Paymentology, a leading global issuer-processor, has joined forces with audax Financial Technology, a digital banking solutions provider backed by Standard Chartered Ventures. This strategic partnership is set to revolutionize the way financial institutions in Southeast Asia and the Middle East launch and manage branded card programs.
The collaboration introduces a Cards-as-a-Service (CaaS) solution, enabling banks and financial institutions to offer superior payment experiences without the traditional complexities and costs associated with card program implementation. By integrating audax’s digital banking and Banking-as-a-Service (BaaS) solutions with Paymentology’s advanced card processing capabilities, this partnership meets the growing demand for scalable, quick-to-market card solutions in these regions.
Paymentology’s multi-cloud platform supports various card types and, when combined with audax’s comprehensive digital banking technology, empowers banks to modernize their infrastructure. This integration allows financial institutions to manage large data volumes, deploy innovative card programs, and enhance customer experience efficiently.
Key Benefits of the CaaS Solution
- Rapid Deployment: The CaaS solution significantly reduces the time-to-market for card programs from several months to just a few weeks. This accelerated deployment is crucial in today’s fast-paced financial environment, enabling institutions to respond swiftly to market demands and maintain a competitive edge.
- Customizable Solutions: The partnership provides flexible and tailored card programs that meet the specific needs of different markets and customer segments. This customization ensures that financial institutions can offer relevant and appealing products, improving customer satisfaction and loyalty.
- Enhanced Security: The CaaS solution includes advanced security features such as fraud detection and prevention mechanisms, ensuring safe and secure transactions. This level of security not only protects customers but also helps institutions build trust and credibility.
- Seamless Integration: The integration of the CaaS solution with existing banking infrastructure minimizes disruption during implementation, ensuring a smooth transition and continuous operation. This ease of integration allows financial institutions to enhance their offerings without extensive overhauls of their current systems.
This partnership comes at a critical time as banks face economic uncertainties, with many institutions operating with lower reserves and less stable funding. By streamlining operations, reducing time-to-market, and navigating complex regulatory frameworks, Paymentology and audax aim to provide financial institutions with the tools they need to succeed in a challenging economic landscape.