London, 8 August 2022 – 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 a 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 a frictionless transaction experience powered by most modern biometrics verification, Neofy has partnered with HPS (Hightech Payment Systems) to provide Cloud based Digital Cards platform.
Puneet Gupta, CTO & Co-Founder of Neofy, says, “Payments based innovations is 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.”
HPS is a multinational company and a leading provider of payment solutions and services for issuers, acquirers, card processors, independent sales organisations (ISOs), retailers, mobile network operators (MNOs), and national & regional switches around the world.
PowerCARD is HPS 'comprehensive suite of solutions that covers the entire payment value chain by enabling innovative payments through its open platform that allows the processing of any transaction coming from any channel initiated by any means-of-payment. PowerCARD is used by more than 450 institutions in over 90 countries.
HPS has been listed on the Casablanca Stock Exchange since 2006 and has offices located in major business centres (Africa, Europe, Asia, Middle East).
For more information: www.hps-worldwide.com
Neofy, an operationally ready digital banking-in-a-box provider, offers a global financial cloud that allows NeoBanks, Fintechs and existing financial institutions to offer cutting edge digital banking experiences to their clients with cost and go to market time efficiencies that are unprecedented in the market. Neofy pre-orchestrated financial services cloud can reduce the Capex requirement in setting up a new business by a fifth and convert the tech spend into a pay as you use Opex model. The offering includes a full engagement layer with 100+ user journeys, cloud native microservices stack, data, analytics/AI core, Open banking API management, eventing architecture & infra and secure ops. Via a powerful ecosystem of partners, Neofy brings pre-integrations with key core banking systems & cards management systems & economies of scale via multi-entity contracts embedded into a single subscription service. Neofy's focus includes new digital banks, OTT initiatives of existing banks as well as existing banks looking at rapid digitization. Link: Neofy.cloud
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Source: Company press release.