Paymentology, the London-based leading global issuer-processor, has joined forces with Wio Bank, UAE’s first platform bank, to power its innovative banking model with customer-centric card payment services.
Under the partnership, Wio Bank will be leveraging Paymentology’s industry-leading in-cloud card issuing platform and data analytics capabilities to launch financial products quickly and at scale, as it empowers businesses and consumers with modern digital banking solutions.
Paymentology is instrumental in enhancing the offerings of Wio Business, Wio Bank PJSC’s first digital banking application tailored to small and medium-sized enterprises (SMEs). The bank provides simplified and fully digital financial services such as issuing physical and virtual cards for SMEs, a segment that has historically relied on brick-and-mortar branches to open accounts and carry out business transactions.
Together, the companies are removing friction for long-underserved SMEs, entrepreneurs and freelancers, enabling them to open a business account immediately, avoiding lengthy wait times, and empowering them to utilize the service almost instantly with both physical and virtual cards.
Jayesh Patel CEO – Wio Bank
“At Wio Bank PJSC, our mission is to reboot banking in the region, and that requires partnering with like-minded companies that have the capabilities to support integrated platform banking. We are thrilled to collaborate with Paymentology, as they share our vision to support small and medium-sized businesses, a vital economic segment in the UAE. This partnership will enable us to offer a comprehensive range of payment card services to Wio Business customers and gain valuable insights to better serve their needs.”
Through its platform, Paymentology facilitates a wide range of card services for Wio Business including Visa debit cards, Apple Pay, Google Pay, and card personalization services. In addition, Paymentology delivers a real-time data feed that provides granular customer spending insights to help Wio continually improve its proposition.
Mr. Rowan Brewer, CEO of Paymentology, said that “The UAE is at the forefront of innovation in digital financial services, and it is making huge strides toward becoming a cashless society in the not-too-distant future. At Paymentology, we’re incredibly proud of the role we are playing in supporting fintech achieve their ambitions in the region with increasingly localized, customer-centric, and data-driven propositions. Looking ahead, we relish the opportunity to continue expanding in the Middle East with our esteemed clients, like Wio Bank PJSC, that are spearheading digital transformation and ultimately changing the way we bank and pay.”
