There’s fintech action in London, Birmingham and abroad with Onfido, Paysafe and Temenos revealing their latest deals.
Onfido, an identity verification and authentication company, has got a deal with Bank Millennium Poland to automate identity verification for new users signing up for banking services.
In a London duet, Paysafe has partnered with payments orchestration platform APEXX Global to offers its payment processing services to APEXX’s merchant base.
Temenos has announced that Optimus Cards, a Birmingham-based white label card and Banking as a Service provider, has subscribed to its open platform.
The Real Deal at Onfido
Founded in 1989, Bank Millennium Poland has been a member of Millennium Group (Portugal) since 2003. The bank’s services and products include retail, private, business corporate banking, insurance, debit and credit cards, savings accounts, time deposit accounts, investment funds, consumer loans and mortgages.
London-based Onfido says its technology meets regulatory compliance, including KYC (know your customer), AML (anti-money laundering) and data localisation requirements.
By integrating Onfido’s AI-powered identity verification service, Bank Millennium users are able to sign up by taking a photo of their government-issued identity document (ID) and a selfie video.
Onfido first checks that the ID is genuine and not fraudulent, and then matches it to the user’s video of their face. This ensures the person presenting the identity is its legitimate owner and is physically present.
Other notable deals for Onfido this year in the UK include Tesco Bank and TSB.
In Paysafe Hands
Via Paysafe’s acquiring payment processing services, merchants can accept payments in over 40 currencies and support a range of local payment methods.
The partnership between Paysafe and APEXX has initially launched in the UK and Europe, with a focus on merchants in the travel, e-commerce and financial service sectors. They plan to extend the alliance into North America and Latin America.
Paysafe had a busy 2021 – it completed the acquisition of German fintech company viafintech and revealed it would buy Latin American e-commerce platform SafetyPay to the tune of $411 million (£300.6 million). The latter deal was completed in January 2022.
Also in January, APEXX made its entrance into the US market.
Temenos and Optimus Time
Temenos is based in Geneva and is usually busy outside the UK with various fintech deals.
Optimus Cards will use the Swiss company’s tech to launch new products.
Lindsay Robertson, CEO, Optimus Cards, comments: “With a client base that includes more than 3,000 banking clients and 500 credit unions in the US, Temenos also has a huge customer ecosystem and experience that will be invaluable as we push into new markets.”
Regulated by the FCA and a Principal Member of Mastercard, Optimus acts as a primary card issuer and program manager. The firm says its platform supports Apple Pay, Google Pay, open banking, contactless and virtual cards, IBANs, UK sort code and accounts, and ‘cardless’ cash withdrawal.
Optimus is part of Uphold, a digital trading platform with over ten million users. Optimus is partnering with local regulated issuers in Europe and the US as it hunts for more action.
The Temenos banking platform will process transactions and manage customer accounts, and Optimus will also compose a lending solution to support its new credit card service. The platform connects in real-time via APIs to Optimus clients’ back-office systems to help authorisation from the customer’s account or crypto wallet.