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Case studies Company News insurance

Transforming Insurance Operations: IMG’s Partnership with B4B

In the fast-paced realm of insurance, quick solutions are essential for sustained success. IMG (International Medical Group), a leading provider of global travel and health safety solutions, is famous for its commitment to superior customer service and continuous improvement. By leveraging B4B’s payment services, it sheds light on how prepaid cards have redefined both customer experience and operational efficiency.

Evolution and Innovation:

IMG is a global insurance benefits and assistance services company that has served millions of members worldwide since its founding in 1990. IMG, renowned for its service and responsiveness to policyholders, offers a wide range of insurance programs, including international private medical insurance and travel medical insurance. IMG also provides enterprise services, including insurance administrative services and 24/7 emergency medical, security, and travel assistance. 

The Partnership with B4B:

Starting in 2022, B4B and IMG joined together in a partnership to provide cards to employees to assist policyholders in trouble, primarily in motor and health insurance. IMG uses B4B’s award-winning portal, a tool that empowers them to offer assistance in three currencies, catering to the diverse locations of their employees, clients and policyholders.

Example Case:

In emergencies, the prepaid card provided by B4B becomes a lifeline, allowing IMG employees to make urgent payments for repairs or medical fees promptly. The card ensures swift assistance during critical moments. 

Furthermore, the seamless integration of B4B’s services allows IMG to effortlessly track all incident-related expenses, providing transparency that streamlines financial oversight and ensures compliance—a critical aspect in the insurance industry.

Efficiency and Instantaneous Solutions:

One of the key highlights of the partnership is the seamless integration of B4B’s services into IMG’s operations. Ben Halbert, Head of Business Solutions and Operational Support at IMG, emphasises the value of B4B’s services in facilitating instant and targeted financial assistance. 

“Our partnership with B4B has allowed us to offer new services to our clients and means that we can pay providers promptly, ensure that policyholders are not unnecessarily out of pocket and provide a superior customer journey,” says Ben Halbert, the Head of Business Solutions and Operational Support at IMG.

B4B’s Role in the Insurance Industry:

Beyond meeting IMG’s immediate needs, B4B is pivotal in supporting the broader insurance industry. By providing cards for instant payouts to service providers, B4B contributes to a more streamlined and customer-centric insurance ecosystem.

Conclusion:

“The IMG and B4B partnership is a growing collaboration which shows how we can jointly help the insurance sector with payments,” says B4B Account Director Tim Robson. By leveraging B4B’s prepaid card, IMG has not only enhanced its operational efficiency but has also elevated the overall customer experience.

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The big questions and hot topics from Money 20/20 USA

Money 20/20 is like Christmas in many ways. There’s a lot of hard work and preparation in the run-up, especially if you are hosting a stand. And then it’s all a bit of a blur for a few fantastic days. 

The B4B Payments team got together recently to unpack our observations, compare notes, and consolidate our learnings. Here are some of our key takeaways from Money 20/20 USA, held in Las Vegas.

Digital identity and a Snickers bar 

After just a few minutes of walking the event floor, you would have been struck by one thing. Digital identity was front and centre, both in terms of exhibitor stands and speaker sessions.

In one lively panel session, the topic of data access and identity governance was discussed. Digital identity expert Dave Birch questioned whether consumers really knew the value of their own data and speculated that most of them ‘would be happy to give away all their personal data to Facebook for a Snickers bar.’ This clearly indicates there needs to be some formal structure for identity and data access that is fair and equitable for all parties.

The Banking-as-a Service (BaaS) versus Embedded Finance debate

A big talking point on the B4B Payments stand was the confusion between BaaS and embedded finance among our U.S. visitors. 

Of those who had heard of BaaS, many did not really know the difference between it and embedded finance – or simply assumed they were the same thing.

