Bondsmith becomes a principal member of Visa

Bondsmith will now provide white-labelled Visa debit cards to its wealth management clients

0
200
Bondsmith becomes a principal member of Visa

Bondsmith, a banking services provider, has become a principal member of Visa to extend its embedded banking services in the wealth management industry. 

As fintechs are increasing their market share in the wealth management sector, Bondsmith said in a statement that established institutions need to innovate to retain their customers.  

The London, UK-headquartered company, founded in 2021, will now provide white-labelled Visa debit cards to its wealth management clients. 

The cards will give Bondsmith clients the ability to offer payment accounts to their own customers, expanding their services beyond investments and into transaction banking. 

Michael Doyle, founder and chief executive officer at Bondsmith, said: “Our vision is to bring embedded banking to the wealth management industry to enable holistic financial management and planning.  

“We are thrilled to be working with Visa and leveraging their secure global network to bring this new solution to our clients, helping them innovate and improve their customer offerings.” 

Claire Dopson, head of new business development at Visa, added: “Fintech companies play a crucial role in driving innovations that meet specific consumer demand.  

“We’re delighted that Bondsmith has become a principal member of the Visa network, to enable access to embedded banking in the wealth management industry.” 

Bondsmith is now a principal member in the UK and an associate member in New Zealand. 

Visa has two main licence types. A principal can issue accounts and acquire merchants directly, while an associate must be sponsored for a Visa licence by a principal. 

The main difference between a principal and associate is that an associate’s card and sales volumes will be attributed to its sponsor as the sponsor will be liable for settlement with Visa. 

Image: Bondsmith