Tribe Payments launches Bankbox to improve banking systems access

Tribe Payments, a technology company providing ‘end to end’​ payments services, has announced the launch of Bankbox, an API-led agnostic module which is set to improve access to banking systems. 

Bankbox, which will form part of Tribe’s modular ISAAC platform, has been designed to help programme managers – who have card services or a digital wallet – and acquirers – that are accepting payments on behalf of a merchant – add banking services to their products.

The module works in conjunction with Tribe’s Digital Wallet module and its
Acquirer Processing module for both issuers and acquirers respectively. Moreover, the module can also be easily integrated into existing payment systems via APIs.

Suresh Vaghjiani, CEO of Tribe Payments, stated: “Programme managers need access to banking systems to create powerful propositions. But even in the Open Banking era organisations are struggling to capitalise. Connecting is frankly like wading through technological treacle.”

As well as improving access to banking systems, Bankbox’s launch also aids programme managers accelerate their efforts in regard to Open Banking, something which payment companies along with the merchants and consumers they serve, are looking to capitalise on.

Open Banking payments are authenticated between banks and consumers directly, meaning that merchants can not only avoid chargebacks generated due to fraud or an inability to capture funds, but will also have the ability to reduce processing costs.

Vaghjiani continued: “Bankbox aims to standardise access to banking systems, cutting out complexity and unnecessary middlemen. With a single integration Tribe can now connect a programme manager that is accredited to access these rails so they can provide their customers with choice, expand their reach, and reduce costs.”

The launch of Bankbox follows the recent November partnership that has seen StyloPay, specialists in payment solutions and mobile applications, integrate Tribe Payment’s digital wallet technology to enhance its digital wallet offering.

At the time, Alex Reddish, CCO, Tribe Payments commented: “We want to work with ambitious clients that have new and seeming insurmountable payment challenges that need to be solved on a global basis. This is what we built Tribe for. 

“It has been a privilege working with StyloPay’s team of payment pioneers to create a digital wallet proposition that truly pushes the boundaries of banking.”