Neofy Partners with Leading Payments Provider, HPS to offer Cloud-based Digital Cards Solution to Banks and Financial Institutions
- 08.08.2022 10:05 am
Neobanks are shaking up the fintech (financial technology) industry with their innovative technologies and unique business models. Sometimes referred to as “challenger banks,” neobanks are fintech companies that offer financial services solely digitally or via a mobile app, without physical branches.
Over the past years, as customers have become increasingly comfortable using technology platforms, client banking preferences have shifted to a more convenient, easily accessible digital experience. This shift has exposed a gap between what traditional banks offer and their consumers’ expectations. Neobanks are eager and particularly well-positioned to fill that market gap, leveraging cutting-edge technologies that help to provide more dynamic customer service.
However, neobanks face their own set of challenges. Setting up a neobank is an expensive and time-consuming process. Getting a regulatory-compliant and operationally-ready neobank typically requires at least 18 months and 15 to 20 million USD of upfront capital expenditure. Neobanks must contend with these challenges to compete effectively with incumbents.
Neofy, a digital financial cloud provider, offers a compelling solution: a pre-orchestrated financial services cloud that allows a bank or a fintech company to launch itself from scratch with a predominantly pay-as-you-go Software-as-a-Service (SaaS) model. Neofy has partnered with leading global technology providers to include all the functional systems needed to launch a bank or fintech, from core banking systems to cards management systems, in a full stack. All these components are pre-integrated and pre-configured, not only creating a cost advantage but also cutting down the time-to-market to under three months.
With the goal of providing users with a frictionless transaction experience powered by most modern biometrics verification, Neofy has partnered with HPS (Hightech Payment Systems) to provide a Cloud-based Digital Cards platform.
Puneet Gupta, CTO & Co-Founder of Neofy, says, “Payments-based innovations are 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, commented, “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, said, “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.”