Mambu, the SaaS banking engine powering innovative loan and deposit products, today announced that PayU Colombia has deployed their solution to drive the payment services provider’s new short term deferred payment product.
PayU Colombia is the first payments services provider to leverage the Berlin based FinTech's banking engine. The win brings Mambu's Americas client base to 26, all of which are supported from their newly opened offices in Miami.
PayU Latam provides an online payments platform for merchants in high growth markets with operations from Mexico to Argentina.
By adding a 15 day post-payment option to its existing payment portfolio PayU Colombia is providing their customers with the convenience of deferred payment and opening a new and higher margin revenue channel. The product is currently being piloted in Colombia, with the potential for a wide scale roll out across Latin America.
PayU Colombia has over 600,000 pre-approved customers already using their system who could benefit from this new payment instrument.
“We chose Mambu for its functional reach and ability to seamlessly integrate with our existing ecosystem,” said Jose Velez, CEO, PayU Latam. “We looked at other providers, including local options, but none could match Mambu’s flexibility. Their collaborative approach throughout the POC and delivery process coupled with their ability to provide the live product in less than a month assured us that we had selected the right technology partner to support our innovation led growth strategy.”
“Partnering with our first payment services provider demonstrates Mambu’s versatility, ability to accommodate diverse use cases and capacity to work with large organisations to power their digital first growth strategy,” said Edgardo Torres, Managing Director, Americas, Mambu. “We look forward to continued collaboration with the PayU team and are excited by the potential for expansion.”
Mambu is being used to configure products, store customer information and generate financial data and is integrated with PayU Colombia's existing architecture through APIs.