Transactions A the Foundation of Future Banking: 2innovate 

The digital banking and financial transactions company introduced its Frame Banking™ SaaS transaction processing platform.

Focusing on transactions as the core of the financial ecosystem, the Uruguayan company 2innovate unveiled its revamped cloud-based software-as-a-service (SaaS) platform, Frame Banking™ (formerly PTS Banking), which aims to streamline the lifecycle of digital transactions securely and with lower costs to enable the next generation of payment ecosystems. 

By reducing the traditional frictions of payment processes, the platform enables businesses to accelerate their digital transformation and establish the foundation for developing new services and consumer experiences that allow them to stand out. Additionally, it helps financial institutions break free from the limitations of their legacy systems and respond to the demand for modern transactions across multiple channels, explained Pablo Pereyra, Revenue Director of 2innovate. 

“Our SaaS Frame Banking™ platform is much more agile and flexible than its predecessor, providing customers with a highly efficient tool that accelerates the development and deployment of cutting-edge payment solutions,” Pereyra highlighted. “The result is a transaction engine as a key technology partner for financial and banking institutions in Latin America,” said the executive, emphasizing that they can now develop a minimum viable product (MVP) in just a few weeks. 

The platform is designed with a composable architecture that promotes adaptability and scalability, and it is low-code, making it easy to customize and integrate with any core banking system and channels used by the financial institution. Moreover, digital services are developed without touching the core, mitigating operational risks and reducing costs, added the executive. 

The secure payment solutions facilitated by the platform – which interacts with all components of the transaction lifecycle, decoupling channels, and providing them with their own business rules – can be used in financial services such as digital banking (corporate, retail, and Fintech), mobile money, ACH and universal account, correspondent banking, and others. 

In Mexico, the company expects to double its year-on-year growth and double its customer base and revenue, said Pereyra, noting that their three value levers are the ecosystem, innovation in their business model, and efficiency, which allows for cost reduction. 

“Frame Banking™ is designed for everyone involved in moving money, not just banks,” stated Hugo Sacchi, CEO and founder of 2innovate. “The evolution of our platform not only introduces a renewed focus for financial services in Latin America, where the transaction is at the heart of the customer experience but will enable 2innovate to connect more clients with the payment ecosystems of the future, today,” he emphasized. 

Pablo Pereyra explained that the company works with regulated public clouds such as AWS and Google, as well as local clouds for legal reasons; in Mexico, these are KIO and AWS Queretaro. Companies can subscribe to Frame Banking™ in a multi-year subscription model structured according to the use case, based on the number of transactions, i.e., usage. 

According to Hugo Sacchi, the main trends 2innovate is leveraging for expansion are: the need to increase financial inclusion in Latin America, which requires high capillarity; the high demand for purpose-specific digital offerings, targeting specific demographic groups; and the focus on businesses with digital banking. 

Regarding the challenges they face, Pablo Pereyra explained that one of the most widespread – more so than regulation, which is advancing due to pressure from the financial industry itself – is corporate culture. “We are inviting large financial companies to view these innovative initiatives with a little less skepticism, and based on success stories, which is how the adoption of Frame Banking™ is happening. When the bank understands that we don’t touch the core banking system, and yet still allow them to innovate with digital services,” that’s when everything takes off, commented Pereyra. 

Frame Banking™ services are already active in 22 recognized banks and fintechs in the region, including Western Union, Santander, Ualá, and Te Creemos, while in Mexico they also work with Banco Sabadell, Banco ABC, CAME, and Sofipo Libertad. Moreover, the company, which handles more than 7 billion transactions per year, has strategic partnerships with consulting institutions and technology providers such as Baufest, Tuum, Globant, Mambu, and Veritran, among others. 

Check the original publication at Computer Weekly  

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