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.”

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.