A new processing solution from leading banking-as-a-service provider (BaaS) Contis is set to supercharge the company's growth in the UK and EEA listed countries, enabling client expansion into new geographies.
The solution will be available across both small and large banks, fintechs, businesses and non finance players in the gaming and gifting sector.
The new solution, called process.pay is card scheme certified by Visa and Mastercard to process any credit, debit and prepaid card transactions globally. The technology will form part of Contis’s evolution of PayTech solutions as it continues to evolve in line with the changing needs of the payment sector for the digital age.
Previously, Contis offered card issuance and processing as a combined service only. The unbundling of these two offerings means the Solarisbank-owned payments provider will now rollout processing as a standalone service. This means that Contis will now be able to process non-Contis BINs among the increasing demand for API-led, cloud-based, fast-to-market processing solutions that are ready to replace legacy products for both big and small organisations.
Jason Ollivier, Chief Disruption Officer at Contis, said: “This new offering will enable Contis to expand its service to current clients and support their growth, while also supporting Contis’s expansion into new geographies. Contis can now deliver standalone card processing for any organisation that already has the necessary license requirements and wish to retain control of the issuing capabilities.”
Ollivier added: “All clients will benefit from Contis’s 99.99% uptime capability and the same personal and efficient service - be they large or small. Our uptime is unrivalled, and the launch of process.pay is another example of how we are consistently innovating to remain at the top of the payment services sector, after operating in the space for more than 13 years.”
The launch comes amid a period of rapid change and growth within the payments sector: digital wallets are exploding in popularity - they are now used by nearly 70 percent of consumers - while global investment in the payments fintech space reached $51.7 billion in 2021, up from $29.1 billion in 2020 (KPMG).
Contis helps both financial and non-financial businesses to launch accounts, cards, and payments services, processing nearly €13 billion each year on behalf of more than 2.5million customers.