As per recent reports, a consortium of major fintech companies has introduced a new financial innovation platform – b.yond – that aims at enabling banks and consumer-facing businesses rapidly deploy a range of innovative fintech payment services.
The consortium comprising of Pannovate, Cornercard, Modulr, AllPay, Meawallet, and W2 Global as founding partners in collaboration with Visa, with the b.yond platform, aims to benefit platform users with the innovation, expertise, and scale of the consortium partners.
“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 organizations and regions,” states Neil Harris, co-founder of b.yond and leader of the consortium.
The b.yond platform is an ideal choice for businesses that seek to launch a payments program. Apart from the access to a financial technology platform, users can also access the innovative payment solutions using Visa’s rails, which then can be deployed for customers in less than eight weeks.
“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,” states Smriti Vicari, Head of FinTech at Visa.
The new innovation platform targets complexities that businesses face while launching a payments program – dealing with multiple stakeholders involved in the payments ecosystem.
By signing just one contract with b.yond, businesses can skip all that hassle involved to launch a payments solution. In a gist, the contract ensures that firms will have everything required for the launch: from on-boarding and know your customer (KYC) checks, to P2P transfers, multi-FX, account load, multi-language and more.