SaaScada Selected to Power Payment Products for UK EMI The Payment Firm
On March 18, 2024, The Payment Firm, a UK-based e-money institution, announced it had selected SaaScada's core banking engine to serve as middleware powering its payment services. The partnership enables The Payment Firm to launch virtual IBAN-linked accounts for SMEs and individuals, with a roadmap that includes multi-currency accounts, cross-border payments, card issuing, and virtual Swift codes. SaaScada's event sourcing architecture supports fee-free internal transfers and provides real-time data for compliance requirements.
The backend middleware and APIs were developed in approximately three months, demonstrating the platform's capacity for rapid deployment. This rapid integration timeline highlights the growing role of cloud-native core banking middleware in enabling EMIs and fintechs to launch financial products without building infrastructure from scratch. No financial terms of the deal were disclosed.
- Demonstrates growing demand for cloud-native core banking middleware among EMIs seeking to rapidly launch embedded payment products
- Validates the middleware model where fintechs can go to market in months rather than years by leveraging BaaS-style platforms