Adastra and PaymentComponents to offer Open Banking in Canada and USA

By Leandra Monteiro

Adastra, a Global Data & Analytics solutions provider, and PaymentComponents, a global leader in B2B payments and FinTech solutions, have entered into a strategic alliance to enable Open Banking and Payments Capabilities in Canada and the USA.

Open Banking, a growing global standard in the industry, provides financial institutions open access to customer data through application programming interfaces (APIs), allowing for client transparency and a more innovative financial ecosystem.

The partnership between Adastra and PaymentComponents will enable a wide range of Open Banking and Payment solutions for Financial Institutions in the region. As the movement of Open Banking is on top of the agenda for the banks, forward-thinking institutions will not only be able to better serve their existing customers, but they will also attract new clients with transparent and competitive services.

Commenting on the partnership, Darren Edery, President at Adastra North America, said, “We are excited to work closely with PaymentComponents to continue to bring innovative solutions to the fintech sector, in ways that will streamline the functionality and integrations of banks’ core systems.” Edery continued, “The routing and scheduling features being implemented with the solutions implemented with PaymentComponents are designed to simplify our clients’ operations while adding control to their payment processes.”

Sotiris Nossis, CEO at PaymentComponents, said, “Collaborating with a tech pioneer such as Adastra allows us to boost our position as a comprehensive fintech solutions provider in the region. The combined strengths from Adastra and PaymentComponents will offer customers exclusive solutions that they can take to market effectively.”