FinTech collaborations can help banks modernize in a variety of ways, from introducing a new, digital-first product to overhauling internal legacy infrastructure. This week’s look at the latest in bank-FinTech collaboration finds commercial card enhancements, and an overall push towards digitization, remain key priorities.
Fabrick Embraces Mastercard APIs For Open Banking
Based in Italy, Fabrick is a FinTech focused on helping the financial services community embrace open banking. Most recently, the company introduced its suite of solutions designed for banks, other FinTechs, and businesses. Built upon Mastercard APIs, the first two products rolling out are Controls for Business and IDCM.
Controls for Business uses Mastercard’s InControl for Business API to allow businesses to obtain greater control over use of company credit and debit cards used to manage employee expenses. Its IDCM app uses Mastercard’s Identity Check Mobile API to arm end-users with biometric identity verification that can be integrated in a variety of apps and use-cases.
“We are delighted to strengthen our strategic partnership with Mastercard to deliver seamless solutions that harness the transformative power of Open Finance and realize concrete benefits for banks, FinTechs, enterprises and end customers. Our InControl for Business and IDCM solutions enable easy adoption of Mastercard’s APIs,” said Marco Casartelli, deputy CEO of Fabrick, in a statement.
Capital One Taps Melio For Commercial Card Enhancements
Capital One wants to expand the value proposition of its commercial cards and has enlisted Melio to help. Together, the companies are developing services for Capital One customers that allow business cardholders to adopt Melio technology, which streamlines use of cards in accounts payable — even when suppliers don’t accept cards.
“We’re thrilled to be building the foundation of a strategic partnership with Capital One, one of the leading banks in the U.S. focused on small businesses, by equipping a segment of Capital One Business card holders with what they need most right now: increased access to cash flow management tools and payments that are accepted everywhere,” said Matan Bar, Melio’s co-founder and CEO, in a statement.
Western Alliance Adds Bora Corporate Card Technology
Also focused on embracing collaboration to strengthen its commercial card offering is Western Alliance Bank, which recently announced the adoption of Bora Payment Systems technology. Bora will provide its Payer Direct Hub (PDH) to allow current Visa commercial card customers of the bank to use their cards for accounts payable payments. Bank clients can access an online portal to pay their invoices using the card without the need for manual ERP integration. “Bora’s relationship with Western Alliance Bank enhances the commercial payments leadership role of both firms, offering clients a way to improve efficiency through commercial card accounts payable automation,” said Paul Musselman, vice president of sales, Bora Payment Systems.
Ezbob Links Banks To Digital Transformation Support
Ezbob‘s business model is built upon the concept of bank-FinTech collaboration. The company offers customer acquisition solutions for financial services providers with a focus on driving modernization. Its most recent offering is a Software-as-a-Service platform dubbed Ezbob Express, the company recently announced. Targeting digital transformation, real-time credit decisioning and embedded finance growth, the platform helps financial institutions embrace APIs to support their own objectives towards modernizing their offerings. For instance, the Express solution uses APIs to allow a company to embed financial services within their own platforms, including credit card applications, business loans, invoice financing and more.
Temenos Tapped To Modernize Societe Generale
Societe Generale has chosen Temenos to support the digital transformation of its transaction banking operations across Europe and Asia, the bank recently announced. Temenos will integrate its account management technology to enhance Societe Generale’s payment and cash management capabilities, as well as support the bank’s adoption of ISO 20022 payment messaging standards to comply with requirements for a variety of payment rails around the globe. According to their press release, Societe Generale will use Temenos to replace legacy infrastructure across 13 countries in Europe and Asia. “With Temenos’ cloud-native, API-first technology, the bank can innovate with speed, ease, and efficiency to meet the evolving needs of its global transaction banking clients,” said Temenos CEO Max Chuard in a statement.