May 15, 2024

By PYMNTS  | May 15, 2024  | Paymentology and Audax Financial Technology  have partnered to enable financial institutions in Southeast Asia and the Middle East to launch and manage their own branded card program. With the Cards-as-a-Service (CaaS) solution enabled by this partnership, financial institutions can launch a program in a matter of months, without the complexities associated with traditional methods, the companies said in a Wednesday (May 15)  press release . The solution leverages the digital banking and Banking-as-a-Service (BaaS) solutions of Audax, which is a company backed by SC Ventures  by  Standard Chartered , with the advanced card processing capabilities of Paymentology, according to the release. The CaaS solution eliminates the need for time-consuming technical integrations into incumbent systems like core banking and reduces the total cost of ownership, the release said. Paymentology’s multi-cloud platform supports shared and dedicated processing instances for all card types, while Audax’s digital banking technology solutions help financial institutions scale and modernize their existing infrastructure, per the release. “We aim to modernize the infrastructure of financial services institutions by accelerating the deployment of card programs for issuers and co-brands, empowering them to run programs based on customer and market needs efficiently,”  Merusha Naidu , global head of partnerships at Paymentology, said in the release. Michael Breen , head of commercial at Audax, added: “Together, we enable banks to increase their customer base, balance sheet and launch compelling, relevant products at speed, meeting customer needs. By leveraging audax and Paymentology’s combined expertise, banks can navigate economic uncertainty and bolster their bottom lines by offering innovative payment solutions.” In another recently announced partnership, Paymentology teamed up with  consumer payments platform  Nelo  to drive financial inclusion in Mexico by bringing financial services to unbanked people. That collaboration will see Paymentology supporting Nelo’s  Mastercard in-person payments through Billetera de Google  in Mexico, as well as with the launch of physical cards. In another recent development in the CaaS space,  TrueNorth  and  Brim Financial  said in March that they partnered to offer a  Credit Card-as-a-Service  platform to banks, FinTechs and major brands in the United States and Canada. This offering includes consumer, small- to medium-sized business and commercial credit card solutions. Recommended