XPAY selects Finastra to support expansion of services

Finastra today announced that XPAY, an embedded finance provider offering branded Mastercard card programs with loyalty components, has selected Finastra, a global provider of financial software applications and marketplaces, to support its ambitious growth plans.

Finastra’s Fusion Essence will come pre-integrated with its payments gateways and Open Banking Compliance from Salt Edge, a global Open Banking pioneer. The combined offering and access to FusionFabric.cloud, powered by Microsoft Azure, enables XPAY to deliver differentiated end-user experiences and rapidly introduce new services as it grows.

“Our business evolves quickly,” said Michael Schott, CEO at XPAY Financial Services UAB. “As we regularly launch new features and card programs, we needed a partner who can match our speed of innovation. With Finastra’s SaaS solution, we can streamline our operations and quickly expand thanks to its comprehensive banking and payments functionality, open APIs and microservices architecture. Crucially, its financial services ecosystem enables us to implement new capabilities, such as Salt Edge’s Open Banking Compliance, seamlessly, at speed and when we need them.”

Fusion Essence is a next-generation digital banking solution which combines sophisticated functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Its open architecture and integration with FusionFabric.cloud enables financial institutions to incrementally add value-added services. Finastra’s Fusion Total Messaging solution offers secure SEPA payments that are screened against sanction lists and scrutinized by artificial intelligence, powered by NetGuardians, to provide real-time fraud detection. Salt Edge’s Open Banking Compliance provides full coverage of regulated markets with cross-bank and pan-European API standards, including The Berlin Group in the EU.

“XPAY is a fast-growing fintech that also shares our passion for open and embedded finance,” said Siobhan Byron, EVP Universal Banking at Finastra. “Our digital banking solution is designed with powerful built-in analytics and supports hyper-personalized customer journeys, enabling the company to increase customer loyalty for brands through its leading Cards as a Service solutions. Backed by the power of collaboration and our open platform, we are excited to support XPAY as it continues to reach more customers.”

“Integrating our solution with Fusion Essence provides XPAY with a fast and seamless way to comply with Open Banking on top of its digital banking functionality,” said Alina Beleuta, Chief Growth Officer at Salt Edge. “Our comprehensive suite of APIs provides services such as payment initiation, third party access validation, and strong customer authentication (SCA) compliance, for enhanced payment services and added security to protect XPAY and its customers.”

By on Thu, 26 Jan 2023 11:13:00 GMT
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