Core banking platform provider Modularbank has teamed up with payment processor Nets Estonia, the Baltic division of payment processor Nets Group, to expand its offering in Europe.
Under the tie-up, Modularbank will add card issuing and payments processing capabilities to its platform, allowing clients to quickly avail these services without having to sign up.
This move is expected to enhance the value of the company’s card product portfolio.
In addition, the tie-up with Nets Estonia will enable Modularbank to ensure speed in launching or modernising their card business.
It is also expected to bring in cost-effectiveness in managing the business and offer agility in developing additional customer use cases.
Modularbank co-founder and chief of Business Rivo Uibo was quoted as saying: “The overall impact of the partnership lies in the constellation of value – by combining the capabilities and assets of multiple stakeholders we create a new whole that is greater than the sum of its parts.
“It reflects the trend towards new ‘platform thinking’ where, rather than do everything by themselves, companies, make the most of the best-of-breed solutions already out there today to deliver the end-customer a winning solution.”
As part of the partnership, Nets’ current customers will have access to the rest of the capabilities offered by Modularbank’s core banking platform.
Nets Estonia CEO Henrik Jørgensen was quoted as saying: “Our partnership with Modularbank increases our customers’ innovation capacity while reducing time to market and the cost of maintaining their technology stack.”
In January this year, Nets Group entered into a partnership to enable acceptance of JCB cards by its merchants in Finland.
Last year, Nets expanded its agreements with Norway’s largest bank DNB and Eika Gruppen.