UK FinTech Paymentology achieves Visa Ready certification

By Megha Bhattacharya

UK FinTech Paymentology has been granted a Visa Ready certification, allowing it to empower banks to offer tailored products through access to real-time data. Visa Ready status enables banks and financial institutions to meet Visa’s security and functional standards.

“The Visa Ready certification further boosts customer confidence in our capabilities. It also enables us to deploy Visa card programs faster for banks around the world. We are of particular appeal to digitising banks who are looking to move away from legacy processors to more economic, more agile and more flexible solutions,” said Shane O’Hara, CEO at Paymentology.

Recently, Paymentology announced that it has been selected by Mastercard to join its FinTech Express programme and its Engage Programme. The companies will be teaming up for boosting banking technology innovations in Europe and globally. Mastercard FinTech Express Programme is a part of the company’s Accelerate- Mastercard’s FinTech platform. The FinTech is now able to support clients in the categories of digital wallets, commercial payments and speed to market.

“Visa is delighted to grant Paymentology with Visa Ready certification. Paymentology’s cloud native processing solution, with open API interfacing and live ‘at point of spend’ feed to the banks, makes it easier for digitising banks to migrate away from legacy systems,” said Jonathan Griswold, Head of Partnerships, in Europe at Visa. “We are looking forward to building out the capabilities that we can offer to fintechs and together drive the expansion of a digitally connected payments ecosystem.”

Paymentology specialises in replacing legacy issuer card processing, provision of cloud and data centre-based processing, direct transaction injection into bank GL, delivery of card spend datasets to bank, enablement of latest cardholder spend controls, and support of debit, credit and pre-paid card programmes. It runs multiple issuer payment card processing platforms across the world, spanning Mastercard, Visa and UnionPay networks.