Velmie Adds Card Module to Composable Solution for FinTechs

Velmie has added a card module to its composable white-label solution for FinTech companies and banks.

The new card module is part of an updated product that includes a range of new modules, features and enhancements that customers can use to create their own customized FinTech products, the banking technology provider said in a blog post.

“We’re excited to release our upgraded Velmie application,” Velmie Founder and CEO Slava Ivashkin said in the post. “We believe it will be valuable for FinTech companies and banks looking to create innovative solutions that meet the changing needs of their customers.”

Velmie’s new card module enables businesses to issue both physical and virtual cards, integrate their card program with Apple Pay and Google Pay, and use card management tools to issue, activate and deactivate cards, according to the press release.

The new module also allows businesses to issue corporate cards that provide the business with visibility and control over expenses, gain additional protection against fraud by using 3D Secure, and use Velmie’s BIN sponsorship services to issue their own branded cards without having to become a licensed issuer, the release said.

“Velmie built white-label solutions not only to speed up time to market for new FinTech products but to make them scalable and future-proof,” Ivashkin said in the post.

PYMNTS research has found that B2B payment innovation is becoming a top priority for many organizations.

Companies are reporting more usage of application programming interface (API) technologies, which enable them to support multiple payment options and tools as well as swifter payments by easily connecting to banks and third-party payment innovation partners, according to “The Innovation Gap: Meeting the Challenge of Corporate Payments Modernization,” a PYMNTS and FIS collaboration.

Banks are also eyeing these technologies, with 64% of financial institutions saying they were “very” or “extremely” willing to adopt new technologies to aid the “consumerization” of B2B payments, the report said.

Implementing embedded finance for B2B offerings is one way companies can move to match the shifting expectations of businesses looking to innovate their payment processes, per the report.