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DTB and Paymentology Partner to Simplify Card Issuance for Fintechs

Sakwa Kombo by Sakwa Kombo
May 8, 2024
in News
Reading Time: 2 mins read
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Paymentology DTB parternship for cards

Paymentology, a global issuer-processor, announced its partnership with Diamond Trust Bank (DTB), a tier one East African commercial banking franchise. DTB and Paymentology are partnering to provide a combined Cards-as-a-Service (CaaS) solution. This will be available to fintechs and other non-financial institutions looking to integrate a CaaS program into their offerings, while ensuring compliance with relevant regulations.

Paymentology brings its technology and experience in payment card solutions to the table. It is a next-gen global issuer-processor, giving banks, fintech and telcos the technology to issue and process any type of physical or virtual card; prepaid, debit, credit, multi-currency, BNPL, revolving and more. DTB, on its part, is a licensed bank that holds a Card Association Issuer license, which allows them to create and sponsor unique Bank Identification Numbers (BINs) – a critical element for issuing cards.

Rise of Embedded Finance

Partnership of the two is in response to the consumer need for virtual cards to enhance checkout experiences. It democratizes the issuance of cards, enabling end users, whether consumers or businesses, to access solutions such as cards for employee salaries, expense and travel cards, or traders’ cards for online purchases.

“This partnership will not only enable us to enhance our service offering but also contribute to the development of a more inclusive and advanced digital payment ecosystem in East Africa, which is aligned with our digital transformation strategy,” stated Jamie Loden, Chief Operating Officer at DTB.

Notably, the rise of embedded finance is a game-changer. It is weaving financial services directly into everyday experiences. This not only makes transactions smoother, but also enables those without traditional bank accounts to access financial services too.

“At Paymentology, we are committed to fostering financial inclusion through strategic partnerships like this one with Diamond Trust Bank. By enabling the embedding of financial services for both licensed and unlicensed entities,” added Kirsten Wortmann, Regional Director for Africa at Paymentology.

This is yet another partnership between the two organizations. Previously, DTB and Paymentology alongside Kenyan fintech Boya, teamed up to launch a virtual expense card.

Tags: FintechVisa
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Sakwa Kombo

Sakwa Kombo

My Bio is in my written articles.

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