5 FinTech partnerships that took place in Europe in January 2023

By Gloria Methri

Financial technology (FinTech) is a term used to describe financial services that are primarily technology driven or that use technology to improve financial services. FinTech partnerships are not the answer to all banks’ challenges.

Partnering is really only necessary in areas where the bank’s existing core cannot deliver on the growth and transformation goals. There are clear benefits for banks to work with FinTechs and technology partners to drive revenue growth or cost improvements – they can access revenue growth opportunities faster, cheaper and with less risk.

Here are 5 FinTech deals and partnerships in January to take a look at:

European PayTech Nexi has signed a five-year agreement with IBM to upgrade its core payment processing platform with IBM z16 technology and the IBM Storage System. The collaboration supports Nexi’s strategic growth plan by accelerating the modernization of the services, data and processes so that digital channels and applications can run securely.

Under the agreement, IBM will work closely with Nexi to provide the technologies and to add the expertise needed to support the efficiency of the group’s digital payment services.

Klarna has partnered with the payment terminal company Ingenico to expand its buy now, pay later when checking out in store. The partnership will facilitate the rollout of Klarna’s flexible payment options at the point of sale using PPaaS, Ingenico’s innovative cloud payment platform-as-a-service.

PPaaS enables banks and acquirers to choose from a catalog of payments and value-added services without the need for software development.

The French global payment company Worldline has extended its multi-year agreement with ING bank. Based on the agreement, Worldline will handle the issuance and processing of debit and credit cards for the Dutch international bank in several countries.

ING will outsource issuance processing operations to Worldline. By relying on its technology and know-how, Worldline will help ING focus on its core competencies, and support the bank’s growth ambitions.

Swedish FinTech Trustly has entered into a strategic partnership with Nordnet, the digital platform for savings and investments. Under the partnership, Trustly’s instant payment platform will enable Nordnet customers to deposit money quickly and securely, with an improved user experience.

Activating Trustly payments will provide opportunities to offer instant deposits across the Nordic region with a single integration.

XPAY, an embedded finance provider offering Mastercard programs with loyalty components, has chosen Finastra to support its growth plans. XPAY will leverage Finastra’s Fusion Essence which comes pre-integrated with the payment gateways and OpenBanking Compliance from Salt Edge.

The combined offer and access to FusionFabric. Cloud-powered by Microsoft Azure, will enable XPAY to deliver differentiated end-user experiences and new services.

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