Verrency signs deal with millennial bank in the United Arab Emirates

  • By Kate Weber

Fintech payment provider Verrency has secured a major contract with Liv.,Emirates NBD’s lifestyle digital bank for millennials, as it eyes further global deals.

Currently at the tail end of a capital raise, Verrency is already in discussions to bring its technology overseas with agreements in Asia, the United States and potentially South America.

Verrency already captured a significant long-term deal with volt Bank, Australia’s first digital bank, showcasing the rise of contactless banking.

Founder and CEO, David Link added Verrency is already in talks with other Australian banks to expand its market.

“We look forward hopefully in the near future to be announcing also a couple of additional Australian agreements.”

Link said this latest contract will enable Emirates NBD to work faster, while focusing on the customer journey indicating a shift in banking technology.

The new contract means Liv.can leverage Verrency’s cloud-based payments service and fintech partners, to enable cost-effective delivery of a multitude of value-added services to customers, according to Link.

“We help banks deliver value-added services much more rapidly then what they can do on they own, very cost effectively without replacing or heavily modifying their existing payment structure.”

“While Emirates NBD design the customer journey, we enable them to do far more and far faster in terms of delivery of value-added services”,

Head of Liv. Jayash Patel, said using technology is important to the consumer banking experience, especially since Liv. is targeted at millennials.  

“As a digital only bank catering to the connected generation, we constantly seek ways to outpace traditional players, and our partnership with Verrency will enable us to securely deliver innovation at fintech pace.”

Link said “Australia is on the forefront of payment innovation” with many countries looking to Australia as a “test bed” for banking modernisation.   

He added that he was “humbled” by the contract with Liv. and “honoured to be an Australian company going global.”