PayPugs partners with Muniy – ThePaypers
US-based online payment solution PayPugs has partnered with British neobank Muniy to launch a global Fintech-as-a-Service solution.
This new solution was designed to allow companies to easily integrate financial services into their product offerings and thus ensure a plus of convenience and flexibility for their customers. The partnership aims to improve fintech adoption in the UK and Europe by blending PayPugs’ account, payment and card infrastructure with Muni’s front-end development expertise.
The collaboration will result in a number of online and mobile banking applications, as well as back-end infrastructure development projects for financial and non-financial companies. Some of the main features of this new Fintech-as-a-Service product include different transaction types, IBAN accounts, different web and mobile interfaces and an easy API integration.
The initial stages of the partnership will include a joint venture establishment and back-end system synchronization. In the official press release, PayPugs representatives emphasized the difficulties that arise when launching a fintech product, especially when it comes to the operating systems of different service providers, as well as the resources that must be spent on maintenance and development.
The partnership with Muniy aims to address fragmentation and allow entrepreneurs and businesses to launch their own fintech products quickly, cost-effectively and under one system. Muniy officials emphasized that they want to make it as easy as possible for people to use their platform and begin their fintech journey.
The state of the global neobank market
According to a recent Global Neobanking Market Size, Share & Trends Analysis Report by GlobeNewswire, the Embedded Finance market has grown steadily over the past 5 years. In addition, new Neobanks and money transfer companies are entering the market with the aim of capturing large customer segments.
The report predicts that the neobanking market will grow at a compound annual growth rate of 53.4%. Market growth is driven by factors such as a faster process of loan approval and financing compared to traditional banks, with low interest rates via bank applications.
Furthermore, technological advancements such as artificial intelligence and IoT in online banking platforms are also expected to support market growth during the forecast period of 2022 to 2030. The increasing popularity of mobile-based applications for making international money transfers and online payments is also contributing to the growth of the market.
In this context, PayPugs and Muniy will focus on the rising and untapped market to offer a unified Fintech-as-a-Service solution that can help businesses save resources spent on maintenance and development.