By the end of the event, we had boiled down our explanation of the difference between the two into these three major areas:

  • Different functionality – BaaS gives you the ability to offer traditional banking services. These are usually provided by a bank or licensed fintech service provider via a single API.  Embedded finance, on the other hand, offers a much broader set of financial services via multiple API integrations.
  • Different use cases – BaaS is generally used by organisations for whom financial services are their core offering, such as Neobank. Embedded payments are often used by companies for whom financial services are not their core offering, such as a telecoms company. In this case, the telecoms provider could use embedded finance to help their customers buy more of their products by taking out a loan or offering a BNPL option.
  • Different supplier relationships and regulatory obligations – BaaS is usually provided through a single supplier (a bank or a more modern licensed fintech such as B4B Payments). The supplier takes on the bulk of the regulatory burden, and their clients are expected to adhere to specific regulations. These will be monitored by the BaaS provider. With embedded finance, the regulatory responsibilities are distributed between the different financial service providers and non-financial companies. 

Some topics that were not so hot

Similarly, the metaverse was not such a hot topic as we all await stronger case studies and more decisive evidence of customer adoption. 

The lack of open banking exhibitors or content highlighted the difference between the US and European markets. This is something that is likely to grow in the future as open banking gathers pace in the US.  

The technology gap exposed

The differences between the U.S. and Europe in terms of payment technology and experiences remain quite stark. One of the clearest examples of this was highlighted during the ‘Keeping Up with Expectations in Embedded Finance’ panel session at the start of Day 2.

Daniel Crisologo, Director of Payments from Nordstrom, stated that their business had only started offering contactless in response to the COVID outbreak in 2020. In the UK, the rollout of contactless payment acceptance by the largest organisations happened more than a decade ago. Contactless payments accounted for over 70 per cent of pay-as-you-go transactions at Transport for London (TfL) by 2022 – including paying for more than 2.5 billion TfL bus journeys in that time.  

Similarly, BNPL was discussed as an emerging payment option for U.S. consumers, but it is well-established in the UK and Europe. BNPL is predicted to grow at 25% each year in the UK from 2022 to 2028. This is partly due to its ability to help consumers through the current cost of living crisis. 

The customer experience

The panel discussed the importance of delivering a consistent customer experience. Whether you are serving consumers or business buyers, it is essential to make the same payment options available across all channels for a friction-free, high-converting buyer experience.

The trend towards digital wallets was a talking point, given predictions that their user base will grow strongly to exceed 5.2 billion globally by 2026, an increase of over 53% from 2022 levels. This is because of the potential for universal and merchant wallets to empower consumer purchasing and increase loyalty. 

In a discussion that was relevant to both BaaS and embedded finance, the topic of commercial models was raised and the need to condense those across the virtual SaaS industry. Using a single service provider with one API integration is a good start. The need to simplify layers and connectivity in the payment orchestration process will also be key to preventing friction for buyers and impacting conversions.  

Staying ahead of the game

As B4B Payments continues to grow from its UK base to the U.S., it is interesting to note the differences and nuances between these two dynamic markets. Money 20/20 remains the industry barometer for payment conversations and trends. 

The interest in embedded payments is strong, and the U.S. market is beginning to understand the important differences and opportunities offered by Banking-as-a-Service. 

In difficult economic times for both business buyers and consumers, it is good to see the payments industry continuing to focus on how it can most effectively empower businesses and enhance profitability.

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B4B Payments is shortlisted as a finalist at The Card & Payments Awards in the Best Payments Industry Newcomer category!

B4B Payments, in partnership with Banking Circle, offers a full suite of payment solutions, bridging gaps in the fragmented B2B FinTech market. We empower Danish FinTech startups like OneMoneyWay and Zento, providing tailored financial solutions and ultimately supporting inclusive payment solutions in the underserved SME market.

Empowering the FinTechs to Provide Better Financial Service to the Unserved Market

OneMoneyWay and Zento are both Danish FinTech startups that partner with B4B, aiming to simplify corporate payments for SMEs, eliminating the lengthy processes and high costs typically associated with opening a corporate bank account in Denmark.

Zento’s CEO, Rashid Ahmad, shared the difficulties of opening a business account in Denmark at B4B’s Annual Client Forum.

Providing Tailored Financial Services with B4B’s technology

By utilising B4B’s Embedded Finance Services and API integration, OneMoneyWay and Zento can tailor their offerings to suit the specific needs of their clients, providing them with a simplified and user-friendly financial platform with DKK, SEK, EUR, USD and GBP accounts. Through these accounts, B4B has payment services in local market rails and 25+ currencies through SWIFT & NACHA.

