Finastra and i2c Launch Payment Issuance Partnership for Banks and CUs

Financial services software provider Finastra has launched a collaboration with banking/payment solutions firm i2c.

The partnership, announced Wednesday (March 5), is aimed at bringing payment issuance solutions to North American banks and credit unions (CUs), giving Finastra’s bank and CU customers access to i2c’s card processing and value-added services.

“Clients that move their processing to i2c will be able to offer their customers popular digital wallets such as Apple Pay, Google Pay, and Samsung Pay, as well as improved features such as cardholder alerts and controls,” the companies said in a news release.

The solution is powered by application programming interface (API) connectivity between i2c’s card processing solution suite and Finastra Phoenix, an open and flexible core solution that helps banks and CUs future-proof their institutions, the release added.

“i2c’s agility and flexibility in delivering digital wallet solutions make them an ideal partner, as we look to offer our clients cutting-edge payment services,” said Peter Longo, VP product management, U.S. core and digital banking at Finastra.

“Our choice to partner with i2c was driven by their global reach, deep industry expertise, and ongoing ability to provide the most advanced technology, keeping our clients competitive in a rapidly evolving market.”

The companies say the partnership — which launched earlier this year — is expected to expand in the months ahead.

The collaboration comes as digital wallets continue to gain traction with consumers. For example, research by PYMNTS Intelligence shows they have become the preferred choice for people making cross-border payments.

“From the U.S. to Saudi Arabia, people are leveraging digital wallets due to their fast and efficient way to send and receive money internationally,” PYMNTS wrote recently.

“This shift in payment preferences speaks to the demand for convenience and simplicity, the report notes, especially when compared to traditional methods like bank transfers or money transfer services.”

Meanwhile, PYMNTS spoke last week with David Durovy, the senior vice president of transformation at i2c, about the changing regulatory landscape for FinTech companies.

“Regulatory compliance has changed the entire game,” Durovy said.

He characterized the early days of FinTech as a “wild, wild west” where regulations were loosely applied, or just nonexistent. These days, there are clear rules for FinTechs, Durovy added, saying that ignoring regulatory development has its dangers.

“We have to be upfront and honest about what those gray spaces are because we can’t just turn a blind eye as an industry and pretend as though they won’t be regulated tomorrow,” he said.