CashFlows has today announced it will be helping to break down barriers to payment innovation by offering BIN sponsorship services through the ground-breaking Open Payments Cloud (OPC).
New and smaller programmes have always posed a fundamental challenge within the industry whereby low card volumes present commercial challenges and creates a barrier to entry.
Open Payments Cloud’s unique platform enables developers, entrepreneurs and new Programme Managers to bring such new payment programmes to life by enabling them to connect with the fintech services they need such as BIN sponsorship, processing and KYC through a single platform and significantly reduce the barriers to market entry such as implementation cost, development time and minimum commitments.
Through its BIN (bank identification number) sponsorship services, CashFlows will enable these new payment innovators to issue prepaid cards and process payments through the major global payment schemes.
OPC is providing services into a burgeoning market. Prepaid is set to top $500 billion globally by 2020 and $131 billion In Europe respectively, according to research by Mastercard. Growth is strongest in Europe where prepaid is increasing at 18 percent year-on-year compared to 5-7 percent for consumer credit and debit.
This is a market that OPC’s platform will allow its customers to exploit, initially servicing the commercial card programmes before addressing the consumer need.
Scott Lucas, Head of BIN Sponsorship, CashFlows, said: “OPC is addressing a real need in the market. They are continuing the trend of innovation in prepaid, enabling smaller programmes that previously wouldn’t have got off the ground due to economies of scale to launch. CashFlows is pleased to be a key partner of OPC and look forward to a very productive working relationship.”
Paul Love Twelves, General Manager, Open Payments Cloud, said: “We’re delighted to be working with CashFlows and to welcome them onboard as a founding partner. They’re an experienced provider of BIN sponsorship services and we value their expertise and support. There’s a great cultural fit between the two organisations and are both committed to empowering the next generation of payment innovation.”
CashFlows’ payment solutions enable businesses to accept multi-channel payments from all major card schemes and issue our innovative prepaid products to their customer base.
At the heart of our operation is our cloud-based platform, providing a flexible and scalable foundation for our services. We tailor our offerings to specific sectors and have a partner-led go-to-market approach. At CashFlows, decision-making is quick, development is collaborative and staff are experts in their fields.
CashFlows is regulated by the UK Financial Conduct Authority as an electronic money institution, and is a principal member of Visa, Mastercard and other international card schemes.
About Open Payments Cloud
Open Payment Cloud (OPC) enables new payment innovators to overcome the many barriers and complexities to market entry and commercial success. OPC simplifies, organises and connects disparate fintech services to innovators using APIs and a unique rules-based platform. It offers a safe and secure environment where innovators and developers can quickly ‘test and learn’, accelerate speed to market and create the best possible chance of success. Based in London, OPC grew from Horizon 2020, the biggest research and innovation programme ever initiated by the European Union. The platform has advanced with input from Visa and attracted payment innovators including Moorwand, CashFlows and GPS as its founder partners.