Moorwand, which aims to transform compliance into an enabler of innovation, has joined the Mastercard Fintech Express program. In addition, Moorwand will be providing a new set of BIN sponsorship services to European fintech and payment businesses – particularly early-stage start-ups – which will make it faster and easier for them to develop and launch new physical or virtual card products.
Developing a new fintech product can take anywhere from a few months to several years depending on its complexity. Businesses need a large amount of resource – both in terms of talent and cash – to get a product off the ground. With the Mastercard Fintech Express program, firms can access anything from program management to core banking services via a network of industry partners that helps them overcome these resource barriers. Businesses that use the service can complete implementation in as little as 4-6 weeks with Moorwand ensuring full compliance with the relevant rules and regulations.
“One of the biggest challenges in launching a new fintech product is doing so quickly and cost-effectively without risking security or compliance,” said Luc Gueriane, Chief Commercial Officer at Moorwand. “By joining Mastercard Fintech Express we can help fintech companies and payments businesses test, evolve and launch new services much more quickly and affordably. By working together this new initiative will increase the number of fintech services in Europe and drive more competition in the market.”