KABN Systems NA together with XTM unveils KABN Visa Card and digital banking solution

By Pavithra R

XTM, a Toronto-based FinTech company providing mobile banking and payment solutions, has partnered with KABN Systems North America, a FinTech leader in the Self Sovereign Identity (SSI) space to launch the KABN Visa Card and digital banking solution.

XTM’s cloud-based, PCI compliant web and mobile architecture has the features common to neo banks including transaction tracking, e-Transfer/ACH, bill-pay, card-to-card transfers, card to bank, balance reports, suspicious activity notifications and more, including:

• Multi-language, time-zone and multi-currency support
• Lending and adjudication engines facilitating overdraft and other credit offerings
• Publicly published APIs to facilitate rapid integrations
• Multi-bank and multi-processor integrations allowing for swift launch and rollout

KABN North America through its Liquid Avatar platform provides a biometrically, verified, SSI solution which allows users to manage several verifiable credentials, online site and program access, and data permissions, putting control over personal data in the hands of its owners. Users of KABN’s Liquid Avatar platform will also have the added features of XTM’s sophisticated FinTech, bank-in-a-box solution. 

“KABN North America’s unique business model creates opportunities to convert a growing number of qualified, authenticated users into active program participants. This is our second initiative with KABN North America, as we recently joined their healthcare consortium to introduce our other program participants to the COVID-19 verifiable identity healthcare credential. We are thrilled to be aligned with the powerful, international KABN North America team,” said Marilyn Schaffer, CEO of XTM. 

KABN North America will roll out the program in Canada throughout the first quarter of 2021. As part of its onboarding strategy for the KABN prepaid Visa cardholders, KABN North America, via its Liquid Avatar, biometric, verified self-sovereign identity platform will offer an “Always On” identity verification and validation services at no charge to consumers. 

“We’re excited to launch our challenger bank program, with XTM, as our first financial services offering, to those with a verified Self Sovereign Identity. Our goal is to power Liquid Avatar users and other partner program participants to be able to spend a blend of traditional and digital currencies, like cash back balances from KABN KASH, while ensuring that they manage and control their identity, data and the respective value it creates,” said David Lucatch, CEO KABN.

Established in 2006, XTM is a global payment, FinTech company in the challenger banking space, helping business and their workers expedite earnings payouts and reduce or eliminate banking fees and cash. With its global card issuing and payment platform, the company provides free technology to businesses to automate and expedite worker payouts.