Innovative products underscore how next-gen platforms are leveling the playing field in credit for banks and FinTechs
i2c Inc., a leading provider of digital payment and banking technology, announced a string of partnerships and credit product launches including Archa, Community Bank of the Chesapeake (CBTC) and Credit Sesame. According to the company, the collaborations are representative of how modern issuing-processing platforms are leveling the playing field in credit cards, for a variety of innovators around the globe.
“These visionary partners each embody in their own way the democratization of product innovation in financial service, and particularly in credit – a product class notable for its complexity and dominance by the top five issuers”
Each use case shares several key attributes, including the relative ease with which product features and functionalities were assembled to address specific opportunities, speed to market, and the establishment of a path for accelerated innovation cycles and expansion.
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“These visionary partners each embody in their own way the democratization of product innovation in financial service, and particularly in credit – a product class notable for its complexity and dominance by the top five issuers,” said Amir Wain, CEO and founder of i2c, adding, “For years, banks and new entrants have struggled to innovate in the credit space with legacy platforms and to find partners willing and capable of bringing their ideas to life. That’s all changed now.”
Australian Fintech, Archa, started with the simple idea of addressing a gap in their region’s corporate card market, where banks often don’t underwrite corporate credit cards for small businesses. The company’s neo-banking corporate credit platform offers small businesses instant credit on a functional card platform, integrating with existing business practices without a personal guarantee.
“Building our corporate card platform from scratch, we wanted a flexible solution that would meet several bespoke needs, without needing to use multiple vendors,” said Archa CEO, Oliver Kidd. “i2c solved that for us in that we immediately gained a payments partner with deep experience, integrations and partnerships like with Mastercard, plus proven speed to market,” he added.
As a leading bank serving Southern Maryland and the Fredericksburg region with an emphasis on being close to their customers, CBTC sought to level the playing field through the creation of a credit program for its business and consumer clients that could compete with those offered by the largest institutions.
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