Emirates NBD has signed a multi-year deal with Australia's Verrency to co-opt the vendor's payments-as-a-service offering for digital banking subsidiary Liv.
Launched by Emirates NBD in May 2017, Liv. is a mobile-only bank offering a 'lifestyle-first' banking experience targeted at millennials. The app-based bank has so far acquired 100,000 customers within its first year of operations.
Verrency's white-label, open-API platform will be used to add new payments capabilities - from aggregation to loyalty/ rewards and digital currency spend - with no change to existing payments rails, connections, or point-of-sale terminals. Liv. will also take advantage of the vendor's V+ fintech partner ecosystem to tap into new services from the startup world.
Jayash Patel, head of Liv. says: “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.”