The partnership between FutureBank and Paymentology has paved the way for banks and fintechs to seamlessly integrate modern card issuing and processing technology, leading to the instant issuance of virtual cards. This collaboration addresses the pressing need for financial institutions to overcome the limitations imposed by their legacy banking systems when it comes to card payments. By leveraging the expertise and extensive capabilities of Paymentology, FutureBank’s open banking platform and fintech marketplace are able to offer an innovative solution that streamlines card issuance processes, thereby revolutionizing the industry.
Paymentology’s global operations and expertise
With a presence in over 50 countries, Paymentology brings deep local market knowledge across 14 time zones. It offers both shared and dedicated processing instances, allowing for tailored solutions to meet the unique requirements of financial institutions worldwide. This expansive reach positions Paymentology as a leading provider of card issuing and processing technology, making it the ideal partner for FutureBank.
FutureBank: Revolutionizing Banking through Open Banking and Fintech Marketplace
FutureBank is committed to facilitating the integration of new banking and financial service products into existing core systems. With its open banking platform and fintech marketplace, FutureBank serves as a bridge between traditional financial institutions and innovative financial technology solutions. By embracing open banking principles, FutureBank enables banks to leverage cutting-edge technologies without having to reinvent their entire infrastructure. Paired with the expertise of Paymentology, FutureBank’s platform becomes even more powerful in driving industry-wide digital transformation.
Enabling Instant Card Issuance Despite Legacy Systems
One of the key challenges faced by banks and fintechs globally is their limited capability to issue payment cards instantly due to the nature of their legacy core banking systems, which operate in batch environments. However, with the collaboration between FutureBank and Paymentology, this barrier is overcome. Through deep integration of their respective platforms, FutureBank and Paymentology make it possible for both virtual and physical payment cards to be made available immediately upon request.
The Power of Instant Issuance
Instant issuance offers significant advantages to financial institutions and their customers. By being able to print payment cards during the onboarding process or display them as virtual cards on mobile devices, banks and fintech companies can enhance the customer experience while increasing operational efficiency. This eliminates the lengthy wait times typically associated with card issuance, providing immediate access to payment solutions. Additionally, instant issuance strengthens customer satisfaction as individuals can begin making transactions through their newly acquired cards without delay.
Accelerating product development velocity
The partnership between FutureBank and Paymentology addresses an acute pain point in the industry and empowers issuers to expedite their product development velocity alongside their legacy systems. By facilitating deep integration between the two platforms, financial institutions can seamlessly blend modern card issuing capabilities with their existing infrastructure. This significantly reduces the time, complexity, and cost associated with modernization efforts, allowing banks and fintechs to stay competitive in the rapidly evolving digital landscape.
Digital-first rollouts on existing core architecture
Another advantage of the partnership between FutureBank and Paymentology is the ability to foster digital-first product rollouts on top of existing core architecture. This strategic approach minimizes disruption and risk, as financial institutions can introduce innovative digital products while maintaining the stability of their legacy systems. By leveraging FutureBank’s open banking platform and fintech marketplace, banks and fintechs can offer a wide range of digital services seamlessly integrated with their current infrastructure, unlocking new revenue streams and gaining a competitive edge in the market.
Successful implementation in the EMEA region
FutureBank and Paymentology have already demonstrated the power of their partnership through successful implementations across the EMEA region. This includes the launch of a neobank, a digital-first financial institution that leverages modern card issuing technology to provide fast and efficient services to its customers. Additionally, the partnership has facilitated the modernization of existing legacy banks, enabling them to leverage innovative payment solutions while maintaining their substantial customer base. These real-world examples illustrate the tangible benefits that financial institutions can achieve by embracing the FutureBank and Paymentology partnership.
The collaboration between FutureBank and Paymentology marks a significant milestone in the banking and fintech industry, enabling financial institutions to overcome the challenges associated with legacy systems and accelerate their digital transformation journey. By seamlessly integrating modern card issuing and processing technology, the partnership enables instant issuance of virtual cards, revolutionizing the way banks and fintechs provide payment solutions to their customers. With FutureBank’s open banking platform and fintech marketplace, combined with Paymentology’s global expertise, the industry is poised for a paradigm shift that will enhance customer experiences, improve operational efficiency, and drive innovation across the financial landscape.