Oliver Bentzen, CEO of OneMoneyWay, highlights the benefits of partnering with B4B.

“B4B Payments are especially skilled in the field of compliance, where they truly outpace their competition. For us, that means our clients get onboarded much faster than our competitors, and that makes us an attractive solution to end customers.”

OneMoneyWay’s CEOs, Oliver & Casper, met with B4B’s Account Director, Tim Robson, in our London Office.
Summary: B4B is the strongest support for inclusive payment

Together, OneMoneyWay & Zento have shortened the onboarding time for opening business payment accounts in Denmark from 3-6 months to 2-6 weeks. Underserved SME businesses are able to use this speed to reduce potential costs and grow their businesses faster, which, in turn, provides benefits to marginalised communities and the wider Danish economy.

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Company News Incentives & Perks Newsroom

Rewarding Employees with Cash-Christmas

It might be too early to talk about Christmas, but it’s not too early to think about rewards and incentives for your employees.

Christmas is the perfect time to express your appreciation for your team’s hard work throughout the year. This festive season, B4B Payments offers a simple yet meaningful way to spread cheer among your employees – our prepaid gift cards

These cards provide your employees with the freedom to choose their own reward and are a testament to our 17 years of expertise in payments and our global recognition as a trusted provider of card issuing and embedded payment services, now as part of the Banking Circle group of companies.

The pain points of Christmas rewards

Selecting the perfect gift can often be a challenging and complex process. It’s a delicate balance of aligning the recipient’s preferences, interests, and needs with your budget constraints. You might also need to consider the uniqueness of the gift, its relevance to the recipient, and its potential longevity. Moreover, organisational considerations such as budget, ease of distribution, and the message the gift conveys must also be taken into account.

Even after putting careful thought into these factors, there’s no guarantee that the chosen gift will hit the mark. It could be the wrong size, colour, or simply not to the recipient’s taste. This uncertainty can turn the joyful act of giving into a stressful endeavour.

That’s where B4B Payments card services step in as the ultimate solution. They are universally appreciated because they offer the gift of choice. Using prepaid cards as a form of reward, the recipient has the freedom to select something that truly resonates with them, something they genuinely need or have been eyeing for a while. It’s an empowering gift that respects individual tastes and preferences. 

B4B Payments – offering unrivalled rewards and incentives

Let’s delve into some of the benefits of choosing B4B Payments for your corporate gifting this festive season:

1. Simplify management with our Cardholder app

Our user-friendly Cardholder app allows employees to manage their card balances and more easily. Plus, our dedicated support team is always on hand to assist with any queries.

2. Spend at millions of locations worldwide

Whether you’re rewarding a workforce that’s working from home, back in the office, or never stopped throughout lockdown, B4B Payments has got you covered. Our prepaid cards can be used anywhere Mastercard is accepted, including in their Google Pay or Apple Pay wallet!

3. Flexible, sustainable, and globally accepted

B4B Gift Cards offer the flexibility of being single-use or reloadable for incentives, payroll, payout, or expenses. They are made from 75% recycled plastic materials, offering a sustainable choice.

4. Expert team, advanced products, trusted global provider

Our expert team boasts a market-leading level of experience in setting up successful card programs, and we offer advanced end-to-end payment solutions to help you grow your business. As an FCA and Bank of Lithuania Authorised E-money institution, a Principal Member of Mastercard, and a partner provider to Mastercard Fintech Express Program, we are a trusted global provider of card issuing and payment services.

A gift from B4B Payments this Christmas

It’s not all about your employees this Christmas. There’s something for you, too. At B4B Payments, we’re offering FREE delivery on our cards to make your gift-giving that bit easier (and cheaper).

The minimum order value for our gift cards is £1,000, and this applies only to non-branded cards. The offer is limited to a single bulk order to a UK office address, with each card carrying a minimum load of £10. This special offer is available until October 31st, 2023.

Want to know more about rewards and incentives

Rewards and incentives can be offered all year round to improve employee retention. Take a look in more detail into how B4B payments use 17 years of experience in the payments industry to offer seamless rewards and incentives for businesses around the globe.

