Digital bank Paytend taps Tribe for issuing and acquiring services

Digital bank Paytend has gone live with issuer and acquirer processing services powered by Tribe Payments.

Paytend partners Tribe

The partnership will enable Paytend to issue payment cards, allow users to add cards to mobile wallets and allow merchants to accept point-of-sale (POS) and online transactions.

Paytend managing director Laimonas Zmuidinavicius says the move will allow the firm to provide more efficient financial collection and payment services for its customers.

Paytend, regulated by the Bank of Lithuania, offers multi-currency accounts, global remittances and in-store and e-commerce acquiring services. The firm, which holds issuer and acquirer licences, selected Tribe because the paytech supports both ends of the transaction process with its API-led cloud platform.

Tribe’s core platform ISAAC provides Paytend with issuer processing and management services for Mastercard and Visa cards, both virtual and physical. It also facilitates authorisations and provides tokenisation, 3DS and transaction monitoring solutions.

On the acceptance side, Tribe supports in-store POS and e-commerce transactions for Paytend customers, such as restaurants and cosmetic stores throughout Europe, incorporating multi-scheme acquirer processing services and supporting capabilities such as acquirer-side 3DS.

Tribe managing director Alex Reddish says: “As fintechs look to differentiate and rapidly launch new services to drive new revenue streams, the ability to address both sides of the transaction is key, not just to seizing the opportunities available but also gaining more control over business direction, costs and commercial models.”