa
challengerbanks
paymentsolutions
Joanna England
2 min
Paymentology gets certified for Visa
Leading payment processer Paymentology can offer banks tailored products after Visa Ready certification is completed...

Paymentology, the UK-based global issuer payment processor, can now offer banks tailored products through real-time data access. The company's new Visa Ready certification means banks and financial institutions using Paymentology will meet Visa’s security standards.

The London-based fintech startup founded in 2015, has enjoyed success as a cloud-powered payment solution for challenger banks and even launched a global credit card processing platform, called Credit Works, early last year. 

Currently Paymentology enables online banks to deliver market-leading card products with spend controls and enhanced features to their consumers. 

Meanwhile, the Credit Works platform operates with different limits, interest rates, and transaction and card fees as a credit management solution. The platform is also used for reward programmes while providing access to real-time customer data at the point of spending.

The Visa Ready certification also follows a recent announcement by Paymentology, that it was chosen by Mastercard to join its Fintech Express programme and its Engage Programme. The partnership looks set to enhance banking technology innovations worldwide. 

Paymentology developments

Shane O’Hara, CEO of Paymentology, said the recent developments will increase global banking options for customers. “The Visa Ready certification further boosts customer confidence in our capabilities,” he explained.

O’Hara added, “It also enables us to deploy Visa card programs faster for banks around the world. We are of particular appeal to digitising banks who are looking to move away from legacy processors to more economic, more agile and more flexible solutions.”

Paymentology runs multiple issuer payment card processing platforms. The company's network spans the globe via UnionPay, Mastercard and Visa networks. The fintech’s focus is on replacing legacy issuer card processing, provision of cloud and data centre-based processing, direct transaction injection into bank GL, and delivery of card spend datasets to the bank.  

Paymentoloy also provides the latest cardholder spend controls, and support of debit, credit and pre-paid card programmes. 

Meanwhile, the Credit Works platform operates with different limits, interest rates, and transaction and card fees as a credit management solution. The platform is also used for reward programmes while providing access to real-time customer data at the point of spending.

Jonathan Griswold, Head of Partnerships, in Europe at Visa, commented, “Visa is delighted to grant Paymentology with Visa Ready certification. Paymentology’s cloud native processing solution, with open API interfacing and live ‘at point of spend’ feed to the banks, makes it easier for digitising banks to migrate away from legacy systems.”

He continued; “We are looking forward to building out the capabilities that we can offer to fintechs and together drive the expansion of a digitally connected payments ecosystem.”

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Jul 28, 2021

Nymbus enters strategic partnership with Plaid

Fintech
NYMBUS
Plaid
Digitalpayments
2 min
Nymbus has partnered with Plaid to help meet customer demand for connecting to digital finance apps

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.

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