Neofy Teams Up with Payments Provider HPS to Offer Digital Cards Solution

Neobanks are starting to really shake up the Fintech sector with their latest technologies and  business models.

Sometimes called “challenger banks,” neobanks are basically Fintechs that provide financial services in an all-digital environment and/or through a mobile app, without needing physical branch locations.

During the last few years, as clients have become more comfortable using tech platforms, client banking preferences have transitioned to a more convenient, accessible all-digital experience.

This ongoing shift has exposed a significant gap between what legacy banking institutions provide and their clients’ expectations.

Neobanking platforms are eager and fairly well-positioned to address that market gap, leveraging innovative tech that helps to offer a more seamless user experience.

But neobanks also face their own challenges. Establishing a neobank can be a costly and time-consuming task.

Getting a regulatory-compliant and operationally-sound neobank usually requires around 18 months and $15-20 million of upfront capital expenditure. Neobanks need to deal with such challenges in order to meaningfully compete traditional banks.

Neofy, a digital financial Cloud provider, claims that it provides a unique solution: a pre-orchestrated financial services cloud that enables a bank or Fintech to establish itself from scratch with a pay-as-you-go Software-as-a-Service (SaaS) model.

Neofy has teamed up with various tech providers to include the functional systems required to introduce a bank or fintech, from core banking systems to cards management systems, as part of a complete stack.

These components have been pre-integrated/configured, not only leading to a considerable cost advantage but also reducing the time-to-market to under 3 months.

With the aim of offering clients a seamless transaction experience supported by modern biometrics verification, Neofy has joined forces with HPS (Hightech Payment Systems) to offer Cloud based Digital Cards platform.

Puneet Gupta, CTO & Co-Founder of Neofy, said:

“Payments based innovations is at the heart of Neofy proposition for its clients. HPS is an important piece in our solution set to offer Cards Issuing / Acquiring and Switch and seamless Payments. ”

Niraj Vedwa, CEO & Co-Founder of Neofy, remarked:

“Our partnership with HPS significantly enhances our offerings in the digital Payments space. We are excited about the value that HPS offers today and the extensive roadmap that it has.”

Abdeslam Alaoui Smaili, CEO of HPS, added:

“The use of APIs and composable services is crucial to make payments simple, seamless, and secure. We are beyond excited to partner with Neofy, to offer them access to our powerful and flexible PowerCARD solutions and help them deliver a product that meets today’s digital banking industry standards.”

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