Velmie Unveils Customizable Business Banking Platform
Velmie has announced the launch of its Business Banking Platform, a tailored solution aimed at assisting financial services providers and FinTechs in expanding their product portfolios, according to PYMNTS.
The platform is designed to meet the diverse needs of business clients, offering services such as corporate payroll management, automated payments, invoice factoring, business deposits, and others, as highlighted in a press release.
Velmie’s CEO, Slava Ivashkin, emphasized the company’s commitment to addressing the financial challenges encountered by businesses, stating, «Committed to addressing the financial challenges businesses face, our platform offers a seamless and customized solution.»
Key features of the Velmie Business Banking Platform include a modular approach, allowing customers to customize and configure modules independently, and the ability to integrate financial services from Velmie’s global partner ecosystem. This integration enhances the platform’s offerings with services such as payments, accounts, lending, foreign exchange, and compliance solutions like know your customer and anti-money laundering measures.
Ivashkin further underscored the platform’s white-label nature, supported by Velmie’s integration and support, scalability, and compliance with industry regulations.
The launch of this platform aligns with Velmie’s mission to simplify financial experiences and revolutionize modern banking. According to PYMNTS Intelligence, 25% of bankers perceive Banking-as-a-Service (BaaS) technology solutions as essential for revenue growth.
While larger financial institutions may opt for in-house BaaS solutions, many businesses prefer to partner with technology providers to implement BaaS features tailored to their needs, according to the PYMNTS Intelligence study «How BaaS Can Help FIs Win More Customers.»
In a related development, core banking platform Tuum announced on Feb. 6 that it secured $26 million in funding to expand its presence in new regions, including central and southern Europe and the Middle East. Tuum aims to enhance its sales and marketing operations and establish new managed services relationships.
Myles Bertrand, CEO of Tuum, emphasized the importance of modernizing banking systems for digital transformation, stating, «Everyone knows that banks need to replace their aging core banking systems if they are going to successfully adapt their business models for digital banking.»