Bondsmith becomes a principal member of the Visa network to introduce neo-banking capabilities for wealth management firms
4 January 2023, London, UK: Bondsmith, the UK's leading provider of cash management and savings solutions to the wealth management industry, has become a principal member of Visa, a world leader in digital payments, to further its mission of improving the wealth management industry through embedded banking services.
“Super-apps” and fintechs are gradually increasing their market share in the wealth management industry and so incumbent wealth management institutions need to innovate to retain assets and attract the next generation of investors. Now a principal member of Visa in the UK, and associate member in New Zealand, Bondsmith will be providing white labelled Visa debit cards for their wealth management clients. This gives clients the ability to offer payment accounts to their customers, expanding their propositions beyond investments and into transactional banking.
Michael Doyle, Founder and CEO 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, said: “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.