Cardiff-based fintech start-up Burbank has been boosted with a strategic partnership with global payments technology provider Transactility.
Burbank’s platform redefines two-factor authentication so allowing shoppers online to simply tap their card to their mobile device and securely enter their PIN to complete a transaction, just like they do in-store. Until now, online payments were card-not-present (CNP) transactions, which have high and increasing levels of fraud.
To accelerate the adoption of Burbank’s Card Present over Internet (CPoI) across the banking sector the partnership with Transactility will make it available to banks and payment service providers, including many of the world’s top financial institutions and fintechs.
Transactability is the creator of jPOS - an open course software platform that banks and payment service providers use to process car payments surely. It powers billions of transactions every day.
Chief executive and founder of Burbank, Newbridge-born Justin Pike, said: “CPoI is now within reach for nearly every major financial institution in the world. This partnership with jPOS a major step forward in our mission to help financial institutions, payment providers and merchants access secure, reliable, and revenue-driving technology without the complexity. What makes CPoI so powerful is that it delivers genuine innovation using the systems and processes banks already have in place. There’s no need for consumer re-education or infrastructure changes. It’s a simple, secure, and scalable way to enable the security of card-present payments in digital channels.”
Alejandro Revilla at Transactility, said “We’re excited that jPOS customers around the world can now seamlessly activate CPoI through this new partnership with Burbank. Through this partnership, jPOS customers will gain access to CPoI integration capabilities, enabling financial institutions and merchants to adopt the technology efficiently - and it gives merchants and financial institutions the confidence they need to eliminate fraud and grow faster.”
Earlier this month Burbank was boosted with a £5m equity investment to support its scale-up plans. The seed funding round was led by Mouro Capital with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures and others.
