American financial services provider UMB Financial has signed an agreement with Fraedom, UK-based fintech provider, to enable it develop a complete range of cards services.
The company expects the arrangement to result in the development of various UMB Financial card offerings such as expense and card management, reporting and mobile app to support its business clients.
UMB Financial card offerings
Initially, the partners will work together to move UMB’s existing commercial card customers from two legacy systems onto Fraedom’s card technology platform.
UMB Financial executive vice-president and director of product management Uma Wilson said: “Partnering with Fraedom will enable us to bring significant benefits to our business customers across the US.
“Our new suite of commercial card services will enable them to achieve enhanced operational efficiencies and help ease customers’ day-to-day needs.”
Moreover, in the next phases, the alliance will work on improving user experience.
Fraedom and UMB plan to create a new mobile app and launch it in the first half of next year. The new solution is intended to provide mobile first experience that supports current browser-based platform.
Wilson added: “This solution allows us to evolve the platform to support the growth we are experiencing with our card portfolio.
“By partnering with Fraedom, we aim to alleviate the complexity associated with managing a card programme for our end customers and at the same time drive adoption and automation of processes and payments.”
Earlier this year, Visa acquired Fraedom in a bid to expand its suite of solutions for addressing the needs of B2B payments industry.