Aus payments fintech Verrency signs long-term agreement with UnionPay

Australian payments fintech Verrency has signed a long-term agreement with UnionPay International (UPI), a wholly owned subsidiary of China UnionPay (CUP), to offer Verrency's value-added services to Union Pay's issuing banks across Asia.

Verrency's services will be delivered via the UPI Wallet, Union Pay's innovative API service.

Signing the formal agreement were Verrency chief executive officer David C. Link, and UnionPay International product director Shuan Ghaidan.

Shuan says, "We are very glad to be working with Verrency to offer further control, service, convenience and security to our customers.

"Verrency's innovative services will further enhance the value of the UPI Wallet and the value that Union Pay enables for its issuers. We are devoted to providing innovative, safe, and convenient payment services for our global cardholders.

Link says, "We are excited to be working in partnership with Union Pay to offer a set of innovative value-added services for its issuers.  Union Pay is known for its focus on its issuers and cardholders, and the UPI Wallet is a great example.

Founded in 2016, Verrency is an Australia-based fintech firm with global operations that focuses on enabling major financial institutions to rapidly and inexpensively drive innovation via their existing payments technologies and networks.

As an open-API platform service, Verrency enables institutions and card processors to easily offer consumer services that provide increased security, control, and choice, including the ability for consumers to easily pay anywhere using different funding sources (including bank accounts, loyalty points and rewards, digital currencies via direct blockchain connections), to manage payment devices and virtual cards, and to easily connect to third-party fintech services.

UPI is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global businesses.

In partnership with more than 1,000 institutions worldwide, UnionPay International has enabled card acceptance in 160 countries and regions with issuance in more than 40 countries and regions.

UPI provides cost effective and secure cross-border payment services.