UK-based payments company Finsei has selected issuer processing provider Thredd to run the infrastructure behind its new Mastercard debit offering.
The company is bringing accounts, payments, foreign exchange, cards, and expenses onto one platform, functions that businesses operating across markets often obtain from separate providers.
Physical and virtual cards will be available at launch, with Apple Pay and Google Pay support to follow.
Thredd will provide Finsei with payment processing and automated back-office capabilities, along with services that support secure card use. These include tokenization and push provisioning for digital wallets, 3-D Secure (3DS) authentication, and fraud transaction monitoring. With this setup, Finsei can rely on Thredd for the underlying card infrastructure while focusing on its platform and client experience.
Tokenization replaces real card data with a special token, a string of characters that is useless on its own outside a specific transaction. When a client adds a card to Apple Pay or Google Pay, Thredd processes the token and sends it using push provisioning to the wallet through a secure method. When paying, the device uses both the token and one-time cryptographic data unique to the device and the transaction. The actual card number is neither stored by the merchant nor the wallet, which minimizes the risks and makes compliance with security regulations easier.
“Businesses increasingly expect their financial tools to work together rather than as disconnected services,” said Jim McCarthy, CEO of Thredd.
He added that Finsei is bringing payments, currency management, and business spending into a more unified experience, while Thredd provides the flexible infrastructure behind the card proposition so Finsei can focus on simplicity and control for its customers.
Finsei’s clients run businesses across borders and want to avoid using one provider for accounts, another for foreign exchange and a third for cards. Artjoms Dozorcevs, CEO of Finsei, said building the debit card proposition on Thredd’s infrastructure means a payment received in one currency can be spent in another from the same account, with the security controls clients expect. He added that Thredd gives Finsei room to expand its card features as client needs grow.
This collaboration expands Thredd’s collection of fintech and payments clients across the UK and Europe, utilizing its issuing and processing platform to develop and expand their debit, prepaid, and credit offerings. For Finsei, offering card issuing in addition to its accounts, payment, and currency management solutions gives its business customers the ability to manage receiving, converting, and spending money from one platform rather than multiple sources.
