Verrency boosts commercial offering signing ten strategic partners
Australian global payments provider Verrency has signed ten strategic FinTech partners in just six weeks as it continues to gain global traction.
Founded in 2016, Verrency enables banks to cost-effectively deliver the latest value-added payment capabilities and curated FinTech services – via V+, their FinTech marketplace – to their customers without replacing or heavily modifying their existing payments infrastructure.
As part of the recently signed partnership agreements, Verrency enables these signed partners to easily distribute their services to global financial institutions via Verrency’s API platform.
Some of Verrency’s newly signed FinTech partners include:
- UK-based ComplyAdvantage, which provides real-time screening and monitoring technology powered by artificial intelligence to help companies comply with global Anti-Money Laundering (AML) and Counter-Terror Financing regulations.
- US-based social media charity platform Goodworld, which provides hashtag donation opportunities.
- Australia’s Look Who’s Charging, whose platform will help eradicate 14 million unknown transaction enquiries faced by Australian banks annually.
- BrickX, a platform that enables consumers to get into the Australian real estate market by enabling them to buy a share in a property.
Verrency does not charge partners to connect their services nor interfere in their contracting with financial institutions, which is a key factor that positions Verrency as a FinTech marketplace/ integration partner of choice to these companies.
ComplyAdvantage Chief Executive Charlie Delingpole highlighted the benefits of the Verrency partnership saying: “We see Verrency as an ideal integration partner that offers a clear and expert path into the banking market. Its API-first and innovative approach is the answer for any bank or financial institution looking to scale rapidly by safely automating the screening of AML risk.”
Look Who’s Charging Founder David Washbrook said: “The LWC platform clearly solves the ‘transaction not recognised’ issue, which is an extremely frustrating problem for consumers and a $200 million problem for Australian banks. The partnership with Verrency allows us to leverage off their unique integration solution.”
Verrency has divided its FinTech partner targets into eight categories – anti-fraud, wallets, POS credit, loyalty management, data analytics/artificial intelligence/ machine learning, charity & investment destinations and device management.
Verrency Founder and CEO David Link said the company was well ahead of its partner projections.
“Verrency opens up commercial opportunities with large financial institutions for about 1 in 7 FinTechs worldwide. We also help financial institutions solve the problem of integrating with FinTechs by significantly reducing their own cost of integration, which is the key reason why there isn’t far more integration between FinTechs and banks on a global basis. We are confident in the value that Verrency’s API platform brings and are looking forward to helping banks easily access even more FinTech companies as our V+ marketplace continues to expand,” Link said.
He said Verrency had another 40+ FinTechs actively progressing through their partnership process.
V+ was established as Verrency’s strategic partnership arm in February this year, designed to leverage Verrency’s behind-the-scenes, enterprise-grade, curated-API platform to generate opportunities for payment-enabled FinTechs around the world.
Verrency provides world-leading enterprise-grade payments services for card issuers, merchant issuers, processors, and other digital financial services institutions. Verrency is a scheme-agnostic, white-label, “payments-innovation-as-a-service” open-API platform that helps card issuers acquire new customers and increase their share-of-wallet of existing customers while also significantly increasing security, control, and IoT connectibility. Verrency works behind-the-scenes – enabling everything from 2nd generation payments controls to aggregation to loyalty/ rewards spend to digital currency spend – quickly and easily with no change to existing payments rails, connections, or point-of-sale terminals. Verrency also enables rapid connection to 3rd party fintech services via its FinTech marketplace with little to no integration.
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