Paynetics and phyre support the launch of new digital wallet platform for Bulgarian American Credit Bank

28 Oct 2020

Launch represents the first time the Paynetics solution has been deployed by a bank, proving its value to financial services providers

Fintech and payment service provider Paynetics AD, digital banking platform provider phyre and commercial bank Bulgarian American Credit Bank (BACB), have announced today the launch of new digital wallet product B@CB Pay. The solution leverages phyre’s digital banking platform and Paynetics’ range of payment services, including its payment tokenization technology.

As the latest milestone in the development of the Paynetics and phyre digital banking platform, the launch demonstrates its applicability across different vertical industries, and in particular the demand for this type of solution within the financial services market.

The solution aims to support those companies at the heart of the financial services sector, many of which may not have the resources to develop a digital offering in-house, to digitalise their services and ultimately better serve their customers.

This announcement follows the launch of similar platforms by large organisations across non-financial industries, including telecom provider A1 – part of the Carlos Slim telecommunication business – and VIVACOM, a leading telecoms company in Bulgaria, but is the first time that this solution from Paynetics and phyre has been deployed by a bank.

BACB has launched its digital wallet platform without any initial upfront investment and with a time to market of just three months; a vast improvement on the industry average of £2-3 million and 18-36 months that is usually required for projects such as this.

BACB customers will now benefit from a superior user experience (UX) and the use of innovative features including Tap to Pay, quick P2P transactions, seamless bank transfers and digitalised loyalty cards, vouchers and tailored offers, with the introduction of new features such as lending, utility payments and business accounts to be added over the coming months.

Paynetics is a regulated e-money institution, licensed across the EU and a Principal Member of Mastercard, Visa, SWIFT, and SEPA. It offers next-generation payment technology solutions, spanning across card acquiring, issuing, IBANs, money transfers, BIN Sponsorship, eWallets, and software POS.

Antonina Martinova, CEO, Paynetics, commented:
“Our work with BACB is testament to the strength and value of our payment solution portfolio and digital banking platform proposition for any company who is looking to meet consumer demand for secure and streamlined digital payments services. We’d love to work with more European banks and financial institutions in order to help them deliver superior digital services to their customers and think that our platform is perfectly suited to this purpose.”

Ivo Gueorguiev, Co-Founder and Executive Chairman, Paynetics commented:
“We’re proud of our work with BACB as it demonstrates the applicability of our services to a range of different industries, including the banking and financial services sector itself. Working with regulated fintechs such as Paynetics can empower more traditional, entrenched players in this market as we’re able to bridge the gap between disruptive innovation and the restrictions of the industry, through our deep understanding of the complex regulatory frameworks that must be adhered to.”

Tzvetelina Borislavova, Chairman of Supervisory Board, Bulgarian American Credit Bank added:
“At BACB, we understand the modern citizen’s need for lifestyle-based solutions to everyday troubles. We want to be involved in the consumer’s day-to-day life. In our ambition to do so, we revitalised entire processes within our organization and combined forces with Paynetics and phyre, two leading fintech companies, thus creating B@CB Pay – the bank’s first digital wallet. B@CB Pay is the epitome of the bank’s seamless transition into the virtual banking space, committed to discovering and providing green and sustainable financial solutions.”

Konstantin Djelebov, CEO, phyre, said:
“Traditional institutions have been under such a big pressure from the booming fintech competition. This project with BACB is a great example of how fintechs can work with banks in this tough situation to help them match, and even beat, ever-increasing customer expectations. The combination of phyre’s cutting-edge platform technology and agility and BACB’s experience and heritage in banking are a recipe for success!”

About Paynetics
Founded by financial sector veteran Ivo Gueorguiev and serial entrepreneur Valeri Valtchev, Paynetics is an e-money institution, providing end-to-end payment services across the European Union. As a principal member of Mastercard, VISA, SWIFT and SEPA, the company is able to serve all payment needs of its clients, including card acceptance and issuance, account management and bank transfers, as well e-wallet solutions.
Please find more information at https://paynetics.digital/

About phyre
phyre is a coherent digital banking platform enabling both big corporates and startups to enter the fintech revolution by saving substantial investments and effort while shortening the time to market. To create their own branded digital banking proposition our clients just need to select the desired building blocks from our rich features list. The cooperation with Paynetics empowers us to offer a unique combination of technology and Payment and as a Service model and to be a key partner for the fintech strategy of both financial and non-financial institutions.
Please find more information at https://www.phyreapp.com/

About Bulgarian American Credit Bank
BACB is a financial institution that offers full banking services catering to individual and business clients’ needs. Bulgarian-American Credit Bank organizes its activities strictly abiding to three focal points: green, social and sustainable banking. BACB is a major partner in the development of resource-effective, competitive green economy in Bulgaria. The bank strives to achieve synergy between the needs of customers, responsibility to nature and its own business goals.
Please find more information at https://www.bacb.bg/en

Media contact: paynetics@hardnumbers.co.uk