FutureBank, an open banking and embedded finance platform, is set to offer instant virtual cards in South Africa, in partnership with Paymentology, a global leader that provides technology solutions for card issuance and processing. This strategic alliance is set to streamline banking operations, enabling seamless integration for banks and fintechs, and ushering in the era of instant virtual card issuance through cutting-edge technology.
It addresses a critical need in the financial services sector, presenting a solution to the challenge of instantly issuing virtual cards, even for institutions bound by legacy banking systems.
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Instant Solutions for Modern Challenges
The partnership tackles head-on one of the most pressing challenges faced by banks and fintechs globally—the ability to issue card payments instantly. In a world where traditional banking systems operate in batch environments, FutureBank and Paymentology bridge the gap by facilitating instant issuance through deep integration. This breakthrough technology ensures that both virtual and physical cards are readily available for use the moment they are requested.
Sergio Barbosa, CEO of FutureBank, emphasises the significance of this collaboration: “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.”
The move towards instant issuance is not just a technological leap; it’s a response to the evolving expectations of today’s consumers. Younger and digitally-savvy customers, accustomed to on-demand services, now have the opportunity to receive and activate their payment cards instantly. Sergio Barbosa points out, “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?”
David Oppenheim, Global Head of Ecosystem Partnerships at Paymentology, sheds light on the broader industry impact: “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.” This collaboration positions banks and fintechs to keep up with agile competitors and stay ahead in product development.
Proven Success: Trials in EMEA Region
FutureBank and Paymentology have already put their partnership to the test, conducting trials with several customers in the EMEA region. The outcomes include the launch of a neobank and the modernization of an existing legacy bank. The successful implementation of instant card solutions underscores the transformative potential of this collaboration.
The FutureBank and Paymentology Revolutionising SA’s fintech
The partnership represents a bold step towards a more agile and customer-centric financial ecosystem in South Africa. Instant virtual card issuance not only meets the demands of the digital era but also positions financial institutions to lead in innovation and customer experience. This collaboration is indeed a game-changer in the evolution of financial services.
Meanwhile, the convenience of obtaining and activating payment cards instantly caters to the expectations of the digitally-savvy population, which has resulted in the demand for instant virtual cards beyond the African continent.
In Africa, countries like South Africa and Nigeria are witnessing the adoption of instant virtual cards, revolutionising financial services. Beyond the continent, nations in Europe, North America, and Asia are also at the forefront.
This trend signifies a shift towards efficient and modern banking practices globally, with financial institutions striving to provide seamless services to their customers in an ever-evolving digital landscape.