- The Payment Firm, a UK-based e-money institution (EMI), has partnered with SaaScada to power its payment services for small and medium-sized enterprises (SMEs) and individuals.
- Initially, The Payment Firm will utilize SaaScada’s core banking engine to introduce virtual IBAN-linked accounts, with plans to expand its offerings to include multi-currency accounts, cross-border payment solutions, card issuing, and accounts with virtual Swift codes.
- SaaScada’s event sourcing architecture will enable The Payment Firm’s customers to transfer money between accounts on the network without incurring transaction fees, which are only applied upon fund withdrawal.
- Real-time data provision by SaaScada is expected to enhance the efficiency and accuracy of compliance reporting for The Payment Firm.
- Currently, in a soft launch phase since its UK debut last summer, The Payment Firm aims to integrate international payments functionality into its services “in the coming weeks.”
- Gary Prince, CEO of The Payment Firm, emphasizes the goal of offering fairer payment solutions for SMEs and individuals, aiming to eliminate complex terms and conditions and reduce fees for smaller players.
- Prince highlights SaaScada’s role in enabling rapid development, stating that the partnership has facilitated the creation of a new back end, middleware, and APIs within three months. This agility allows The Payment Firm to adapt to customer needs swiftly and become a full-service EMI.
