Paynetics is a payments platform that consists of building blocks. The blocks are needed for the creation and operation of financial products. It makes a modular digital platform a preferable choice for many businesses that can take advantage of its infrastructure and resources to develop their products at low cost.
The company behind the platform is an electronic money institution, which is controlled by regulatory bodies of the European Union and the United Kingdom. The company is based in Bulgaria and England.
Why Paynetics was created
Companies like Paynetics had to react to the changing financial landscape. In the conditions when the demands of customers are always growing, platforms start paying more attention to software development issues. They also have to modify platforms accepting payments. As a result of competition in the sphere, traditional participants of the market have to move forward and renew their services via digitalization. They also expand their product range of companies thus increasing the customer base, strengthening loyalty of their clients and creating other revenue streams.
Paynetics differs from others since it provides an end-to-end payment service provider. The team develops comprehensive and breakthrough solutions in acquiring and issuing of cards, e-wallets, bank transfers, account management. The main goal of the project is simplification and democratization of payments.
The platform is authorized by the FCA (Federal Conduct Authority). Though it is not a bank, it functions as a limited version. The products developed by the team work to empower the fintech sphere, making it more relevant to the requirements of its clients.
The main benefit of the product is its holistic character covering the comprehensive needs of clients. The modular structure of the platform improves its scalability. Besides, the architecture of this type allows the system to be flexible. The partners of the company can create and develop their products. Being API-based, the platform delivers front-end interface and even the mobile solution, which is highly demanded among clients.
Since customers need bank accounts and the possibility to transfer money, Paynetics can fully meet these demands. The platform, which is actually a digital banking facility, also offers card issuing, omni-channel acquiring, and credit as a service.
Paynetics also established an e-wallet project known as Phyre. The members of the platform are allowed to integrate other services as well. For instance, it is possible to integrate automated marketing or loyalty programs. At the time of writing, the platform is going to develop its services and tailor the solution for micro, small, and medium merchants.
The projects that need one-stop solutions can select Paynetics for this purpose. For instance, A1, a famous telecom provider joined the project and established the digital bank on the platform, using the infrastructure of Paynetics. It was the right decision since the company needed only 4 months to implement its own product. It wouldn’t be possible without the platform’s infrastructure. At the time of writing, customers can use A1 wallet where they select either a virtual or plastic card.
How to join the system
The product offered by the platform is useful for companies that belong to the fintech sphere, traditional financial businesses, corporates and other participants of the financial market. If you are one of those who want to use the platform, contact the team and discuss the issue with them.