Future Bank Partners Paymentology to Enable Instant Virtual Card Issuance
Future Bank, an open banking platform and fintech marketplace, has partnered with Paymentology, a card issuing & processing platform, to empower banks and fintechs with the ability to issue virtual cards instantaneously.
This partnership merges FutureBank’s open banking platform and Paymentology’s sophisticated card issuance and processing technology, facilitating seamless integration for banks and fintechs, allowing instant issuance of virtual cards through advanced card issuing and processing technology.
With this partnership, both companies aim to solve critical business needs in the financial services world, as one of the payment challenges facing banks and fintechs globally is the ability to issue instant card paymentsms to their customers, individuals, and businesses alike.
Speaking on the collaboration, Chief Executive Officer of FutureBank, Sergio Barbosa said,
“The partnership solved an acute pain point. Paymentology’s platform enables instant issuance of tokenized cards, with easily configurable controls; and FutureBank’s integration capabilities into a range of existing core systems enable 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.
“Allowing institutions to instantly produce and activate cards meets the growing expectation of younger and digital-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”.
Also speaking, global head of ecosystem partnerships at Paymentology, David Oppenheim said, the partnership with FutureBank will facilitate digital-first product rollouts on top of existing core architecture, reducing cost, complexity, and risk on the path to modernization.
By integrating FutureBank’s platform with Paymentology’s instant issuance technology, financial institutions gain a competitive advantage, as they can now meet customer expectations for immediate card availability and secure transactions.
