SaaScada & The Payment Firm to enhance payment services for SMEs
By Delisha Fernandes
NextGen data-driven core banking engine, SaaScada, has been selected by Electronic Money Institution (EMI) The Payment Firm, to power its new payment services for SMEs and individuals.
The Payment Firm’s easy-to-use, customer-centric solutions will cover the full span of payment services, initially providing accounts with virtual IBANs before expanding into multi-currency accounts, cross-border payments, card issuing, and accounts with virtual SWIFT. Its open book pricing model and robust compliance are designed with fairness and honesty in mind, with competitive pricing and easy functionality.
“We are the Ronseal of payments – we do exactly what we say we will and are totally transparent about how we operate. 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,” said Gary Prince, CEO of The Payment Firm.
SaaScada’s event sourcing architecture helped The Payment Firm to build robust payment solutions that enable customers and suppliers to move balances between accounts on the network, without having to pay transaction fees. This helps to lower costs, as transaction fees only apply when money is drawn down. This allows The Payment Firm to offer truly disruptive pricing to customers. Moreover, access to real time-customer data also helps The Payment Firm to streamline and automate compliance reporting, ensuring efficiency and accuracy.
“Gary and the team have such a clear mission statement: they want to offer everything customers need to facilitate payments in one neat, fairly priced package without the razzmatazz. This aligns with our values at SaaScada. We take care of the ‘boring bits’ on the back end, so The Payment Firm can focus on building competitive payments services, and launching new offerings at pace,” said Nelson Wootton, Co-Founder and CEO at SaaScada.
The Payment Firm account is in soft launch currently in the UK, with plans to add international payment functionality in the coming weeks.
IBSi Daily News Analysis
July 19, 2024
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