Minna Technologies launches Subscriber API for fuel subscription economy

London-based fintech Minna Technologies has unveiled its latest offering, Subscriber API, which provides a single platform for subscription-based businesses, banks and fintechs.

The automated subscription management engine allows brands to deliver consistent user experiences across multiple channels, including banking platforms, to reach subscribers wherever they manage their money.

Banks can embed the API to support subscription management, while minimizing operational costs and increasing the share of top-wallet customers.

The Subscriber API enables pausing, upgrading, downgrading, offering, changing payment methods, canceling and re-subscribing through a single interface, speeding up integrations and reducing maintenance and operational costs. This contrasts with the previous requirement for multiple integrations to implement full functionality.

Minna’s research has shown that 86 percent of consumers would consider accepting an offer instead of canceling, 80 percent would rather upgrade or downgrade their subscription, while 72 percent would rather put it on pause.

In addition, one in five consumers cancel subscriptions within banking apps, which poses a significant challenge for subscription companies. Minna’s solution aims to allow customers to easily subscribe again, and increase recycling by 20 percent.

Benefits of the Subscriber API

Amanda Meslercjhair and CEO of Minna Technologies, said: “Global subscription businesses are looking for smart ways to eradicate passive and involuntary churn. From offers to temporary subscriptions, subscription-based businesses can quickly respond through a single Minna integration to engage customers in the banking environment. As the first to market, this launch represents the convergence of the space by bringing together subscription-based businesses and banks on a single platform.”

Built for businesses, Minna’s Subscriber API is PCI-DSS and ISO compliant and works with all payment rails and card schemes. Banks benefit from continuous product improvements, increased speed to market and greater control over product updates.

Kirsty Rutter, fintech director at Lloyds Banking Group, said: “Fintech partnerships, including our work with Minna Technologies, help deliver a service that makes it easier for our customers to budget, which has been particularly important as household bills have increased in recent months.”

While Ruth Bickerton, VP global strategic alliances at Ability, added: “As the world moves to omnichannel, mechanisms like the Subscriber API allow subscription businesses to feel a sense of control over the customer experience, both in owned channels and partner channels like banking apps.”