back Back

NMI acquires Sphere’s commercial division to expand underwriting capabilities

By Delisha Fernandes

October 16, 2023

  • Fintech news
  • FinTech US
  • merchant accounts
Share

NMI, Sphere Commercial Division, Payments, underwriting, risk management, merchant accounts, FinTech news, FinTech USNMI, a full commerce enablement technology company, has acquired software and payments technology company Sphere’s Commercial Division.

The acquisition will strengthen NMI’s underwriting and risk management capabilities as well as allow NMI partners, including independent software vendors, independent sales organizations and FinTech innovators, to create merchant accounts within the existing NMI platform.

“The addition of Sphere’s Commercial Division allows us to add yet another module to our stack of payment enablement tools, providing our partners with the modularity and choice to better customize payment experiences for their merchants,” said Vijay Sondhi, CEO of NMI. “These added capabilities of underwriting, risk management and merchant account creation are a game changer, not only for our partners but also for their merchants in the race to provide the most convenient, painless experience for end consumers.”

Adding Sphere’s Commercial Division underwriting and risk management capabilities will allow NMI partners to monetize more of the value chain by offering additional payment capabilities to their merchants. While NMI’s partners will still be able to use their own merchant accounts as they always have, this acquisition will give partners another option to create a merchant account through the NMI platform, allowing them to offer the increased flexibility that merchants demand.

“It is a natural fit to combine our capabilities with NMI’s platform because our vision aligns well with NMI’s goal to provide partners access to any and all the payment capabilities they could need,” said Tom Bannon, COO and President, Sphere Commercial Division. “Partners today are looking to own as much of the payments ecosystem as possible, and we are adding another layer to that by combining forces with NMI.”

Previous Article

October 16, 2023

PhiCommerce bags EMVCo approval for advanced payment solutions

Read More
Next Article

October 16, 2023

Digital wallet BPay rolls out virtual card offering for youth

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

Fintech news

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Ecommpay & Mastercard partner to deliver Click to Pay in Europe

Read More

Today

FinTech Focus: Catch latest developments of the week

Read More

Today

Paysys Labs & Raqami Islamic Digital Bank to fuel digital payments in Pakistan

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024