Today, Weavr, the open collaboration platform for digital innovators and fintechs, announced Global Processing Services (GPS), Paynetics and iDenfy as its launch partners. Together, these innovation-friendly payment service providers will support Weavr’s current closed-beta early adopters and enable a public launch later this year. Weavr is a unique cloud-based platform that empowers innovators to design, build and test sophisticated digital payment flows and user experiences in days instead of months, at a cost of a few hundred pounds rather than tens of thousands.
Weavr's first partnerships make its game-changing open collaboration model possible and represent some of the most innovation-friendly players in Europe's payments ecosystem. Global Processing Services (GPS) is a card processor associated with many of Europe’s most successful fintechs, Paynetics is an e-money institution with a pan-European issuing and acquiring footprint, while Lithuania-based iDenfy is a full-featured and developer-friendly toolkit for KYC identity verification and anti-money laundering.
Alex Mifsud, Co-Founder and CEO, Weavr, said: “We are excited to welcome our first partners who, between them, will empower many digital startups, product managers and other innovators to create and run sophisticated and streamlined payments experiences for their customers in Europe.”
Joanne Dewar, CEO of Global Processing Services (GPS) added: “We’re thrilled to be supporting Weavr as they launch into the European fintech scene. Their dedication to creating bespoke, personalised experiences for customers is precisely the kind of technology we look to enable, and as leaders in the market we’re looking forward to supporting them in rolling out their virtual solutions.”
Antonian Martinova, CEO of Paynetics, said: “We are committed to supporting Weavr’s initiative to democratise program management and allow startups to go live in a very short period of time. We have made our end-to-end payment infrastructure available to shorten the time to market for innovative concepts, embracing and leveraging payment functionality and transaction data.”
Arunas Vismantas, Head of Marketing, iDenfy said: “We are thrilled to partner with Weavr and help out community of innovators to develop and launch financial products to market. Not only that we share their vision and passion, but we aim to build a lasting partnership that will help Weavr clients to succeed.”
McKinsey estimates that digital commerce payments volume in Europe will grow from $450bn in 2016 to $750bn in 2021, with the portion of non-card payments increasing from 40% to 55% in that period. With an increasing number of digital business models (pioneered by brands like Uber and Airbnb) relying on streamlined payments processes across multiple parties and deep into the supply chain, there is a growing demand for payment models that go beyond the established e-commerce checkout. These payment models are not available off-the-shelf from established e-commerce payments providers, so digital innovators have to build their own at a huge expense. Even for simple custom payment solutions, such as prepaid card programmes, it can take over nine months and cost tens of thousands of pounds before making the first transaction. Weavr’s first payment models will focus on making virtual cards more accessible to innovators, along with all the capabilities needed to design and build virtual card-based payments solutions, from funding cards to performing customer due diligence and making transfers. Once a payment solution is designed, built and tested on Weavr's unique cloud-based platform, Weavr matches the services required to run it with payment providers. By radically reducing the cost and time to market for virtual card solutions, Weavr empowers innovators to exploit the full potential of this versatile payment instrument — for the first time ever.
About Global Processing Services Global Processing Services (GPS) is the issuer processor enabling many of today’s most high-profile fintech innovators and disruptors. Certified by Mastercard and Visa to process and manage any credit, debit or prepaid card transaction globally, GPS enables the emerging payments industry to deliver breakthrough innovations through a unique combination of proprietary technology, its people and partners.
GPS’ Apex platform has been built entirely by its own payment experts, and offers easy integration with Issuers, Programme Managers, card manufacturers and many other service providers. GPS has integrated with over 40 issuing banks globally and operates programmes for 100+ clients in 60 countries using over 150 currencies, enabling its clients to innovate and deliver exciting new value propositions for end users around the world. For more information: http://globalprocessing.net/
Paynetics is an e-money institution, providing end-to-end payment services across the EU. A principal member of VISA, Mastercard, SWIFT and SEPA, Paynetics possesses solid infrastructure in omnichannel acquiring, issuing, e-wallet and account management. It builds upon payment acceptance to offer value-added services including sophisticated loyalty and automated marketing, advanced merchant services built in the e-wallet, first-ever acceptance directly on an Android phone. Its unique one-stop payment and banking solution addresses all payment needs of micro, small and medium merchants. www.paynetics.digital
About iDenfy iDenfy is a cross-border online identity verification solution. Helping businesses to mitigate fraud risk, reduce costs and comply with KYC, AML & GDPR regulations, during user onboarding process in a digital environment. We are a tech company working as a SaaS industry solution. Our solution helps companies turn their customer devices (mobile, laptops, tablets etc) into an identity verification terminal. Using AI powered technology we help our partners to grow and mitigate risk arising from it. Making digital world a safer place. www.idenfy.com About Weavr
Weavr is a unique online collaboration platform that enables innovators to connect with payments technology and services providers to design, build and run sophisticated digital payment flows and user experiences for many emerging digital business models.
Weavr relies on a unique proprietary technology stack to simplify and speed up the process of building, deploying and running complex payment solutions, developed in collaboration with partners from the global card schemes, programme managers, card issuers and start-up accelerators, with funding from the EU Horizon2020 programme.
For more information, please contact:
Kemp House, 160 City Road,
EC1V 2NX London
How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.