SatchelPay partners with Mastercard: Here to promote our vision and let our clients live their FinTech dream
POSTED ON: 18 May, 2020
We were always committed to providing our users with prime technologically advanced solutions. This is why throughout the last year we have been working on the development of a new product, preparing SatchelPay for a big step ahead. We knew that by settling for a ready-made solution, provided by a third-party, we wouldn’t have gotten anything close to what we had set our minds on. So, we took a chance to try and establish direct cooperation with a card network, a card issuing software provider and a personalization bureau. This was definitely a more challenging way, but the right one for the idea we had developed.
Having closely examined the terms of operation and the benefits provided by the biggest card networks in the world, we decided to continue moving forward with Mastercard. The integration process took us a year and required extensive resources, but we were dedicated to the final outcome. In 2019, thanks to the hard work of the entire SatchelPay team, we managed to bring the company to a whole new level: SatchelPay became the first Lithuanian EMI to get the direct Mastercard license. Moments like this are worth all the sacrifice.
We then partnered with a card issuing software provider that delivers services to European FinTech unicorns, and established the card printing facilities with a provider in Central Europe, which allowed us to bring down the cost of dual interface cards (EMV + contactless) by 50% without any compromise on the quality side. Such choice of partners wasn’t only beneficial to us, but also facilitated further cooperation between two previously unacquainted companies, which will inevitably result into new exciting ventures. Together with Mastercard, these partnerships gave us a possibility to work with the best professionals in the industry and get more experience in building sophisticated solutions. At the end, we got all the possible freedom to design the architecture of the product by ourselves, full control over its realisation and the ability to access and analyze vast amounts of data to continue building useful products and services for our clients.
The newest addition to our product line, the Satchel Card, is the next step toward our goal of delivering an alternative, powerful and cost-efficient solution to our users, outpacing traditional banking institutions and arranging a new way of conducting payments and other financial operations. We also partnered with Stripe to raise the security level with the 3-D Secure technology, so that our clients can be sure about the safety of their money. The Satchel Card is the perfect tool to manage everyday financial needs of individuals and businesses: from fast and simple online and offline operations and contactless payments, to purchases in airplanes and gas stations. It combines the long legacy of a classic bank card and all the innovation and flexibility that FinTech can bring.
The extensive freedom we possess in the product development process has allowed us to go further, creating a solution for the newcomers to the industry. The White Label Card program is the perfect fit for those with brilliant ideas, but limited technological, financial and human resources to implement them. It is our way to share our experience and allow startups to leverage the benefits of our direct cooperation with Mastercard and other valuable partners. We believe that competition fuels growth and innovation, and with more young companies being able to deliver their offering to the market thanks to the solution of SatchelPay, this mechanism will undoubtedly get going.
We have big plans and ambitions for the future, and will continue to add value to our products and services, predicting the future needs of our customers and using the latest technology to satisfy them.