Tallinn, Estonia – 24th November 2020 – Modularbank, the Estonian-founded, next-generation core banking platform, enabling banks and any other companies to quickly roll out tailored financial services to their customers, today announced a strategic partnership with Nets Estonia, a well-established player in the card payment market in the Baltics and part of Nets Group, one of the top payment processors in Europe.
This partnership allows Modularbank to extend the offering of its core banking platform. With Nets, the company is adding a best-in-class card issuing and processing solution to its ecosystem and is thereby enhancing the value of its card product portfolio for its customers.
Rivo Uibo, Co-founder and Chief of Business at Modularbank, comments: “Forming a partnership with Nets, one of the leaders in the financial services industry, is a significant sign of trust for us. It serves as proof of competence, showing that what we are building creates value on a larger scale. The overall impact of the partnership lies in the constellation of value – by combining the capabilities and assets of multiple stakeholders we create a new whole that is greater than the sum of its parts. It reflects the trend towards new “platform thinking” where, rather than do everything by themselves, companies, make the most of the best-of-breed solutions already out there today to deliver the end-customer a winning solution.”
The partnership between Modularbank and Nets removes the burden of managing the complex payment card business from the institution wishing to issue cards to its customers. It ensures speed in launching or modernising their card business, cost-effectiveness in managing that business and extreme agility in building new customer use cases.
Henrik Anker Jørgensen, the CEO of Nets Estonia said: “Our partnership with Modularbank increases our customers’ innovation capacity while reducing time to market and the cost of maintaining their technology stack. Many banks and issuers struggle with legacy systems while trying to keep up with Neobanks that were born in the cloud. By partnering with Modularbank, we enable both the Neobanks as well as the traditional banks, to take the leap into the next generation.”
The partnership has already commenced with both teams closely working together and the first signed deals have already been confirmed. Future plans include allowing Nets´ current customers to have access to the rest of the capabilities provided by Modularbank’s next-gen core banking platform.