Weavr is an open collaboration platform for digital innovators and fintechs aiming to make card issuance quick, easy and economical for them. It has developed a technology stack that would make designing, building and taking a brand new payment service live, take just a few weeks. It provides tools for non-specialists to build, test and integrate such payment flows, and then connects them to suitable payment providers to power them up.
In order to take its open platform to the market, Weavr needed an issuer to provide the regulatory and payment foundation for the process to work. It required an issuer with the necessary knowledge and innovative spirit to spend the time and effort on the project. Since such a platform did not exist, the process required very close co-operation and a long term vision.
Superior user experience combined with full regulatory compliance
We were intrigued and challenged by the brief – reduce what is usually a 6-12 months programme manager / card issuance project to 2-3 weeks. We worked closely with Weavr to streamline the process of card issuance and allow innovators to bring their product to the market much faster. We automated the flows and made it customer friendly so that even people with no understanding of payments could configure and receive the product.
The next obstacle to overcome was related to the very heavy regulatory burden in terms of KYC and AML. As a strictly regulated entity, operating on the whole EU market, Paynetics brought its wealth of knowledge and deep understanding in order to design a robust process, which combines a superior user experience with full regulatory compliance.
Following our holistic approach to payments, we then added IBAN account to the proposition, significantly enhancing the product offering.
We started with virtual cards and we are now adding plastics as well. Next on the agenda is to offer standard card tokenization in order for end users to be able to use their phones to make payments. This will allow Weavr to have the full set of issuing options available.
We are committed to supporting Weavr’s initiative to democratise programme management and allow startups to go live in a very short period of time. We have made our end-to-end payment infrastructure available to shorten the time to market for innovative concepts, embracing and leveraging payment functionality and transaction data.
superior user experience
combined with full regulatory compliance
After months of intensive collaboration, accompanied by many checks and tests, the first programmes are live, allowing entities to avoid friction, while focusing on their core business. By connecting existing layers with emerging technologies, the result is that businesses are enabled to have virtual cards, created via API, which can be used for a wide range of cases – supplier payments, managing subscription payments, cards for children, remittance, etc.
Weavr’s first payment models are focused on making virtual cards more accessible to innovators, along with all the capabilities needed to design and build virtual card-based payments solutions, from funding cards to performing customer due diligence and making transfers. By radically reducing the cost and time to market for virtual card solutions, Weavr empowers innovators to exploit the full potential of this versatile payment instrument — for the first time ever.
Weavr is possible only thanks to our partners. Paynetics has been instrumental to help us bring the product to the market. We’re on this journey together to bring payments to the API age.