FOR IMMEDIATE RELEASE
LONDON, 27 FEBRUARY 2018—Carta Worldwide and Railsbank have announced a strategic partnership which will enable Railsbank customers to issue their own-branded Mastercard debit cards, that work with Railsbank accounts and International Bank Account Numbers (IBANS).
A UK-based open-banking and compliance platform, Railsbank offers digital native companies a simple API that equips them with all the requirements to access global banking services. Railsbank customers can offer an array of digital banking services to their clients, without worrying about the hurdles of complex legacy banking software and compliance. Now, thanks to Carta’s processing platform, these Railsbank customers can also offer Mastercard debit cards in their own brand—both traditional and virtual—adding simple in-person payments to their client offerings.
Beyond the services offered by most prepaid Mastercard debit cards, Railsbank can now offer the full functionality you would expect of a bank’s debit card: including standing orders, bill payment and electronic funds transfer.
The move sets Railsbank up as a program manager, with Carta as processor. Based in Canada and the UK, Carta enables digital payments for leaders like Paypal and Vodafone. Railsbank CEO and co-founder, Nigel Verdon, said “the partnership is part of an intentional play to build a robust product offering. We continue to build partnerships with some of the most dynamic players in the market and we welcome Carta, a market leader, to our partner network and platform.”
Carta Chief Commercial Officer, Giles Sutherland said: “Railsbank is providing the foundation for the future of commerce—offering an impeccable user experience up front, supported by the complete back end infrastructure of a bank, all with just a few lines of code. It’s an exciting development to be part of.”
In 2017 Railsbank was named one of the hottest fintech innovators in Europe by Fintech50. Railsbank is currently part of the Mastercard Start Path program, designed to support later stage tech and finance companies.
Railsbank invites partners to take advantage of their innovative APIs and new debit card programme by going to www.railsbank.com.
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About Carta Worldwide
Carta Worldwide is an award-winning leader in digital transaction processing and enablement technologies, including Cloud Based Payments and Host Card Emulation (HCE), Tokenization, and Value Added Services such as Digital Offers, Loyalty and Stored Value solutions.
Carta empowers banks, MNOs, OEMs, merchants, program managers and others to enable existing cardholder accounts or issue new and innovative products for the digital world. Carta’s unique Cloud Suite platform enables rapid deployment of mobile solutions with breakthrough technology that overcomes technical constraints of existing systems and infrastructure.
Founded by serial entrepreneurs and FinTech veterans Nigel Verdon and Clive Mitchell, Railsbank is a global banking and compliance platform that gives companies access to wholesale banking services in five lines of code. Railsbank turbo-charges the scaling of businesses by massively reducing the time and complexity of opening bank accounts, streamlining technical integration with banks, enhancing banking functionality with core Railsbank services; and enabling both parties to have a trusted compliance relationship. Awarded the FinTech50 2017, winners of the Simmons & Simmons FinTech Fund in 2016 and Startup Pitch winners at Paris FinTech Forum 2017, Railsbank was also the “Startup-in-Residence” for the 2016 Startupbootcamp FinTech 2016 Cohort.
About MasterCard StartPath
Railsbank is a partner to MasterCard Start Path. MasterCard Start Path partners with startups from around the world to help scale their businesses. The program enables companies to gain access to Mastercard’s global ecosystem and to break new markets through relationships with Mastercard and their customers. www.startpath.com/global