Cloud banking platform Mambu partners with Visa
The cloud banking platform's tie-up with Visa will reportedly help firms roll out products and services more flexibly
Cloud banking platform Mambu has partnered with Visa to utilise its Visa DPS infrastructure.
Visa DPS is one of the largest processors of Visa transactions globally, and accounts for over half of Visa’s US transactions according to the company’s own statistics.
Mambu claims the new integration will give institutions more flexibility in terms of offering new card products and services to their customers.
The round included prominent fintech investors such as EQT Growth, who have previously backed Dutch payments firms Mollie, and represented a threefold year-on-year rise in its valuation.
Mambu has been successful in terms of striking up deals with UK firms, in June this year it was able to announce a tie-up with fintech challenger bank Allica, in move that it said would help provide “bespoke lending products” to small and medium sized businesses.
Kevin Trilli, chief product officer at Mambu, highlighted the rapid growth of consumer demand for card payments and claimed strategic partnerships and interoperability with service providers are best way for financial institutions or fintechs to meet these demands when scaling or undergoing digital transformation.
“This is a major step to bringing more simple, transparent and connected services to any company offering financial services,” said Trilli.
Todd Brockman, senior vice president global head of issuing solutions at Visa, highlighted that today’s banking environment requires agility, flexibility and architectures that are able to support this.
“We’re excited to bring our modern API-based processing capabilities to Mambu’s growing marketplace of composable payment solutions and believe our collaboration will create tremendous value for our clients and their cardholders,” said Brockman.
The partnership comes as it seems that Visa and Mastercard’s payments infrastructure is now being held up to higher levels of scrutiny by UK regulators.
The Payment Systems Regulator is set to assess the fees charged by the payments giants, following pressure from private sector bodies such as British Retail Consortium (BRC), and they are set to make a decision regarding whether the upward trajectory of their fees is fair and proportional.