In a move forecast to completely upend the fintech market, issuer processors Paymentology and Tutuka are to merge together to form a new payments and card processing powerhouse.
The newly-created entity, which is expected to operate under the Paymentology name, will grant banks and fintechs the ability to process cards associated with Mastercard, Visa and UnionPay.
The move will combine Paymentology’s multi-cloud platform with Tutuka’s global reach and experience, creating a powerhouse of over 270 payments and technology experts, working across both developed and emerging markets in 49 different countries to process $10 billion in transactions each year.
Previously, banks and fintechs had to work in tandem with a multitude of card processors to reach a global market. But now, thanks to the creation of Paymentology, they’ll be able to integrate into a single API, go live and issue cards almost anywhere in the world.
Paymentology will be able to provide scalability by processing client cards on the company’s shared platform, and upgrading clients to a dedicated platform just for that client, or in particular countries – a feature not available through any other processor.
Rowan Brewer, CEO at Paymentology, said: “Banks and fintechs are racing to provide customers with digital and data-driven features. They are highly receptive to working with a single issuer-processor that can provide that, across the globe.
“People want to be able to pay with a virtual card – sometimes online, sometimes tapping their phone – but everything, digitally. Banks, digital banks and fintechs need support and expertise to help them issue cards and process payments.”