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Winning the GCVA Hall of Fame Awards for best gift card B2B product/service!

We’re thrilled to announce our win at the GCVA Hall of Fame Awards for Best Gift Card B2B Product/Service! This achievement underscores our commitment to excellence in payment solutions and is a recognition from the industry that B4B is a major player in the corporate loading gift space.

B4B’s expertise in Product Recall Support

Over the last year, B4B provided the distribution mechanism to support a major manufacturer in managing its recall programme throughout Europe. Specifically, B4B provided affected consumers with a virtual, branded Mastercard® badged open-loop prepaid card across Europe to support the targeted recall programme. 

This was a major undertaking, with upwards of 75,000 cards issued and nearly £20M in refunds over a short period of time. Activation rates topped 90%. This award recognises B4B’s ability to launch and run large incentive or recall compensation programmes.

B4B has supported hundreds of companies to digitalise their old legacy processes and cash or voucher systems. Our disbursement solutions have proven to drive customer loyalty and repeat purchases or, when things go wrong, to quickly compensate affected customers.

Here are three key aspects that highlight the value and optimisation of our services:

1. Easy Distribution: Instant virtual card issuance via email ensures global accessibility and branding options for a seamless experience.

2. Instant & Transparent Payments under regulation: Our EMI status allows rapid payments while navigating regulations, fostering trust.

3. Effortless Redemption: Fast and secure contactless payments through popular digital wallets, available for both plastic and virtual cards.

We are pleased to receive the recognition from the GCVA Hall of Fame Awards. It inspires us to continue pushing the boundaries of innovation, serving our clients promptly and efficiently, and shaping the future of payment solutions.

Pictured are our CCO, Craig Simpson, and Director of Accounts, Tim Robson.

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The Benefits of Card Services for Employee Payroll

Employee payments are a crucial aspect of any business, but managing payments can be particularly challenging for companies with a global workforce. In such situations, traditional payment methods may not be practical or cost-effective, leading to delays in payments and unhappy employees.

That’s where prepaid cards come in, providing an innovative solution to enable businesses to streamline their global payment operations. Available in both physical and virtual forms, these cards can be preloaded with the desired amount and distributed to employees regardless of their location. This offers employees immediate access to their funds, enhancing their financial flexibility.

Interested in finding out more? Join us as we explore the challenges and benefits of using virtual, physical, and prepaid cards for employee payments around the globe.

Uncovering the Convenience of Virtual and Physical Prepaid Card Services

To streamline payroll management, businesses worldwide are turning to card services. In many regions, traditional banking systems make it difficult for employees to open bank accounts. Prepaid cards offer a practical and efficient solution, allowing employees to receive their payments directly onto a card that can be used for purchases or cash withdrawals.

The introduction of virtual prepaid cards has further increased the level of convenience in accessing funds. Platforms like B4B Payments empower businesses to instantly generate virtual cards, effectively eliminating the waiting periods associated with the delivery of physical cards. This feature is particularly beneficial for employees requiring quick access to funds, such as those on business trips or working remotely.

Moreover, prepaid cards reduce the necessity for employees to carry large sums of cash or depend on expensive wire transfer services. This approach not only saves time and effort but also proves more cost-effective for both employees and employers.

The global prepaid card market, projected to reach $4.1 trillion in transaction value by 2026, according to Juniper Research, attests to the increasing demand for this convenient form of payment. This growth is primarily driven by emerging markets, where the reach of traditional banking systems may not be as extensive.

B4B Payments’ prepaid cards serve as a more permanent solution, available in the form of virtual and physical branded cards. They can be easily topped up via an intuitive platform, making prepaid cards an accessible solution for companies aiming to streamline their employee payments.

Boost Your Payroll Security with Card Services

Virtual, physical, and prepaid card services offer unparalleled security for global payments, thanks to features like fraud protection and real-time card locking. It’s worth exploring these security features in the context of international transactions, where unique security challenges often arise.

The Role of Security Features in International Transactions

Businesses conducting international transactions face unique security challenges, such as potential fraud and unauthorised use. Some common security issues include payment card data breaches, phishing attacks, and unauthorised access to payment systems. Here, card security features play a crucial role in mitigating these concerns.

