Abu Dhabi-headquartered fintech NymCard has launched Open API platform for payment card processing and issuing, it announced in a statement to MENAbytes today. The announcement follows NymCard’s $7.6 million Series A which it had raised last month. The newly launched APIs aim to remove the friction from regional payments industry by making the process of issuing card programs and payment solutions seamless.
It would allow the fintechs and banks in the region to innovate, customize and launch new payment experiences for their users at record speed, said the company in a statement, adding that it is working with local and regional banks and regulators as partners to serve the entire region.
Its ‘banking-as-a-service’ offering would enable fintechs to build new products and services and easily launch full digital banking suites of products.
Omar Onsi, the founder and CEO of NymCard, said, “The payments industry is very complex and highly regulated. Fintechs need modern infrastructure that would get them to focus on building their product proposition rather than deal with the payment rails infrastructure. It is a cumbersome process trying to find a processor, then the Issuing Bank (BIN Sponsor). Publishing these APIs as our ‘technology building blocks’ removes part of this friction and gets our clients to start building faster.”
He also explained that they’ve focused on creating the best APIs available with a user-friendly developer portal dedicated to API resources, “Developers can now use our core APIs to issue their first virtual card in under 20 minutes,” noted Omar.
The startup will continue to publish a new set of APIs every two weeks to address the different needs of its clients.
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