NymCard, the UAE- based BaaS provider of embedded finance has signed MoUs with Visa/Mastercard payment card vendors Toppan FutureCard and Electronic Document Center (EDC) to be onboarded on the company’s open APIs platform thus giving unrivaled choice to clients. The MoU signing is part of NymCard’s regional expansion of its Banking-as-a-Service (BaaS) offerings to fintechs, merchants, financial institutes, and other enterprises across the MENA region. The announcement follows NymCard’s newly launched APIs platform that aims to remove the friction from the regional payments industry by making the process of issuing card programs and payment solutions seamless.
CTO of Nymcard, Yaroslav Kisylychka said: “As a technology provider that takes the friction out of payments this is just another step forward in providing more choice for our clients through unrivaled public APIs.”
Since the recent launch of NymCard’s open APIs, the company continues to add new API releases every two weeks, positioning itself as a one-stop-shop for payment innovators who are looking to process and issue card payment programs using NymCard’s own platform. The new API release allows companies that are developing a physical card to assign the preferred vendor to personalize and manufacture the card’s details.
Payment card developers will have the option to choose between the vendors – Toppan FutureCard and EDC – based on the services they provide. As such, customizing the card’s design features and personalization features as well as other logistical services such as manufacturing and door-to-door deliveries can all be done through NymCard’s own open APIs platform. Furthermore, NymCard is working with local and regional banks and regulators as partners to serve the entire region.
NymCard’s modern infrastructure enables the payment ecosystem to use its technology as the building blocks needed to build and launch innovative card programs. As such, NymCard is removing friction associated with old legacy systems and cumbersome regulatory processes enabling fintechs to focus on building their product proposition rather than deal with the payment rails infrastructure. Ultimately, this paves the way for fintechs and banks alike to create a card from end-to-end in a frictionless manner with complete transparency of the payment cycle.
CEO, Founder of NymCard, Omar Onsi said: “Having hands-on experience in the local and regional payments ecosystem, we fully understand the complexities of the highly regulated payments industry. Finding a payment processor then a Bin Sponsor is a costly task both from a time and financial standpoint. NymCard’s user-friendly APIs allow fintechs to issue their first virtual or physical card without any burden. This enables our clients to efficiently and effectively integrate into MENA’s payments ecosystem in a frictionless and transparent way.”
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.