Navigation MenuRealWire Limited

Delivering Relevance, Releasing Influence

Tweet Facebook LinkedIn
Press Release

Tribe Payments launches Bankbox to improve access to banking systems

Media
Links

Agnostic module allows regulated entities to offer bank-lite services

London, 4th December 2019: Tribe Payments, a team of industry experts dedicated to delivering the future of payments, today announced the launch of Bankbox. Bankbox is an API-led, agnostic module that provides issuers and acquirers access to banking systems and rails such as Faster Payments in the UK and Automated Clearing House in the U.S..

Part of Tribe Payments' modular platform ISAAC, Bankbox is designed to help programme managers - who have card services or a digital wallet - and acquirers - that are accepting payments on behalf of a merchant – add banking services to their products. The module works in conjunction with Tribe’s Digital Wallet module for issuers or its Acquirer Processing module for acquirers. Alternatively, the stand-alone module can be easily integrated via APIs into existing payment systems.

In addition to easing access to banking systems, the launch of Bankbox helps programme managers accelerate their Open Banking efforts. Payment companies - and the merchants and consumers they serve - are looking to capitalise on Open Banking payments. Open Banking payments are authenticated directly between consumers and their banks. This means unlike with card schemes and direct debits, merchants can avoid chargebacks generated due to fraud or an inability to capture funds, as well as dramatically reduce processing costs.

“Programme managers need access to banking systems to create powerful propositions. But even in the Open Banking era organisations are struggling to capitalise. Connecting is frankly like wading through technological treacle,” said Suresh Vaghjiani, CEO of Tribe Payments. “Bankbox aims to standardise access to banking systems, cutting out complexity and unnecessary middlemen. With a single integration Tribe can now connect a programme manager that is accredited to access these rails so they can provide their customers with choice, expand their reach, and reduce costs.”

Earlier this year, Tribe partnered with Starling’s Banking Services to offer real-time access to Faster Payments and direct access to Bacs (Direct Debits and Credits). As Europe's first issuer processor working with Mastercard, Visa and UnionPay International, Tribe offers unrivalled market connectivity.

-Ends-

About Tribe Payments
We are a tribe of industry experts delivering the future of payments. Unlike most vendors, Tribe provides all aspects of payments using a modular platform to businesses – predominantly acquirers and issuers - that serve merchants and consumers across the globe. Tribe is the only provider to fully break the ‘legacy-cycle’, using disposable technology to ensure zero-obsolescence and containerisation to minimise risk.

As Europe's only issuer processor working with Mastercard, Visa and UnionPay International, we offer unrivalled market connectivity. We build to global scale, securely - we are PCI Level 1 compliant and supported by our own private cloud.

Our mission is to deliver payment technology that no longer compromises between scale and speed.

To find out more visit: https://tribepayments.com/

CCgroup for Tribe Payments
Medha Pal
T: +44 20 3824 9207
E: tribe@ccgrouppr.com