FutureBank and Paymentology team up to deliver instant card issuance

By Gloria Methri

Open banking and embedded finance platform FutureBank has partnered with global issuer-processor Paymentology, to provide banks and FinTechs with streamlined integration to modern card issuing and processing technology, enabling instant issuance of virtual cards.  

Paymentology provides banks, FinTechs and telcos with the technology to issue and process physical or virtual cards through its multi-cloud platform. 

FutureBank is an open banking platform that helps banks, brands and FinTechs integrate new banking and financial service products into their core systems and deploy them at scale with minimal cost and effort.  

The collaboration of the two companies enables instant issuance of virtual cards even for financial institutions constrained by their core legacy banking systems. Instant issuance allows financial institutions to print their customers’ payment cards at the time of onboarding and order or display them instantly as virtual cards on a mobile phone. 

“The partnership solved an acute pain point. Paymentology’s platform enables instant issuance of tokenised cards, with easily configurable controls, and FutureBank’s integration capabilities into a range of existing core systems enable issuers to accelerate product development velocity in co-existence with their legacy systems. This combination enables even the most legacy of core banking infrastructures to participate in the modern payment ecosystem,” said Sergio Barbosa, CEO of FutureBank.  

“Allowing institutions to instantly produce and activate cards meets the growing expectation of younger and digitally-savvy customers who are used to services on-demand. Instant issuance is a valuable addition to the customer journey that banks, retailers and MNOs are striving towards. The goal, after all, is to get your customer securely transacting as fast as possible,” Barbosa added.  

“Banks and FinTechs globally reach out to Paymentology with a consistent problem statement: They are under pressure to keep up with more agile competitors, who are developing products faster, and are capturing market share. The partnership with FutureBank will facilitate digital-first product rollouts on top of existing core architecture, reducing cost, complexity, and risk on their path to modernisation,” said David Oppenheim, Global Head of Ecosystem Partnerships at Paymentology. 

The two companies have already tested their partnership on several customers in the EMEA region, including the launch of a neobank and the modernisation of an existing legacy bank.