Consortium launches financial innovation platform

A consortium of companies have launched b.yond, a financial innovation platform that will let banks and consumer-facing businesses rapidly deploy a range of FinTech payment services.

The consortium includes Global Processing Services, Pannovate, Cornercard, Modulr, AllPay, Meawallet and W2 Global.

Businesses wanting to launch a payments programme can use b.yond to access a financial technology platform using Visa’s rails, which they can deploy for customers in less than eight weeks.

With one contract, businesses will have everything required to launch a payments solution: from on-boarding and Know Your Customer, peer-to-peer transfers, card control, agency banking, physical or virtual cards, visualisation of statements/spending and alert notification, account load, multi-language, chat support, rewards and cash-back, saving pots, tokenisation, and more to follow shortly.

The platform also lets businesses deploy add-ons for travel and foreign exchange, expense management, e-commerce wallets, gift, loyalty and employee recognition, InsurTech, money remittance and membership.

Smriti Vicari, head of FinTech at Visa, said: “The launch of b.yond is another big step towards enabling our clients to gain rapid access to the capabilities that lie within Visa’s global network to power their own ideas.”

Neil Harris, co-founder of b.yond and leader of the consortium, added: “The project has been all about collaboration-led innovation and with an established list of other leading companies wanting to join the consortium, we expect the initial propositions to grow exponentially as we onboard new organisations and regions.”

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