Blue Code has launched on the Temenos MarketPlace, a platform for facilitating the exchange of value between fintech providers and financial institutions.
The mobile payment solution – which is currently used by Austrian banks such as Raiffeisen and Hypo Tirol and the German Sparkassen Group – is a token-based payment scheme incorporated directly into banks' mobile payment apps that can be used for ecommerce, m-commerce, point of sale transactions and vending machines.
The technology generates 20 digital tokens that can be used only once and which expire after a few minutes.
It works on all types of smartphone devices and can be integrated into retail rewards schemes to enable customers to automatically collect loyalty points.
“The MarketPlace offers Temenos customers access to highly innovative and value-added solutions that are pre-integrated with their core banking system,” said Ben Robinson, chief strategy officer at Temenos (pictured above).
“One of the ways we find these innovative solutions is through the Innovation Jam contest, which we are running again between March and May this year, and which Blue Code won in 2017.
“What makes Blue Code unique as a mobile payment provider is that [it is] truly on the side of banks, helping them to provide a great payment experience at the same time as enabling them to hold on to all the transactional information that is so critical to generating customer insights.”
Chris Pirkner, CEO of Blue Code, added: “My previous start-ups served the music industry at the time that Apple and Google revolutionised it, becoming the principal distributors and in turn capturing a significant portion of the profits, but more importantly the consumer journey and all related usage data.
“I foresee the same disruption [happening] to banks.
“For banks to hold on to distribution of their services, they will need to hold the payment customer journey in their banking apps.
“Without that customer interface, banks won't be the ones helping customers make smarter financial decisions and they'll lose out to others who can.”
Chris said that Blue Code stops this from happening.
“As well as allowing banks to retain more of their fee income, we enable them to keep payment in the mobile banking app and thus retain all payment information.
“Blue Code works on Android and iOS, is PSD2-compliant, instant payment ready and pre-integrated with T24, so Temenos customers can deploy [it] extremely easily.”
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