Paymentology, a global issuer-processor, has forged a strategic partnership with Monese’s XYB, an end-to-end ‘coreless’ banking platform provider.
The XYB platform, launched just a few months ago, aims to shake up the financial services sector by enabling banks, non-banks, and fintechs to offer comprehensive financial solutions quickly and efficiently, without the constraints of traditional core banking systems.
Through the strategic partnership with Paymentology, XYB is able to expand its services beyond card processing, offering its clients an end-to-end banking platform. Simultaneously, XYB empowers banks, non-banks, and fintech companies with a seamless card processing experience in more than 60 countries.
This collaboration brings numerous advantages, including faster transaction processing, best-in-class fraud monitoring, and support for virtual cards compatible with major schemes like Visa.
Moreover, Paymentology‘s contribution includes a real-time data feed that provides comprehensive insights into customer spending patterns. Leveraging this valuable data, XYB’s coreless banking customers can continually fine-tune their offerings, ensuring a personalised and tailored experience for their end-users.
This synergy between Paymentology and XYB fosters innovation and enables both companies to deliver enhanced financial services, meeting the evolving demands of the global banking industry.
“We can empower financial institutions to seize new opportunities and provide personalised financial services that cater to a wide range of customer needs,” said Atul Choudrie, CEO at XYB. “This transformative approach revolutionises the delivery of financial services, fostering innovation and reshaping the future of banking for both traditional and non-traditional players.”
While Abe Smith, co-CEO at Paymentology added: “XYB aims to address the £700 billion global banking technology and embedded finance market. However, as is the collaborative nature of the fintech industry, they can’t tackle it alone. That’s why we’re excited to provide our next-generation card processing services to XYB and its customers. With our support, they can make their coreless banking vision a reality and open up a whole new world of possibilities for growth in the financial services industry.