Paytend chooses Tribe for issuer and acquirer processing
With Tribe Payments’ technology platform, Paytend can now support both acquiring and issuing services, with more control over business direction and commercials
We're pleased to announce that digital bank, Paytend, is now live with both issuer and acquirer processing services from Tribe. The partnership enhances Paytend’s product offering, enabling them to issue payment cards, allow users to add cards to mobile wallets - including within Paytend’s own mobile banking app - and allow merchants to accept POS and online transactions.
Regulated by the Bank of Lithuania, Paytend provides innovative digital banking services to consumers and businesses in Europe. The digital bank’s offerings span multi-currency accounts, global remittances, and both in-store and e-commerce acquiring. Due to holding issuer and acquirer licences, Paytend was keen to work with a single partner that supported both sides of the transaction with an API-led and cloud-based technology platform.
With its core platform – ISAAC - Tribe now provides Paytend with issuer processing and management for Mastercard and Visa cards, both virtual and physical – including support for mobile wallet payments, also via Paytend’s mobile banking app. Tribe also facilitates authorisations and provides tokenisation, 3DS and transaction monitoring solutions.
On the acceptance side Tribe’s technology powers both in-store POS and ecommerce transactions for Paytend’s merchant customers, which includes restaurants, tax-free shops and cosmetic stores throughout Europe. This incorporates multi-scheme acquirer processing services and supporting capabilities such as acquirer-side 3DS.
“At Paytend we pride ourselves on providing better and more efficient financial collection and payment services for our customers across a wide range of use cases”, said Laimonas Zmuidinavicius, Managing Director at Paytend. “To help us achieve this we needed a payments technology partner that offers the flexibility and expertise needed to ensure our digital banking services are market leading. With Tribe we’ve found exactly that - a proven partner that helps us create compelling issuing and acquiring services.”
“We see a growing demand for businesses who want to be both issuer and acquirer. As fintechs look to differentiate and rapidly launch new services to drive new revenue streams, the ability to address both sides of the transaction is key, not just to seizing the opportunities available but also gaining more control over business direction, costs and commercial models,” said Alex Reddish, Managing Director at Tribe. “While the opportunity is enormous, the process often isn’t easy. Which is why our job is to take the pain out of that process and offer flexible technology that allows Paytend to offer a powerful end-to-end service for their customers.”