The global market place, insurance companies, FinTechs, and national and international banks need a reliable, secure and agile transactional platform that can eliminate payment inefficiencies. One of the key players of this field is the London based FinTech, Bankable.
Bankable provides a range of payment solutions under a “Banking as a Service” model. Currently deployed solutions include digital banking, virtual account services, card management and processing services and payment processing services.
Bankable’s client base ranges from global corporates, incumbent banks and insurers, to SME’s and FinTechs who leverage the Bankable platform to streamline their payments processes and generate new net revenue opportunities. With Bankable’s products and services, banks are enabled to focus on their brand and products, and to quickly launch products in new territories and easily target new categories of customers. Large corporates can leverage their services to improve payroll, expense and purchase management with their card programmes. FinTechs can quickly launch innovative payment tools for niche target groups, and large insurance companies obtain streamlined processes including admin & fraud management, with real-time financial support to beneficiaries.
A Unique Interoperable Platform
Bankable’s overall competitive advantage is their capacity to serve global clients on various levels: legally, commercially and of course technically. Bankable’s key added value indeed lies in the strong technology they provide, with Bankable’s Virtual Account Management platform as the core feature to the broader payment service Bankable enable. The Bankable platform enables their customers to quickly go to market, with a full turnkey solution depending on their business needs, via a single multichannel platform. Bankable is globally connected to custodian banks, processors, card manufacturers and other suppliers in the payments ecosystem, and they also provide programme management services – enabling Bankable to deliver an endto- end solution for corporate and consumer payment programmes. Bankable’s unique interoperable platform as a service can be deployed in white-label or via API to provide real-time payment solutions. Bankable targets both B2B and B2B2C clients with several products, including Digital Banking, a Virtual Ledger Manager (VLM) and Payment Cards Programs.
Virtual Ledger Manager: Bankable’s VLM is a solution that provides a faster, clearer, and more scalable operating model for cash management with its high-level capacity to process standardised and proprietary data in all machine-readable bank formats. It is applicable to any bank account and can be easily integrated to the general banking prism in which corporates evolve.
The Bankable virtual account structure is a data segregation and security system, which provides large corporates with the ability to replicate their operational system. As a result, this allows any client to create an unlimited number of virtual accounts and entities (countries, division, business units etc.) for money in and money out. VLM automatically deals with the reconciliation of inbound and outbound payments that occur from the virtual accounts. It also enables transactions to be initiated from those accounts.
Digital Banking: Bankable’s Digital Banking platform are leveraged by banks, FinTechs, Telco’s and retailers to launch a digital bank from scratch.
Bankable technology can be deployed to generate accounts with IBANs, issue payment cards linked to the accounts, and access payments schemes, including Faster Payments, SEPA transfers and SWIFT payments. The core of the solutions is the Account Management System, which handles all the accounting and reconciliation and provides connectivity to Bankable’s ancillary services.
Corporate and consumer card programmes: Bankable’s platform can be leveraged by corporates to launch card programmes to improve their expense, payroll, and purchase management processes, and can be used by distributors to deploy card programs targeted at consumers.
- For corporate programmes – Bankable offers a fully whitelabelled self-service platform for SME’s and corporates to issue VISA and Mastercard prepaid cards to employees for expenses, purchasing, payroll, incentives etc. It gives clients cost-effective centralisation of their payments as it replaces cash and checks, as well facilitates real-time reporting on employee spending.
- For consumer programmes – Bankable’s platform can be used by large corporations, banks, non-bank financial institutions, FinTechs, etc. to launch their own consumer programmes. The platform can be leveraged into a light banking solution, which can be deployed featuring both physical and virtual cards.
Eric Mouilleron founded Bankable with the vision of eliminating payment inefficiencies. Prior to Bankable, he co-founded Valtech, an IT project-based software consulting company.
In 1999, Valtech had an IPO on Euronext and by 2000, it had grown into a multinational company with 12 offices in 8 countries, with more than 1,200 employees and a market cap of USD 1.5 billion. Before co-founding Valtech, Eric was a marketing strategist for the New York Times and then at Groupe Hersant.
As a Founder and CEO of Bankable, Eric builds a culture of diversity and passion in what they do, and he inspires his employees to give their best and help the company grow.
A Remarkable Journey
After successfully leading Valtech, Eric moved on to new entrepreneurial endeavors in the FinTech industry. This was after he attended the first Mastercard prepaid conference in Prague in May 2007, an event which provided him with insights into the payment space in Europe.
Bankable was launched in December 2009, in the wake of the game-changing European Payment Services Directive (PSD1). This legislation disrupted the European finance industry as it forced the industry to be more open and competitive – freed from regulatory yokes, non-banking players were finally able to thrive. By then Bankable, the global architect of innovative payment solutions providing “Banking as a Service”, was set-up by design to legally, technically and commercially build long lasting partnership with banks and global corporates.
Since 2012, Bankable stands as “the friendliest FinTech to incumbents”; this was controversial at the time, because in those days, most FinTechs aimed to destroy the banking industry. Despite the general apprehension and competitiveness, Bankable that year signed their first bank partnership with Deutsche Bank, Global Transaction Banking. Today, Bankable is partnering with several European banks, Moneyou (a subsidiary of ABN AMRO) being one of them. This relationship evolved into a successful partnership – resulting in a fully digital challenger bank for consumers within 6 months of the first initial meeting.
Bankable is now in the midst of its exponential growth, planning to extend its range of services to the USA, the Middle-East, Africa and the Asia-Pacific region by 2020.