SaaScada selected to power payment products for UK EMI The Payment Firm
The Payment Firm, a UK-based e-money institution (EMI), has selected SaaScada to power its payment services for small and medium-sized enterprises (SMEs) and individuals.
SaaScada to power The Payment Firm
The EMI will leverage its partner’s core banking engine to launch virtual IBAN-linked accounts initially, before following that up with multi-currency accounts, cross-border payment solutions, card issuing and accounts with virtual Swift codes.
The deployment of SaaScada’s event sourcing architecture will enable the EMI’s customers to transfer money between accounts on the network without incurring transaction fees, which only become applicable when funds are withdrawn.
Furthermore, the provision of real-time data is expected to bolster the efficiency and accuracy of The Payment Firm’s compliance reporting.
Currently in a soft launch phase since its debut in the UK last summer, The Payment Firm also intends to incorporate international payments functionality “in the coming weeks”.
Speaking on the partnership, Gary Prince, CEO of The Payment Firm, says: “For too long SMEs and individuals have been ripped off when it comes to payments. The industry cloaks terms and conditions in jargon and complexity, refusing to budge on fees for smaller players, yet letting bigger players get away with paying hardly anything. We intend to change all that.”
Prince says that SaaScada has already enabled the firm “to build a new back end, middleware, and APIs in just three months”, adding that the “ability to develop and launch new offerings at speed means we can be a full-service EMI and move with what our customers need”.
