Mastercard and credit card-as-a-service company Brim Financial formed a partnership.
The tie-up aims to modernize credit card infrastructure in the United States and power innovation in credit card platforms, the companies said in a Wednesday (Dec. 6) press release.
It will enable U.S. financial institutions, FinTechs, regional and community banks, and large brands to provide their customers with a more seamless payment experience, according to the release.
By using Mastercard’s open banking capabilities, Brim will embed payment solutions across its end-to-end platform, creating secure experiences for customers and partners, the release said.
“There is significant momentum happening now in the U.S. market when it comes to innovating credit card infrastructure across consumer, small- and medium-sized business and commercial segments,” Brim Financial founder and CEO Rasha Katabi said in the release. “This partnership with Mastercard will be transformational for companies seeking a sophisticated, modern credit card platform to better serve their customers.”
Brim Financial’s modular platform is designed to accelerate deployment and help institutions run and evolve their product platforms according to customer and market needs, according to the press release.
With the inclusion of Mastercard’s open banking capabilities, Brim’s suite of embedded payments capabilities will provide turnkey solutions for all types of companies looking to launch and run commercial and consumer credit cards, the release said.
“In partnership with Brim, we’re able to help our customers and partners remain competitive, with innovative payment solutions that create seamless, secure experiences,” Hunter Woolley, executive vice president of North America business development at Mastercard, said in the release.
In another development in the space, Extend said Tuesday (Dec. 5) that it unveiled an integration with Concur Invoice that provides customers with a virtual-card-as-a-service solution.
The partnership allows seamless vendor payment management within the Concur Invoice platform, with BMO being the first card issuer to enable virtual cards for vendor payments within the platform.
In October, Bond Financial Technologies partnered with i2c to launch credit card-as-a-service solutions.
Together, the companies provide solutions that allow businesses to offer consumers a secured credit-building program, create personalized credit products for individuals and small businesses, and provide immediate access to a virtual credit card for those who are approved.
