Paymentology , a global issuer processor, has entered into a strategic partnership with albo to assist fintech growth in Mexico and solidify its market position across personal and business finance. In a bid to further accelerate the development of Mexico’s fintech sector, Paymentology teamed up with albo, a digital bank operating in the region, with the two companies working towards meeting the needs, demands, and preferences of customers and companies.

Since the start of its operations, albo has been focusing its efforts on serving users with a suite of financial services, including personal and business accounts, debit options, payroll, and savings. In addition, the digital bank offers credit and cryptocurrency solutions through its affiliated partners. The move aligns with both organisations’ commitment to increasing financial inclusion and growing Mexico’s digital economy.

Together, they plan to ensure security and accessibility to financial solutions for individuals and businesses across the country. Mexico is not the only region in which Paymentology intends to expand its footprint and the overall fintech sector. For example, just days before joining forces with albo, the company partnered with Zand Bank to advance fintech growth in the UAE.

The agreement aimed to assist financial innovation and growth by delivering essential infrastructure and specialised services for new entrants in the market. Scaling Mexico’s fintech sector Since leveraging Paymentology’s payments technology, albo further scaled its services to small businesses, allowing them to manage payroll and other transactions via its secure digital platform. Also, the digital bank increased access to its retail clients by including 400 top-up points across Mexico, enabling customers to load cash onto their cards at no cost.

Paymentology’s technical support enabled albo to optimise its activation process for these physical cards, ensuring that cardholders can start utilising them soon after receipt. When commenting on the announcement, representatives from Paymentology underlined that throughout 2023, albo witnessed substantial growth, assisted by customer acquisition and transaction volumes while maintaining strong unit economics. The company plans to continue to support the digital bank’s objective of equipping Mexicans with augmented financial services.

Moreover, albo implemented dynamic CVV checks for virtual transactions and 3D Secure (3DS) technology for all transactions, improved by additional fraud detection measures. Source: Link .