Ditto Bank, “the Bank that travels with you”, is a new generation French bank with global ambitions that offers a unique multi-currency model.
Ditto Bank holds its own banking license and manages to combine the reliability of a bank with the flexibility of a FinTech. Designed for those who need access to multiple currencies on a regular basis (frequent travellers, expatriates, online shoppers, etc), Ditto Bank customers can use their app to open current accounts in different currencies, manage their money, make transfers and complete foreign exchange transactions, all from a mobile app created for and with the customer, who always remains at the centre of a seamless experience.
Ditto Bank was launched in Paris on February 15, 2018. Two weeks after the launch, Bankable is selected to provide Ditto with real time API access to the UK Faster Payment scheme. This allows every Ditto customer to have a UK Sort Code and Account Number from which they can send and receive GBP payments to and from other UK bank accounts. A step in the right direction to help Ditto towards their ambition of becoming a borderless bank.
“We chose Bankable among other candidates to access UK Faster payment via API, says Sylvain Pignet, founder and CEO of Ditto Bank. We are committed to promote and leverage open banking. Bankable’s prices were competitive but we also felt both organisations were culturally aligned. This partnership with Bankable is a first step, other joint projects may follow.”
Bankable’s proprietary API based “Banking as a Service” platform provides turnkey payment solutions with account/card issuance and management, transaction processing, as well as compliance and ancillary services. Apart from access to the UK Faster Payment scheme, Bankable is currently also providing access to SWIFT, SEPA STEP2, TARGET2 and soon SEPA Instant Payments. Bankable’s platform enables customers to focus on their brand, distribution and client acquisition instead of reinventing the “infrastructure wheel”. With accelerated time to market and faster revenue generation, Bankable customers increase the value and attractiveness of their business.
“We are very excited to partner with Ditto Bank, says Eric Mouilleron, founder and CEO of Bankable. Ditto has an original vision, a strong management team and prestigious financial backers (UAE Exchange and Travelex). Travelex has always been an inspiration for me. Prior to founding Ditto, Sylvain Pignet was Group Company Secretary of Travelex Group, working along Lloyd Dorfman, CBE, Travelex Group founder, to build the world’s largest retailer of foreign exchange. Given Sylvain’s vision and track record and the quality of Ditto’s management team and backers, we believe that Ditto Bank will become a dominant player.”