US-based white-label banking software provider Velmie has partnered with fintech company ConnectPay aiming to launch a new product in a couple of days. The project regarding the neobank is focused on providing financial institutions and fintech companies the needed access to comprehensive banking solutions and proven technologies while making the process of launching new financial offerings more efficient and safer.

Furthermore, the suite of financial offerings is going to use a single technological solution. ConnectPay provides all the tools required in the procedure of offering financial services to customers, while also having the Electronic Money Licence (EML) and being a member of the monetary authority of the Eurozone. The collaboration with Velmie will offer the company the possibility to extend its solutions and give users the banking software needed for the product to function properly.

This will allow its client base to build new fintech businesses in a fast and seamless way while using one technological service. New companies that just entered the industry will be able to expedite their businesses quicker while keeping an eye on their client’s needs and preferences. The EMI license provided by ConnectPay will also allow them to run their marketing in a safe and compliant way.

More developed organisations will be able to benefit from this product as well since they will have the capability to leverage it in order to streamline new offerings and tools and scale up services in a shorter amount of time. Included in the benefits is the possibility to connect to only one partner which will ensure all the needed scope of services, as long as that partner is vetted. This aims to reduce operational friction while expediting the new product to go live.

At the moment, the integration of the solutions provided by the companies is in progress, and the launch date is set for Q2, 2023. ConnectPay’s strategy All-in-one finance platform for online businesses, ConnectPay offers a wide range of payment services to its customers, such as IBAN multi-currency accounts, Banking-as-a-Service, corporate cards, SWIFT payments, SEPA payments, and merchant accounts. All of its products operate in a secure manner as the company focuses on a fully automated fraud prevention and compliance management ecosystem.

Organisations can benefit from a smooth onboarding process and a customised client suite of solutions that enables them to meet the needs and requests of their users. The company appeared in one of the `Voice of the Industry` articles published by The Paypers in November of 2022. The publishing focused on the insights provided by Marius Galdikas, CEO of ConnectPay, and it offered an overview of the way organisations can remain compliant with PSD2, and how this represents a make-or-break moment for marketplaces.

As marketplaces have boomed as they provided online shoppers and clients with multiple convenience and easy-to-access ranges of products and services, the company thought it was necessary to take a closer look at what takes for such a business to scale in the European Economic Area (EES). Moreover, the article also prioritised how merchants can ensure that the key element of their successful payment operations is working smoothly across different countries. .