Card Services Security Features: A Detailed Look

Card services, including virtual, physical, and prepaid cards, offer a secure payment option for businesses and employees alike. They come equipped with multiple security features to guard against fraud and unauthorised transactions.

One of the primary advantages of these card services is their built-in fraud protection measures. Many card providers offer round-the-clock fraud monitoring and protection, ensuring that any suspicious activity is promptly detected and addressed.

Additionally, the ability to lock and unlock cards in real-time serves as a key security feature. If an employee loses their card or suspects unauthorised use, they can instantly lock the card, preventing further transactions. Once the card is found or the issue is resolved, it can be quickly unlocked for continued use.

Virtual cards offer enhanced safety as they eliminate the risk of physical loss or theft. These cards typically have unique card numbers and security codes, providing an additional layer of protection against unauthorised use.

Benefits of Global Payments with Card Services

Adopting card services for global payments provides several benefits to businesses. Not only does it ease the

payroll process, but it also helps foster a sense of trust and satisfaction among employees. Moreover, it simplifies international transactions by bypassing the need for multiple currency conversions and mitigating exchange rate risks.

In a world where remote work is becoming the norm, global payments through card services are more relevant than ever. These services make it possible for companies to pay their employees promptly, irrespective of their location. Plus, employees can access their funds instantly and use them according to their needs.

Furthermore, card services also offer transparency in transactions, allowing companies to monitor and control spending more effectively. This helps in budgeting and financial planning, leading to more informed business decisions.

In summary, card services for global payments offer an efficient, secure, and convenient solution for businesses and their employees.

The Future of Employee Payroll is B4B Payments

As businesses grow and expand globally, the need for an efficient and secure payroll system becomes more apparent. Prepaid cards present an innovative solution, simplifying the payment process while ensuring enhanced security. 

At B4B Payments, we offer a variety of prepaid card solutions that are accepted globally that have been built on our 15 years’ experience in the business, perfect for managing payroll, employee expenses, travel expenses, incentives, and rewards.

Learn more about B4B Payments and how our card services can streamline your employee payment process, saving your business time and resources. The future of employee payroll is here; embrace the change and enjoy the benefits.

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BIN Sponsorship Company News Newsroom

Maximising Efficiency for Regulated EMIs with Scheme Permissions

Firstly, congratulations on navigating the complex process of acquiring your Electronic Money Institution(EMI)-regulated status and scheme permissions. It is a significant achievement in the FinTech sector, where many startups in the $245 billion industry are still struggling to reach. But what’s next?

You may feel overwhelmed at the thought of transitioning from using a BIN Sponsor to managing your own scheme memberships. New settlement processes and increasing demands on your resources can seem like a daunting challenge. Embracing your new status requires strategic planning and partnership. You’re poised to redefine your customer experience, increase autonomy, and drive growth. Yet, you must also consider the operational complexities this transition entails. How do you maintain continuity of service during the switch? How do you deal with new compliance requirements? These are critical questions to answer.

B4B Payments’ BIN Sponsorship 2.0 can seamlessly address these challenges. Our service can facilitate this transition, providing comprehensive support, industry expertise, and innovative solutions to set you on the path to success. Let’s explore how we can help your FinTech venture thrive.

Benefits of an EMI with Scheme Permissions

Your new status as a regulated EMI with scheme permissions brings several benefits, including enhanced security, increased compliance, and bolstered customer trust. 

Let’s take a look at those benefits in a little more detail

1. Increased security and compliance

As a regulated EMI, you’re under the strict supervision of financial authorities, which necessitates adherence to high standards of security and compliance. This brings a host of benefits, particularly in terms of corporate payments. For instance, under the regulation of the Financial Conduct Authority (FCA) allows you to issue e-money and provide associated payment services, such as transfers and foreign currency payments.

Your new status also fortifies your defence against fraudulent activities and reduces the likelihood of compliance violations. Thereby, it fosters a safer and more trustworthy business environment. It’s like having a shield that protects your business while enhancing its reputation in the market.

