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.
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.
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.