Mambu, a Cloud banking platform, announced a partnership with Visa (NYSE: V) to utilize Visa DPS – one of the largest processors of Visa debit transactions.
The partnership will aim to give Mambu clients a connection to Visa DPS for end-to-end card issuing as well as processing.
Both firms realize the importance of interconnectivity in order to address the rising demand of Fintech companies along with traditional financial institutions.
As noted in the update, Mambu is working on an integration to Visa DPS that should give institutions greater flexibility in providing various new card products and services to their clients.
Kevin Trilli, Chief Product Officer at Mambu, stated:
“Customer demand for card services is growing rapidly, whether it is incumbent financial institutions or fintechs. Strategic partnerships and interoperability of service providers offer the best value, choice, and flexibility for clients, whether they are embarking on digital transformation or scaling a new card programme. This is a major step to bringing more simple, transparent and connected services to any company offering financial services.”
“We’re creating an opportunity for our customers to transform, scale and achieve operational excellence with this integration. Institutions can create their unique customer payment card experiences on Mambu, regardless of whether it is a deposit or loan account and get it rapidly to market. They can then leverage the issuer processing capabilities of Visa DPS to deploy new products and solutions for their customers. This partnership will enable our customers to create powerful, digital-first payment solutions and experiences.”
Todd Brockman, SVP, Global Head of Issuing Solutions, at Visa, remarked:
“Today’s banking and payment landscape requires agility, and an architecture that can easily adapt to the rapid pace of innovation in our industry. We’re excited to bring our modern API-based processing capabilities to Mambu’s growing marketplace of composable payment solutions and believe our collaboration will create tremendous value for our clients and their cardholders.”
As mentioned in the announcement, the partnership with Visa DPS further extends Mambu’s product partnerships marketplace.
With payment services being a key part of financial institutions’ product offering, the integration should assist with increasing access and business opportunities across regions.