Additionally, as a FinTech startup, you’re now in a position to extend partnerships as a regulated EMI. This means you can help other businesses benefit from your expertise in maintaining secure and compliant payment infrastructures, further solidifying your standing in the industry.

2. Enhanced customer confidence and trust

As an EMI-regulated FinTech with scheme permissions, you’re in a position to enhance customer confidence and trust. By partnering with major issuers such as Mastercard and Visa, you can issue your own unique card numbers to cardholders. Coupled with branded cards, this strategy can supercharge customer loyalty and attract new business.

At B4B Payments, for instance, we offer our customers the ability to send payments via various channels like SWIFT, Faster Payments, CHAPS, SEPA, and local clearing in the USA (ACH) and DKK to over 20 different countries. This wide range of services offers freedom for businesses dealing overseas, or looking to grow overseas, to ensure that their needs are met efficiently and effectively.

We also leverage state-of-the-art security measures to protect cardholder information and transactions, ensuring peace of mind for users. Furthermore, our dynamic business model allows for scalable solutions that can adapt to your evolving business needs. We also provide customised reporting and analytics, offering insights into spending patterns that could optimise business operations. With B4B, businesses can not only streamline their payment procedures but also transform them into strategic tools for growth and development.

Leveraging B4B Payments to Stay Efficient

Whether you’ve used B4B’ BIN Sponsorship 2.0 to reach this point in your journey or are looking for additional support, we have a range of services that can offer significant benefits.

As an entity authorised and regulated by the Financial Conduct Authority (FCA) and holding an EMI licence, B4B is well-positioned to offer further support with compliance, security, settlement, and platform integration.

Our compliance and security measures are enable to protect businesses and their employees’ data and funds. As a regulated EMI with scheme permissions, you can continue (or begin to) offload your safeguarding requirements to us. It frees up internal time to concentrate on scalability and business growth. With 17 years of industry experience, we ensure that customer funds are held separately from your company’s other funds, and that you’re covered by the appropriate insurance policies that meet industry standards.

Our platform is also designed with compliance in mind. It ensures all transactions comply with regulations such as Payment Services Directive (PSD2) and Anti-Money Laundering (AML).

Furthermore, we offer a ‘Settlement Only’ package that allows you to leverage our issuing capabilities while you develop your own customer interface to manage client accounts.

B4B Payments – Your Partner in the Payments Journey

No matter where you are in your payments journey, B4B can help you strengthen your proposition. With our expertise and customer-centric services, we can optimise your operations and make the most of your new status as a regulated EMI with scheme permissions.

Explore more about B4B’s BIN Sponsorship 2.0 service, and our other payment services, including embedded cards, FX, and more. By partnering with us, you can maximise efficiency, ensure compliance, and bolster your business’ growth in the rapidly evolving FinTech landscape.

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Case studies Company News

B4B & OneMoneyWay support SMEs, offering affordable banking solutions

The Danish SME Payments Specialists.

OneMoneyWay is a Danish FinTech Startup that has partnered with B4B to offer SME’s payment services. They aim to simplify corporate payments for small businesses, eliminating the lengthy processes and high costs typically associated with opening a corporate bank account in Denmark.

Partnering with B4B Payments to Navigate Regulatory Challenges.

As a FinTech company operating in a highly regulated environment, OneMoneyWay faced numerous challenges to become a fully licensed entity. However, by partnering with B4B, they have found a speedy route to market. They have navigated the complexities of regulations and payment technologies, while ensuring compliance and ethical conduct.

Oliver Bentzen, CEO of OneMoneyWay, highlights the benefits with B4B. 

Now that B4B has become part of the Banking Circle Group, they’re able to offer an even wider array of financial services. Unlike other providers focus on payments only, FX only, cards only, B4B can provide everything for the new generation of FinTechs.

B4B Payments are especially skilled in the field of compliance where they truly outpace their competition, for us that means our clients get onboarded much faster than our competitors and that makes us an attractive solution to end customers. “

OneMoneyWay streamlined onboarding and affordable banking solutions.

