US-based WebBank has forged an alliance with American Express to become a card issuer and participant in the American Express network.

As part of the contract, WebBank will also issue various payment solutions under the American Express network through fintech firms.

WebBank president and CEO Jason Lloyd said: “WebBank is pleased to have a strategic alliance with American Express that broadens the product offerings that we’re able to make available through our strategic partner platforms.

“It’s a great example of two industry leading organisations creating value for and through the broader fintech community.”

The bank plans to start issuing the card through FinTechs later this year.

American Express senior VP and North America global network services general manager William Stredwick said: “Integrating WebBank into the American Express ecosystem is another step toward empowering fintechs to offer payment innovations on the Amex network.

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“We look forward to working closely with WebBank to continue expanding the reach of the brand and bringing new benefits to fintechs and consumers.”

In April this year, American Express announced a collaboration with Nayax to enable payments in the UK and European Economic Area (EEA).

The partnership has enabled Nayax to choose UK as the first market to accept American Express cards for performing purchases and other services.