Moorwand has been selected by Fyorin a payments and financial operations platform, to enhance its offering. Fyorin’s new suite of business banking capabilities was first launched in Malta and it is now being rolled out in Europe. Fyorin’s partnership with Moorwand is facilitated by Mastercard’s Fintech Express programme.
In today’s digital world, finance teams are finding themselves interacting with multiple financial institutions to manage their flow of money. Resulting in finance teams spending a lot of manual work compiling data across different sources for reconciliation and navigating a way to minimize the payment cost as the business grows. Fyorin’s solution solves this problem.
Fyorin has built a payment and financial operations platform for digital businesses helping them to monetise better their receivables and payables across a curated network of international financial institutions. From one platform and commercials, a business can seamlessly access a wide range of business banking services across multiple financial institutions, tailored for their needs, as if they are accessing it from one. Through Fyorin, finance teams can send and receive money in 40+ different currencies using dedicated local IBANs, access different payments routes such as ACH, SEPA and SWIFT, create flexible virtual cards for all corporate spending, and segregate cash flow with the use of sub-accounts while automating payables and receivables with their preferred accounting solution. Its mission is to remove the complexity of business banking so that finance teams can focus on their core business.
Products that Moorwand provided include both BIN sponsorship for virtual cards and IBAN accounts for digital banking services, enabling Fyorin to improve and expand the range of services it provides to its customers. In addition, Moorwand will help ensure compliance with cross-border regulations as well as provide ‘white label’ payment rails to Fyorin. With Moorwand’s access to payment rails and licences, Fyorin have been able to launch and roll out a wider suite of digital banking services more efficiently.
In particular, with Moorwand’s expertise, Fyorin can:
● Create virtual cards under a corporate shared BIN
● Request payments from customers and manage incentive discounts for early payments
● Execute bulk payments that encompass multiple financial institutions and payment types.
Fyorin was connected to Moorwand by the Mastercard Fintech Express programme, which is designed to facilitate emerging fintechs’ launch and expansion. By utilising the power of ready-to-go partners, such as Moorwand, as well as Mastercard’s expertise, technology and global network, Fyorin can go to market with new services faster than before.
“Being able to monetise better the flow of funds is key for an SME to compete successfully. This means that they need the right financial instruments, tailored for their needs. Fyorin platform provides that and acts as the SME financial companion as the business scales.” said James Camilleri, Co-Founder and CEO of Fyorin “We’re proud to be working with Moorwand, via the Mastercard Fintech Express Programme, to help achieve this goal and ensure our solutions are scalable for both our partners and their clients.”
“We’ve noticed a growing need not only for virtual cards but a seamless digital banking experience at a global level,” said Christian Joseph Agius, Co-Founder of Fyorin. “Our customers have always been a priority and with the help of Moorwand, we can keep their needs at the forefront. This partnership will be able to boost our value proposition and in turn increase revenue for our clients.”
“We’re thrilled to be a part of Fyorin’s journey towards disrupting the current business banking model and truly believe in its ability to change the world of business banking for the better,” said Luc Gueriane, Chief Executive Officer at Moorwand. “This is why Moorwand is proud to offer its services through the Fintech Express Programme, because, along with Mastercard, we can help fintech pioneers, like Fyorin, reach their potential.”