Online payment solution PayPugs has forged an alliance with payment platform Verifo to enhance its banking and payment capabilities.

Verifo, which offers customised Banking-as-a-Service (BaaS) and Software-as-a-Service (SaaS) solutions, is licensed and regulated by the Bank of Lithuania as an electronic money institution.

Its product line includes EU IBAN provision, card issuance, and SEPA & SWIFT payments procession, as well as a white label programme.

Under the tie-up, the two companies plan to provide personalised financial services through customer centric offerings.

PayPugs will also tap Verifo to provide ‘broader and more inclusive payment possibilities’ to its new and existing clients.

Furthermore, the firm plan to combine its BaaS solutions with Verifo’s BaaS solutions in order to offer an enhanced solution for businesses seeking white label banking services.

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Verifo CEO Mantas Staliūnas said: “We’re happy to provide our partner PayPugs with smooth, set-to-use, and, at the same time, easily scalable BaaS solutions to start their own fintech business without struggling with the regulation issues, software development, and resource-intensive operational management.

“Verifo philosophy implies a rapid business deployment under the consulting team’s watchful eyes and full-time competent customer support literally one call away, together with strong and accurate attention to compliance and legal procedures.”

PayPugs provides financial services in collaboration with multiple licensed entities. It is working with several entities in different regions to cut down risk and offer faster access to payment schemes.

Commenting on the latest tie-up, PayPugs board chairman Alexander Zelinsky said: “In the fintech landscape, partnerships are essential. Not only do they make us faster but also better. PayPugs is delighted to have established a relationship with Verifo in order to achieve better, faster and cheaper financial services in today’s competitive markets.”

Recently, a report by Financial Times said that JPMorgan Chase is working with Siemens to develop a blockchain-based system for the payments of the Germany-based industrial group.