Modularbank strikes partnership with payment processor Nets Estonia

By Oliver Smith on Tuesday 24 November 2020

Digital Banking

Core banking meets payments processing.

Modularbank strikes partnership with payment processor Nets Estonia
Image source: Rivo Uibo (left)/Modularbank.

Core banking provider Modularbank has agreed a partnership with payments provider Nets to add card issuing and payments processing to its European offering.

The arrangement means that Modularbank’s clients can quickly add these additional services without having to go through the lengthy process of signing up with a new payments provider.

“The overall impact of the partnership lies in the constellation of value,” said Modularbank co-founder and chief of business Rivo Uibo.

“By combining the capabilities and assets of multiple stakeholders we create a new whole that is greater than the sum of its parts.”

In the future both fintechs are planning to also run the partnership in reverse, allowing Nets’ current customers to access Modularbank’s core banking tech, although this is said to be further down the line.

“Many banks and issuers struggle with legacy systems while trying to keep up with Neobanks that were born in the cloud,” said Henrik Anker Jørgensen, the CEO of Nets Estonia.

“By partnering with Modularbank, we enable both the Neobanks as well as the traditional banks, to take the leap into the next generation.”

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.