UAE-based banking-as-a-service (BaaS) Fintech NymCard, announced the launch of its new Open API platform for payment card processing and issuing. Designed to remove the friction from the MENA payments industry, the platform aims to streamline the process of issuing new card programs and payment solutions, allowing the region’s fintech and banks to innovate, customize and launch new payment experiences for their users at record speed.
Built from the ground up, NymCard aims to simplify the complex world of payments by bridging the gap between old legacy systems and modern cloud-native API first platforms.
NymCard has localized its business model to serve the MENA region and work with local and regional banks and regulators as partners. This move towards ‘banking-as-a-service’ removes the friction for fintechs looking to build new products and services and easily integrate and launch full digital banking suites of products.
Founder and CEO of NymCard, Omar Onsi said on the launch, “The payments industry is very complex and highly regulated. Fintechs need modern infrastructure that would get them to focus on building their product proposition rather than deal with the payment rails infrastructure. It is a cumbersome process trying to find a processor, then the Issuing Bank (BIN Sponsor). Publishing these API’s as our ‘technology building blocks’ removes part of this friction and gets our clients to start building faster.”
Unlike many APIs that are poorly documented, NymCard has focused on creating ‘The best APIs available’, and has built a user-friendly developer portal dedicated to API resources. “developers can now use our core APIs to issue their first virtual card in under 20 minutes”, Omar added
Moving forward, NymCard will focus on new capabilities by publishing a set of APIs every two weeks with the aim to enable the needs of different business models. Nymcard now supports the $200 billion digital payments industry within the region and allows the payment ecosystem to use its technology as a plug-and-play setup to seamlessly build and launch card programs
About NymCard
NymCard is a UAE-based BaaS provider of embedded finance. The company’s modern open API platform is designed for startups, fintechs, banks, and financial institutions to launch payment programs at record speed. NymCard is removing friction associated with old legacy systems and complex regulatory processes enabling fintech companies to focus on building their product proposition rather than deal with the payment rails infrastructure.
NymCard’s open API platform can support a variety of emerging use cases, including real-time payments, alternative authorization flows, multi-currency wallets, buy now pay later offerings, parent-child models among many more.