Yantra Financial Technologies, a fintech company specializing in designing, developing and managing electronic payment systems, has launched the Y-Labs Marketplace, an initiative that enables banks to rapidly introduce new payments products and services with industry specific benefits via Yantra’s proprietary digital banking platform that enables real-time, contextual and conditional payments.
“Businesses in a range of industries face specific pain points and financial institutions realize this. A huge opportunity exists for financial institutions to offer services to resolve these issues, but lacking technology and compliance concerns deter the development of such solutions”
Additionally, Yantra is collaborating with MEDICI of Let’s Talk Payments, a FinTech market network that helps startups gain visibility and exposure in front of investors, accelerators and financial institutions. This partnership effort will provide the industry with the most advanced banking architecture from Yantra and comprehensive market insights from MEDICI to support collaborative innovation within the fintech industry.
The Y-Labs Marketplace was designed to empower the delivery of next-generation banking services that anticipate market needs. Application developers, product owners and banks can build digital banking and payments apps on Yantra’s architecture via the Y-Labs Marketplace. By leveraging the platform’s financial infrastructure and real-time risk scoring engine without the licensing burden, promising fintech startups and progressive financial institutions can ensure compliance and validate innovative services or products.
Applications are funneled through the innovation process with support from Yantra while receiving ongoing guidance from forward-thinking financial institutions intending to establish a partnership, acquire or invest in them. In doing this, Yantra’s Y-Labs Marketplace enables banks to provide services that deliver valuable, industry specific benefits for customers in various verticals.
Yantra’s capabilities are driven by more than 500 APIs, which integrate endless connection points into one digital banking platform, giving users access to multiple payment networks and channels. This approach also supports interoperability between multiple financial institutions, programs, product combinations and accounts, regardless of the system. Additionally, Yantra’s use of APIs and focus on compliance ensures that the system is built on a process-friendly platform, resulting in banks’ ability to quickly add new services without taking on inordinate risks or increasing exposure to fraudulent transactions.
Yantra has demonstrated the value of the platform by working with CBW Bank to offer ONECard, a safe and convenient alternative to a traditional bank account for consumers, and BlastPay, a business bank account that gives users complete control over the corporate payments process.
“Businesses in a range of industries face specific pain points and financial institutions realize this. A huge opportunity exists for financial institutions to offer services to resolve these issues, but lacking technology and compliance concerns deter the development of such solutions,” said Suresh Ramamurthi, CEO of Yantra Financial Technologies. “Yantra’s technology works within the regulatory constraints of the U.S. banking environment and manages to deliver innovative services that have modernized how we move money. For this reason, we are enabling financial institutions to help bring the most promising solutions to fruition and ultimately, deliver tangible benefits to businesses.”