Railsbank, a leading UK-based open-banking and regtech platform, is to launch debit card issuing at the forthcoming Money 20/20 (Europe) event which takes place in Amsterdam on 4-6 June, 2018.
The virtual cards, as well as plastic cards, are being made available for Railsbank customers in their own brand, to do everything from creating a new neobank to running a multi-million user loyalty scheme and offering expense cards to employees.
Railsbank is a world leader in making the whole process of integrating banking to a customer’s app or business incredibly easy and fast via APIs – creating banking accounts, issuing IBANS, enabling bank transfers, issuing cards for customers and much more functionality.
For example, Railsbank customers can on-board a card-holder, create an account with a unique IBAN for the cardholder and issue the card (plastic or virtual) with only “5 lines of code”. This will be demonstrated at Money2020 on the Railsbank stand (A84) and will only take up 5 minutes of anyones time.
After Money2020, Railsbank will be releasing card issuing functionality to our publicly available API sandbox (called PLAY) so people can see for themselves how easy the process. Just go to railsbank.com and register – it only takes 15 seconds.
Uniquely, Railsbank virtual cards can convert to plastic cards and still retain the same key information for the cardholder, such as the card number.
Heather Ribbans, Railsbank Product Manager, said: “The introduction of card issuing is totally being driven by customer demand. The uptake of our suite of features, the speed of implementation and the ability for companies to create debit cards in their own brand, is seen as a huge benefit in terms of not just extending the company profile, but ease of use. And for the user of the card, the ability to swap from a virtual to a plastic card without having to have new numbers, is a real plus point. Overall, the launch of these cards is being met with real enthusiasm from our customers and their users.”
Railsbank is acting as Programme Manager, providing a debit card solution, and is partnered with Cornercard UK, the issuer; Paymentology, the processor; and, Nitecrest, the card printer bureau.
Our launch customer is Goldbloc Ltd. Goldbloc will use branded cards to allow their customers to spend “gold just like cash” via their Goldbloc debit card.
Ralph Hazell, CEO of Goldbloc, said: “Railsbank is making our vision a reality, which is new currencies such as Goldbloc being made available to everyone for day to day use through the banking system, alongside traditional government currencies.”
Nigel Verdon, CEO of Railsbank said, “What is unique is that a customer can issue cards via a single Railsbank integration that powers everything, they don’t have to go through the hassle of finding a bank account provider, an IBAN provider, a bank-transfer provider, an FX provider, a BIN sponsor, a bank to do settlement, a payment processor or have to build the tech and integrations themselves to issue cards. We do all that for them and make it easy through our open banking APIs – customers just have to write 5 lines of code. Simple.”
Railsbank industry leading features include:
The cards are entirely in the customer’s own brand;
Each card has a bank account with a unique IBAN or UK sort-code / account number;
Full integration with Apple Pay and Samsung Pay;
Quick and easy to set-up;
Ease of conversion from virtual to plastic cards;
No need to wait for 3 months of custom development, create instant new card product features, right down to the individual card
All plastic cards are contactless;
Nigel added, “these feature rich cards show the flexibility of our technology, which is based on just five lines of code, and the positive impact it can have upon our customer’s businesses. I am very pleased that demand for these cards is so high.”
Railsbank is currently a participant in the Mastercard Start Path program – the company’s effort to support later stage tech and fintech companies who are building the future of commerce. Mastercard will provide Railsbank the operational expertise and introductions needed to help the company scale and launch the Railsbank industry leading card product.
Founded by serial entrepreneurs and FinTech veterans Nigel Verdon and Clive Mitchell, Railsbank is a global banking and compliance platform that gives companies access to wholesale banking services in 5 lines of code. Railsbank turbo-charges the scaling of businesses by massively reducing the time and complexity of opening bank accounts, streamlining technical integration with banks, enhancing banking functionality with core Railsbank services; and enabling both parties to have a trusted compliance relationship. Awarded the FinTech50 2017, winners of the Simmons & Simmons FinTech Fund in 2016 and Startup Pitch winners at Paris FinTech Forum 2017, Railsbank was also the “Startup-in-Residence” for the 2016 Startupbootcamp FinTech 2016 Cohort.
Money 20/20 interview requests
Railsbank will be on stand A84. For the journalist who wish to meet and interview the founders of Railsbank (Nigel Verdon and Clive Mitchell) please book a meeting here railsbank.com/money2020
For media enquiries email firstname.lastname@example.org
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