Long-term Contract Extensions Help Ensure Leading Fintechs
Continue Rapid Growth and Disruption
SIOUX FALLS, SD – (May 11, 2022) – Central Payments, the country’s fastest growing prepaid card issuer*, announces contract renewals with leading fintechs Payactiv and Paysend. Extending the relationships ensures consumers can continue to access Payactiv’s Earned Wage Access (EWA) feature, a low-cost means to access accrued wages on-demand and Paysend’s disruptive, low-cost money transfers from the U.S. to 100+ countries around the world. “Our relationships with Payactiv and Paysend are great examples of successful bank-fintech partnerships with shared focus on solving financial challenges faced by consumers of modest means,” said Trent Sorbe, President and Founder of Central Payments.
”Central Payments came up in fintech with Payactiv,” said Sorbe. “Our long-standing relationship with their COO Ijaz and the rest of the Payactiv team is a great example of an issuer and startup learning from one another and collaborating to ensure an amazing product like EWA flourishes.”
“Payactiv partnered with Central Payments because they shared our vision that providing employees on-demand access to earned wages addresses a critical need among working Americans,” said Payactiv COO and co-founder Ijaz Anwar. “Payactiv invented Earned Wage Access to uncuff the American worker from a batch-based pay cycle to on-demand pay – so a single mother can pay for daycare between paychecks and a healthcare worker can cover an unexpected car expense.”
Paysend, the London-based card-to-card pioneer and international payments platform, is continuing to expand its US-based money transfer services with the upcoming launch of international ACH transaction services through a contract extension with Central Payments and integration with its Open*CP Fintech API Marketplace. U.S. residents will soon be able to send money directly from their bank account to recipients in over 100 countries, including Honduras, El Salvador, Colombia and Guatemala, as well as within the U.S.
“Our Open*CP platform powers many of the most innovative products in fintech, and connecting Paysend’s mobile remittance solution to the payments ecosystem is a great example of the technology’s versatility,” add Sorbe. “We built Open*CP because ‘REAL’ banking-as-a-service requires technology, charter and choice. Together, these characteristics have proven to be unique and compelling for both fintech and embedded finance solutions.”
“When Paysend was investigating how best to enter the U.S. market, we knew our early success would depend, in part on a partnership with a technology-forward, progressive bank partner,” said Jairo Rivero, Chief Strategy Officer and Managing Director for the U.S. and LATAM at Paysend. “We recognized right away that the combination of Central Payments’ expertise and it’s Open*CP platform was uniquely-suited to the needs of fintech, and we are extending our agreement early because we are convinced that a long-term relationship with Central Payments is essential to our success in the U.S.”
About Central Payments
Central Payments is the payments subsidiary of Central Bank of Kansas City and provides payments technology and issuing solutions for fintechs and embedded finance. The company’s Open*CP Fintech API MarketplaceSM is one of the only true banking-as-a-service payments platforms with issuing capability embedded. Open*CP’s vertical integration and it’s native-to-the-cloud technology are the drivers responsible for Central Payments’ rise to the fastest growing prepaid card issuer since 2015.* The company also operates Falls Fintech, its award-winning startup fintech accelerator and produces Fintech Brews & News, a podcast devoted to helping bridge the gap between banking, startups, and the entire fintech industry. Visit Central-Payments.com & FallsFintech.com for more information.
* Source: The Nilson Report, 2015 to present.
Payactiv, a Public Benefit Corporation and Certified B Corp, is a holistic financial-wellness platform that provides employees on-demand access to earned but unpaid wages. Businesses that partner with Payactiv see significant cost reductions through increased recruitment, engagement and retention. Payactiv offers a suite of financial services that includes savings and budgeting tools, bill payment and financial-health measurement. Payactiv is the winner of the American Business Awards' Company of the Year for Financial Services award, the Innovative Payments Association's Consumer Champion award, a Finovate winner and finalist, and the recipient of numerous best-in-class awards in both FinTech & HRTech. Visit www.payactiv.com.
Paysend is a next generation integrated global payment ecosystem, enabling consumers and businesses to pay and send money online anywhere, anyhow and in any currency. Paysend is UK-based and has global reach having been created in April 2017 with the clear mission to change how money is moved around the world. Paysend can send money to over 150 countries worldwide and has attracted more than five million consumers to its platform. As a global end-to-end payment platform, Paysend has its own global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor. For further information visit https://paysend.com.