FutureBank, a platform that provides open banking and embedded finance solutions, has announced a strategic partnership with Paymentology, a global payment processor. The partnership aims to enhance the digital banking experience for customers and enable them to access a range of financial services through FutureBank’s platform.
What is FutureBank?
FutureBank is a platform that enables banks, fintechs, and other financial institutions to offer open banking and embedded finance solutions to their customers. Open banking is the practice of sharing financial data and services through secure APIs, while embedded finance is the integration of financial services into non-financial platforms.
FutureBank’s platform allows customers to access multiple bank accounts, cards, loans, investments, and other financial products from different providers, all in one place. Customers can also benefit from personalized insights, recommendations, and rewards based on their financial behavior and preferences.
FutureBank’s platform is powered by artificial intelligence, blockchain, and cloud technologies, and is compliant with the latest regulations and standards. FutureBank claims to have over 10 million customers across 20 countries, and to work with over 100 financial partners, including banks, fintechs, insurers, wealth managers, and payment providers.
How will Paymentology enhance FutureBank’s platform?
Paymentology is a global payment processor that specializes in card issuing and digital payments. Paymentology’s platform supports over 150 currencies, 50 payment methods, and 20 card schemes, and processes over 1.2 billion transactions per year.
Paymentology’s platform also offers features such as real-time fraud prevention, dynamic spending controls, instant card issuance, and loyalty programs. Paymentology works with some of the leading banks and fintechs in the world, such as Revolut, Standard Chartered, and Wirecard.
By partnering with Paymentology, FutureBank will be able to offer its customers faster, safer, and more convenient payment options, both online and offline. Customers will be able to use their FutureBank cards to pay at millions of merchants worldwide, and to access digital wallets such as Apple Pay, Google Pay, and Samsung Pay.
Customers will also be able to enjoy lower fees, higher limits, and better rewards when using their FutureBank cards, thanks to Paymentology’s platform. Additionally, customers will be able to manage their FutureBank cards through the FutureBank app, where they can view their transactions, balances, and statements, and adjust their spending settings and preferences.
What are the benefits of the partnership for both parties?
The partnership between FutureBank and Paymentology is expected to create synergies and benefits for both parties, as well as for their customers and partners. Some of the benefits include:
- Expanding their customer base and reach, by offering more value-added services and products to existing and potential customers.
- Leveraging their complementary expertise and capabilities, by combining FutureBank’s open banking and embedded finance solutions with Paymentology’s payment processing and card issuing solutions.
- Enhancing their innovation and differentiation, by collaborating on new features and functionalities that will improve the customer experience and satisfaction.
- Strengthening their competitive edge and market position, by offering a comprehensive and integrated platform that meets the evolving needs and expectations of customers and partners.
What are the future plans of the partnership?
FutureBank and Paymentology have stated that they are committed to working together to deliver the best open banking and embedded finance solutions to their customers and partners. They have also revealed some of their future plans, such as:
- Launching new products and services, such as savings accounts, investment products, insurance products, and lending products, that will be available through FutureBank’s platform and Paymentology’s platform.
- Expanding into new markets and regions, such as Asia, Africa, and Latin America, where there is a high demand and potential for open banking and embedded finance solutions.
- Developing new technologies and solutions, such as biometric authentication, voice and chat interfaces, and smart contracts, that will enhance the security, convenience, and efficiency of their platform.
FutureBank and Paymentology have expressed their excitement and optimism about their partnership, and have stated that they look forward to working together to create a better digital banking experience for their customers and partners.
