Paymentology gets certified for Visa
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.”
