The partnership, announced Tuesday (Sept. 29), involves BankPro tapping into Thredd’s platform to enhance BankPro’s payment infrastructure and provide payment solutions to the Bahamas-based private bank’s international high-net-worth customers.
“This isn’t just about issuing cards, it’s about leveraging a modern, global platform that provides the speed, control, and flexibility we need to support our ambitious growth,” Loizos Theofanous, BankPro’s chief operating officer, said in a news release.
“Thredd’s AI-first technology and proven track record with major fintechs and banks make them the ideal partner to enhance the experience for our sophisticated clients.”
According to the release, the collaboration ensures BankPro customers benefit from a “modern, secure, and seamlessly integrated card” experience via Thredd’s unified platform and single API integration. The two companies are joining forces to BankPro’s premium card products, the Visa Platinum debit cards and Visa Infinite credit cards.
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“Private banking clients increasingly expect the same immediacy, control and digital experience from their cards that they receive from the best consumer fintech products, without compromising the security and reliability they expect from their bank,” Thredd CEO Jim McCarthy said. “BankPro understands that expectation and has built its proposition around serving a sophisticated, global client base.”
PYMNTS collaborated with Thredd on the Future of AI Credit playbook series, including its latest edition, “Credit That Meets the Moment: What AI-Powered Credit Means for Customers.”
As covered here last week, the newest installment in this series explores how advances in credit technology can turn into benefits for cardholders.
“Real-time data, tokenization and automated decisioning can help issuers assess individual transactions and offer more flexible credit options,” the report said. “For customers, that could mean choosing an installment plan after making a purchase or accessing credit terms that respond to changes in their financial circumstances.”
At the same time, financial regulators in both the U.S. and U.K. have addressed the need for borrowers to understand AI-assisted credit decisions. Research in the journal FinTech also connects explainability to fairness and consumers’ ability to challenge decisions.
“These capabilities could influence which cards consumers choose to use,” the report added, citing PYMNTS Intelligence which shows that 40% of millennials and 48% of Gen Z consumers would use their cards more if they could choose a repayment plan at the point of sale instead of relying on a fixed structure set during account opening.
“For issuers, the opportunity is to turn investments in AI credit into options cardholders can understand, control and use,” the report said.
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