Fintech Firm Veritran Launches Small Business Solution for Financial Institutions

Veritran, a global financial technology solutions provider, launched Fusion by Veritran, a Small Business Solution for the United States market at Money 20/20 in Las Vegas.

The flagship solution of the tech company is “designed for freelancers, independent professionals and owners of small businesses, allowing them to better handle their personal and business finances all in one comprehensive solution.”

Fusion by Veritran is “offered in multiple digital channels, allowing users to access via mobile devices, notebooks, desktop PCs and laptops.”

The first wallet that allows customers to handle their personal and business “lives in one single app.”

This launch “followed a presentation by Celent at the conference, highlighting the growth of self-employed workers and the increasing importance of creating customer-centric banking solutions that meet the unique needs of this segment.”

Veritran‘s new solution is “aimed for financial institutions (ranging from banks to credit unions) and other Fintech industry players that serve or wish to capture this appealing segment.”

Fusion by Veritran is described as “an innovative solution that can be personalized by each user to drive their experience to the next level.” It also “combines functionalities that can be found in Veritran’s Wallet and Merchants solutions, in an intuitive and efficient way.”

Some of the functionalities available “are digital payments, financial management tools, easy and secure approval of transactions and real-time notifications.” Users will also “be able to easily track their income and expenses, setting-up and reaching saving goals through ‘Pockets’ that represent specific financial goals or projects.”

Greynier Fuentes, VP of Digital Solutions at Veritran, said:

“Traditional banking has neglected the needs of self-employed professionals by forcing them to choose between personal or business banking and coming up short when it comes to a real tailored value proposition that addresses their expectations. Veritran’s unique new solution allows financial institutions to tap into and better meet the needs of this underserved market of 33.2 million small businesses across the United States.”

Unlike other fintech solutions available in the market, Fusion by Veritran “is modular and scalable, allowing financial institutions to add, exchange or modify features depending on their needs and objectives.”

This launch is “the latest in Veritran’s wider portfolio of payments ecosystem solutions. The company facilitates the construction of omnichannel, scalable, and high-performance digital solutions that provide safe, superior user experiences, with the best time-to-market.”

Fuentes continued:

“In the last few years, these kinds of solutions have been exclusively developed by Fintechs, who have positioned themselves as allies of self-employed workers and/or small businesses with a limited offer. Historically, digital payment and collection solutions have faced regulations at a local and even global level. This is a huge opportunity for the main players in the US financial industry to cater to this growing but often overlooked segment.”

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