VIALET selects Moorwand as the issuer & BIN Sponsor for new credit product
By Megha Bhattacharya
Alternative financial solutions provider VIALET has selected UK-based Moorwand as the issuer and BIN Sponsor for its new credit product. The collaboration will see Moorwand issue virtual and physical cards for VIALET across Poland, Spain, Lithuania and Latvia. The company will also provide VIALET’s credit line with a single compliant connection to the Mastercard payment scheme for transaction processing and settlement of cardholder funds.
“Our new credit line has the potential to help thousands of users meet their financial obligations. With no hidden charges and an intuitive mobile app, users will have complete visibility and control over their money,” said Artjoms Grivkovs, CEO at VIALET. “We needed a partner with deep regulatory expertise across borders, who could offer agile solutions to support our market expansion and who is committed to reducing payment friction. Moorwand ticked all these boxes and more.”
Recently, German FinTech Stocard selected Moorwand for issuing and BIN sponsorship services in the UK, France, Germany, Netherlands and Italy. Stocard will be leveraging Moorwand’s e-money licensed to issue its Mastercard-powered virtual debit card. Android users have access to the virtual card directly in the Stocard app through host card emulation (HCE) technology. For iOS devices, the German FinTech supports Apple Pay.
FinTech VIALET’s credit line offers consumers competitive interest rates alongside a money management app allowing users to take control of their finances. Users will also be able to use the credit line to complete payments on occasions when existing funds are insufficient.
“We love to work with innovative fintech companies that offer consumers more choice through cutting-edge products and services,” said Luc Gueriane, Chief Commercial Officer at Moorwand. “The launch of VIALET’s credit line means consumers have a genuine alternative to payday loans and other high interest products. This simpler and more flexible way to access credit gives consumers the power to manage their finances how they want, seamlessly and digitally. We’re excited to see VIALET take frictionless finance mainstream.”