Open banking and embedded finance platform FutureBank has announced a partnership with leading global issuer-processor Paymentology to provide banks and fintechs with streamlined integration to modern card issuing and processing technology, enabling instant issuance of virtual cards.

Paymentology provides banks, fintechs and telcos with the technology to issue and process any type of physical or virtual card through its multi-cloud platform, offering both shared and dedicated processing instances. The company operates in over 50 countries bringing a deep, local market knowledge across 14 time zones.

FutureBank is an open banking platform and fintech marketplace that helps banks, brands and fintechs integrate new banking and financial service products into their core systems and deploy them at scale with minimal cost and effort.

FutureBank has now joined forces with Paymentology to solve a critical business need in the financial services world. The collaboration of the two companies enables instant issuance of virtual cards even for financial institutions constrained by their core legacy banking systems, offering traditional banks a digital edge and speed without the need for a major replacement.

Instant issuance a game changer

One of the payment challenges facing banks and fintechs globally is the ability to issue card payment instantly to their customers, individuals and businesses. Today, legacy core banking systems work in batch environments, while modern fintech use cases and user journeys require near real time responses. FutureBank and Paymentology tackle this issue at its source by enabling instant issuance through deep integration of both platforms, allowing for both virtual and physical cards to be available for use immediately upon request. Instant issuance allows financial institutions to print their customers’ payment cards at the time of onboarding and order or display them instantly as virtual cards on a mobile phone.

“The partnership solved an acute pain point. Paymentology’s platform enables instant issuance of tokenised cards, with easily configurable controls, and FutureBank’s integration capabilities into a range of existing core systems enables issuers to accelerate product development velocity in co-existence with their legacy systems. This combination enables even the most legacy of core banking infrastructures to participate in the modern payment ecosystem,” said FutureBank CEO Sergio Barbosa.

Keeping cards top of wallet

“Allowing institutions to instantly produce and activate cards meets the growing expectation of younger and digitally-savvy customers who are used to services on-demand. If customers can open an account on a digital platform in a matter of minutes, why would you make them wait days or sometimes weeks to receive their payment card? Instant issuance is a valuable addition to the customer journey that banks, retailers and MNOs are striving towards. The goal, after all, is to get your customer securely transacting as fast as possible,” Barbosa shares.

“Banks and fintechs globally reach out to Paymentology with a consistent problem statement: They are under pressure to keep up with more agile competitors who are developing products faster and are capturing market share. Examples include payment via mobile phone, wearable payment devices, targeted loyalty programmes and digital onboarding.

The partnership with FutureBank will facilitate digital first product rollouts on top of existing core architecture, reducing cost, complexity and risk on their path to modernisation,” said Paymentology ecosystem partnerships global head David Oppenheim.

The two companies have already tested their partnership on several customers in the Europe, Middle East and Africa region, including the launch of a neobank and the modernisation of an existing legacy bank.

About Future Bank
FutureBank is a scalable, secure customisable and compliant open banking and embedded finance platform that helps banks, brands and fintechs deploy new banking and financial service products at scale with minimal cost and effort. Its simplified integration technology and partner network allow customers to embed directly best-of-breed offerings in any CX or core system to get to market faster than anybody else. FutureBank reduces integration costs by up to 85%, supports up to 80% of customer-facing functionality off the shelf, and integrates with 96% of core banking infrastructure today (including FIS, 10x Banking, Mambu and Direct Transact). For more information visit getfuturebank.com.

About Paymentology
Paymentology is the leading next-gen global issuer-processor. It gives banks, fintechs and telcos the technology, team and experience to issue and process any type of physical or virtual card — debit, prepaid, credit, BNPL and more — anywhere in the world, rapidly and at scale. Paymentology’s advanced multi-cloud platform offering both shared and dedicated processing instances, vast global presence and richer real-time data, sets it apart as the leader in the payments space. Its expert team brings deep, local market knowledge on the ground in 60 countries, across 14 time zones, guaranteeing 24/7 support. Paymentology is deeply committed to increasing financial inclusion worldwide, and to making a positive impact in the communities in which it operates. For more information visit www.paymentology.com.