Fintech and payment service provider Paynetics AD, digital banking platform provider phyre and commercial bank Bulgarian American Credit Bank (BACB), have united for the launch of new digital wallet product [email protected] Pay.
The solution builds on phyre’s digital banking platform and Paynetics’ expansive portfolio of payment services, including its payment tokenisation technology.
Antonina Martinova, CEO, Paynetics, commented: “Our work with BACB is testament to the strength and value of our payment solution portfolio and digital banking platform proposition for any company who is looking to meet consumer demand for secure and streamlined digital payments services. We’d love to work with more European banks and financial institutions in order to help them deliver superior digital services to their customers and think that our platform is perfectly suited to this purpose.”
The solution seeks to enhance support for companies at the heart of the financial services sector, many of which may not have the resources to develop a digital offering in-house, to digitalise their services and ultimately better serve their customers.
This announcement comes off the back of the launch of similar platforms by large organisations across non-financial industries, including telecom provider A1 – part of the Carlos Slim telecommunication business – and VIVACOM, a leading telecoms company in Bulgaria, but is the first time that this solution from Paynetics and phyre has been deployed by a bank.
Ivo Gueorguiev, Co-Founder and Executive Chairman, Paynetics detailed: “We’re proud of our work with BACB as it demonstrates the applicability of our services to a range of different industries, including the banking and financial services sector itself. Working with regulated fintechs such as Paynetics can empower more traditional, entrenched players in this market as we’re able to bridge the gap between disruptive innovation and the restrictions of the industry, through our deep understanding of the complex regulatory frameworks that must be adhered to.”
BACB has launched its digital wallet platform without any initial upfront investment and with a time to market of just three months; a vast improvement on the industry average of £2-3 million and 18-36 months that is usually required for projects such as this.
Tzvetelina Borislavova, Chairman of Supervisory Board, Bulgarian American Credit Bank added: “At BACB, we understand the modern citizen’s need for lifestyle-based solutions to everyday troubles. We want to be involved in the consumer’s day-to-day life.
“In our ambition to do so, we revitalised entire processes within our organization and combined forces with Paynetics and phyre, two leading fintech companies, thus creating [email protected] Pay – the bank’s first digital wallet. [email protected] Pay is the epitome of the bank’s seamless transition into the virtual banking space, committed to discovering and providing green and sustainable financial solutions.”
Konstantin Djelebov, CEO, phyre, also stated: “Traditional institutions have been under such a big pressure from the booming fintech competition. This project with BACB is a great example of how fintechs can work with banks in this tough situation to help them match, and even beat, ever-increasing customer expectations. The combination of phyre’s cutting-edge platform technology and agility and BACB’s experience and heritage in banking are a recipe for success.”