Together, OneMoneyWay has shortened the onboarding time from 3-6 months to 2-6 weeks with a much lower monthly fee. OneMoneyWay has leveraged B4B Payments’ comprehensive range of financial services, including payments, FX, and the possibility of card issuing capabilities. Therefore, now they can offer a full-fledged banking experience to small and midsize businesses. 

OneMoneyWay tailored Financial Services with B4B’s technology.

Using B4B’s Embedded Finance Services and API integration, OneMoneyWay can tailor its offerings to suit the clients’ needs. They provide SMEs with a simplified and user-friendly financial platform with DKK, SEK, EUR, USD and GBP accounts. Through these accounts, B4B has payment services in both local rails and to 25+ currencies through SWIFT & NACHA.

By incorporating B4B’s Embedded Finance Services into its product and service offerings OneMoneyWay enhances their ultimate client value proposition. 

B4B Payments’ robust and secure API has a perfect use case here. OneMoneyWay integrates with B4B’s platform and select the specific banking provisions that suit their needs,” says B4B Director of Accounts Tim Robson. This flexibility allows them to work with regulatory demands and provide their clients with a simplified and user-friendly financial platform.

Scaling Success: OneMoneyWay Achieve Remarkable Outcomes. 

One Money Way, in just six months, has onboarded many clients with B4B. In addition, They have received 4.7 out of 5 excellent reviews for its fast onboarding and currency options on Trustpilot.  

“My future expectations are that OneMoneyWay and B4B Payments will grow together across Europe with the ambition of reaching the first 10,000 clients within 18 months,” says Oliver Bentzen, CEO of OneMoneyWay.

In summary, B4B is thrilled to solve SME pain points together with OneMoneyWay and so create a unique offering.

B4B Account Manager, Adam Bradford who looks after the relationship with OneMoneyWay added, “The partnership highlights how we can provide a fast-to-market solution for a new entrant to the fintech space. It allows them to build an effective platform connected to payments and card rails.”

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We’ve made the PayTech Awards Finalist

At B4B Payments, we are delighted to be the finalists in two categories at the PayTech Awards 2023. The recognition acknowledges our efforts and is a testament to our team’s dedication to revolutionising the payment experience. The two categories in which we have made it to the finals are “Best Cards Initiative” and “PayTech for Good.” Above all, we have always aimed to impact society positively, and we are proud that our work is gaining recognition.

Best Cards Initiative – B4B Payments provides support with prepaid Higher Education Travel Cards.

Being a finalist in the “Best Cards Initiative” category is another milestone in our journey. Our aim has always been to provide our clients with the best solutions and services that improve the payment experience. Therefore, we are proud that our Prepaid Card Solutions is making a difference in Higher Education, helping staff & students travel safely and efficiently. Besides, we help universities manage their funds, allowing easy access to expenses, and giving organisations, like Next Steps South West and Plymouth University, having better control over their finances.

PayTech for Good – B4B Payments – No one left behind

As a company, we are responsible for giving back to society and positively impacting it. We have partnered with Migrant Help & Thames Reach and collaborated to provide access for struggling people. In short, we commit ourselves to innovating our PayTech services to help those in need and make a real difference in their lives. Receiving the “PayTech for Good” distinction is a great honour, and we will continue to put our best efforts into positively impacting society.

We are immensely honoured to have been recognised by PayTech Awards 2023. We will continue to innovate and invest in cutting-edge technologies to provide the most efficient, reliable, and secure payment methods.

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Optimising Payments and FX through your EMI journey

Discover how to increase your fintech speed-to-market with a BIN Sponsorship solution that supports you during regulation and beyond.

For fintech startups or businesses with financial services, starting a payments and FX journey can come with unique challenges. With an EU market valued at over €430 billion alone, becoming operational in the fintech space is crucial to building a strong customer base.

One of the more laborious processes that is essential for any fintech or financial service business in the digital space is the establishment of the company as a regulated Electronic Money Institution (EMI).

Establishing a business as an EMI is critical to allow companies to issue and receive electronic payments (e-payments) from consumers or businesses, in addition to becoming an independent facilitator for Payments and FX. With a process that is often drawn out over several months, businesses are vulnerable to missing valuable trading time.

