Beyond Borders - Verestro's Global Card Issuing: Podcast Episode 24

Ready to launch your own card program, but wonder how to reach customers worldwide? At Verestro, we believe your ambition shouldn't be confined. That's why we're excited to share our latest podcast episode, diving deep into our expansive global card issuing capabilities, extending far beyond the European Economic Area.

In this episode, we explore how Verestro's multi-partner platform empowers businesses worldwide to issue cards and manage diverse payment services with unparalleled ease. We break down the streamlined process, from initial contact and technical integration to securing the perfect BIN sponsors for your target markets. You'll discover how our approach allows you to dedicate your energy to your core business strategy, while we meticulously handle the complex operational backend.

We also highlight the incredible flexibility of working with multiple BIN sponsors and the clear path to seamlessly transition to your own BINs as your program scales. If you're looking to unlock new markets, innovate your payment offerings, and take your business global, this conversation is a must-listen.

Listen to the full episode below to learn more about how Verestro can help you go global.

Our mission today is to really break down the key steps for going international with card issuance, specifically with Verestro. - Happy to be here and shed some light on it. - Great, we've got an expert from Verestro with us.

So let's jump right in. What does it actually take for a fintech to start issuing cards globally with you guys? - Well, thanks for having me. You're right, expanding internationally, especially with cards, it can feel a bit like a, you know, a minefield. - Mm.

- At Verestro, we've really tried to build our platform to, well, simplify that whole journey. We give access to multiple band sponsors, processors, banks, globally, really. - Okay. - And scale matters here.

We're currently managing, I think, over five million cards and tokens across five continents, processing billions and transactions yearly. So yeah, we've seen what works and frankly, what doesn't. - Right, that experience counts. So imagine a fintech's ready.

They wanna look beyond Europe, partner with Verestro. What's the very, very first thing that happens? - It really just starts with a conversation. - Mm-hmm. - We need to understand their ambitions first.

Where do they wanna operate? What's their specific business model? What are the long term goals? That initial chat is honestly key. It helps tailor everything. - Makes sense. Get the strategy straight first.

Once you've got that understanding, what's next? Like, practically, for the fintech team. - Almost straight away, they get access to our sandbox environment. - Oh, okay. - Quick.

- Yeah, very quick. And that comes with all the tech docs, the APIs. It's all in our developer zone. So they can actually start integrating, start building pretty much immediately.

That really speeds things up. - Right, so they get hands-on fast, not eating around for weeks. What about the formal side, the paperwork? - Yeah, that happens too. Either kind of in parallel or just after that initial tech access, we formalize the partnership.

There's a service agreement. - Standard stuff. - Exactly. It just clearly lays out, what we'll do, the services, the scope, the essential framework, like you said.

- Right. Now, a really critical piece, especially internationally, the BIN-IN sponsor for anyone listening who isn't deep in the weeds, the BIN-IN bank identification number is that the start of the card number says who issued it. How do you handle finding those partners for fintech globally? - Yeah, BIN-Is are crucial. And that's really where our multi-bitton sponsor platform shines, I think.

- How so? - Well, we do one of two things. We either identify the right suitable BIN-on-in sponsors in this specific market, so fintech is targeting. Or quite often, we actually already have a commercial agreement set up with sponsors in those regions. - Ah, leveraging existing relationships.

- Precisely. And the big benefit here is it stops the fintech getting locked into just one single BIN-on sponsor that gives them huge flexibility. - Right. - Reduces risk too.

- Yeah, I can see that. We're relying on one partner for market access feels risky. So, okay, the tech team's integrating, you've got a BIN-ON sponsor lined up. When do they actually get to issue the first card? - As soon as that technical integration is done, and the BIN-O sponsor is ready to go in their chosen market, they can start.

- Immediately. - Immediately. - Issuing cards, processing payouts to cards, using other payment features on our platform. They're live.

- Wow, okay. So, they're up and running. But what about all the day-to-day operational stuff? Settlements, reconciliations, that sounds like a headache. - That's where we come in again.

We handle that heavy lifting. The daily operations, the settlements, that's on us. - Freeing them up. - Exactly.

So, let's the fintech focus completely on their core job, their go-to-market plan, the user experience marketing pricing. - Yeah. - All that crucial front-end stuff. - You mentioned that multi-BINsponsor approach gives flexibility.

Can you maybe give an example of why that's so vital when you're crossing borders? - Sure. Think about regulations. They vary massively from region to region. - Right, absolutely.

- Different rules for different card products. Having multiple BIN options means a fintech can actually tailor what they offer to fit those specific local rules much more easily. You avoid delays, stay compliant. Plus, you might even get better fee structures because you have choices.

- That makes a lot of sense. Avoid delays and potentially save money. Looking longer term, what happens when a fintech really scales up and becomes a major player? - Our platform's built precisely for that scalability. So, when a fintech gets big enough, maybe they become a principal member with MasterCard or Visa themselves.

- Right, the next level. - Yeah, we make it straightforward to migrate their whole card program over to their own BINs. It's a seamless transition. - So it's future-proofed.

That's good planning. - Yeah. - And that's finally to give us a sense of scale. How widespread is Vrestaur's operation and enabling all this? - Well, like I mentioned, we operate across five continents now.

We're managing over five million cards and tokens and processing over two billion US dollars annually in transactions. So yeah, we have the experience and importantly, the robust infrastructure to handle international card issuing properly at scale. - Okay, so wrapping it up then, for a fintech looking to issue cards internationally outside the EEA using Vrestaur, sounds like. Start with a clear chat, get quick tech access, leverage that multi-bidden network you have, launch cards and payments, and then you guys handle the operational side, giving them flexibility and scalability.

- That's it in a nutshell. We really aim to take something that feels complex and, well, demystify it, streamline it. - Excellent, that's really clear. So here's a final thought for you, listerers.

How could using a multi-bend strategy, really thinking about it strategically, unlock faster, more agile, global growth for your fintech? Definitely something worth considering for anyone ambitious in this space. Our thanks to our expert from Vrestaur for this fantastic deep dive. - My pleasure, thanks for the chat.