Payment technology innovation leader VoPay has partnered with New York-based Hydrogen, a global fintech acceleration platform, to offer their clients powerful end-to-end payment processing solutions, including open banking payments.
The partnership empowers fintechs to access VoPay’s digital bank payment tools directly through the Hydrogen API, in addition to Hydrogen’s other financial service integrations.
This access will enable fintechs to better serve the 57.5 percent of consumers who admit to being interested in banking with non-financial companies. This comes at a time where research from a new Accenture report predicts financial incumbent banks will lose up to 15 percent of their revenue pool in retail payments to fintechs over the next three years.
VoPay’s Founder & CEO, Hamed Arbabi, said, “Most financial technology companies don’t have the resources nor the time to quickly connect to payment networks or handle complex workflows.
Through our partnership with Hydrogen, we empower fintechs to go to market faster, scale more rapidly and automate key processes through our white label solution.”
“This partnership will allow the Hydrogen network to transfer money between accounts and verify the account owners, in a seamless way.
This is another step towards an era where one platform is open to fintech providers, financial institutions, third-party vendors, and end users – an ecosystem of the future of finance,” stated Ken Kavanaugh, Director of Partnerships at Hydrogen.
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