Visa-backed payments platform launches for banks and fintechs
A NEW fintech venture has been launched by a consortium of major financial firms, in collaboration with global payments giant Visa, to speed up the payments process.
The b.yond platform, which was founded by Global Processing Services, Pannovate, Cornercard, Modulr, AllPay, Meawallet and W2 Global, will enable firms to launch their own payments programme using Visa’s solution.
It was designed to help banks and other consumer-facing businesses to rapidly deploy a range of innovative fintech payment services. One contract from b.yond will allow businesses to launch a range of payments solutions, from on-boarding and card control, to peer-to-peer transfers. It is available in multiple languages and features chat support, rewards opportunities and cash-back facilities, with more features to follow.
The platform also allows businesses to manage all of their payment details in one place, rather than having to work via multiple apps and companies.
“B.yond is breaking the mould with its consortium of industry leading companies who are coming together to drive fintech innovation to a new level of simplicity and speed,” said Neil Harris, co-founder of b.yond and leader of the consortium.
“The project has been all about collaboration-led innovation and with an established list of other leading companies wanting to join the consortium, we expect the initial propositions to grow exponentially as we onboard new organisations and regions.”
The b.yond platform has also been designed to allow fintechs and digital banks to demonstrate their offerings to potential investors. For new entrants into the fintech sector, it helps them to test their proposition prior to investing more funds towards development and marketing.
“At Visa we believe in the power of partnership to bring the best possible solutions to both emerging payment players and our existing clients and partners,” said Smriti Vicari, head of fintech at Visa. “The launch of b.yond is another big step towards enabling our clients to gain rapid access to the capabilities that lie within Visa’s global network to power their own ideas.”