But is there a way to start trading without EMI-regulated status? B4B Payments can get your Payments and FX services to market ahead of the competition, as well as the advantage of adding embedded cards to your business plan.

Payments and FX – the tools for scalability

Speed-to-market is critical for all businesses to accelerate revenue. But it’s just as important for fintech companies in their infancy if they want to build a platform for scalable growth. The quickest route to market is leveraging Payments and FX from third-party companies, like B4B Payments, allowing companies to trade quickly and efficiently.

Securing investment is critical for business growth. While investors may believe in an idea in principle, seeing it in action and being able to analyse performance data can be the key to determining the pen-to-paper investment that fintechs need to grow.

Investment in the fintech space peaked in recent years, and decreased by 30% in 2022 from $130 billion to $96 billion. With this decline, we are starting to see signs of impending economic difficulties. With a crisis on the horizon, having a serviceable and active product in the market could be a huge differentiator as the investment gatekeepers become more critical of their spending.

B4B Payments offer competitive payment and FX services, offering companies the chance to make a head start on the competition. With B4B Payments, companies are able to make and receive high volumes of transactions in 25 currencies through SEPA, Faster Payments, CHAPS, USD ACH, DKK Intraday, and SWIFT.

The key to successful scalability is the preparedness of a company to adapt to changing consumer needs and market conditions. To facilitate this it’s crucial that products and services are made available cross border as soon as possible.

Using B4B Payments low-cost FX, companies looking to make the jump overseas can do so for a reduced up-front cost. With transparent rates for incoming and outgoing payments, companies can offer their services in up to 25 currencies at a competitive FX rate.

The Challenges of EMI Licensing and Regulation

Whether a business is applying to become a small EMI (not generating more than €5 million) before registration or a fully authorised EMI (over €5 million), they are required to comply with specific regulations.

One of the biggest barriers to product entry into the market is the process of becoming a licensed e-money issuer through EMI Regulation. Registering as an EMI allows fintech companies to issue e-payments legally, often followed by acquiring a card scheme membership. This, sometimes laborious process, stalls the potential for fintech and financial services to push their product to market quickly in both domestic and international markets.

Regulations such as Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, as well as providing a level of detail on a businesses’ operations, such as place of business, central management and control, balance sheets, forecasts, and more.

While this process is necessary for fintech and financial service companies that want to grow, there is a way to get to market while applying to become a regulated EMI: BIN Sponsorship.

BIN Sponsorship 2.0 and embedded cards as a solution

BIN Sponsorship is a solution that has been on the market for a short time. It helps fintechs and financial services leverage EMI-regulated businesses to offer their services faster.

B4B Payments offers payment services to businesses across sectors, and we have taken BIN Sponsorship to the next level, helping non-regulated EMIs to get their products to market as quickly as possible, as well as offering support and solutions to companies that are at later stages of their business journey.

For non-regulated EMI’s, BIN Sponsorship 2.0 offers authorisation by the FCA and the Bank of Lithuania, allowing businesses to provide payment and card services across the UK and the EU, as well as the opportunity to leverage our licences and Mastercard Principal Member status.

Using B4B Payments as a BIN Sponsor, businesses have the ability to trade in that all-important test-and-learn phase of early business. What’s more, once an e-money licence or regulated EMI status has been acquired, businesses can continue to outsource their scheme management, settlement, and collateral requirements to us. Once a full card scheme membership is obtained, we can continue to support it by safeguarding accounts and payments. 

With virtual payment critical on fintech services – like online trading platforms – embedding them into bespoke platforms is the logical next step in scalability. Embedded services can help enhance customer experience with directly integrated services, drive growth through customer engagement and retention, and are easily set up through merchant accounts and instant payment confirmation.

At B4B Payments, we also offer embedded financial services to enrich business propositions post-regulation. With these services, businesses can integrate payments, cards and virtual account solutions directly into their platform through a single API.

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Here at B4B Payments, we have over 18 years of experience in payment innovations.

Our goal is to keep our clients one step ahead of their competitors and to ensure that they can keep their teams happy by facilitating fast and transparent global transactions.

Book a demo with us now to learn more about payments, FX and BIN Sponsorship, and discover whether B4B Payments can help optimise your business journey.