Today, we are happy to announce our partnership with another fantastic New York company, TxVia. In the BankSimple stack, there are three core players: ourselves, our partner banks and our processing partner. We offer the user-facing applications and customer support, our partner banks provide FDIC-insured products for our customers, and our processor handles financial transactions between BankSimple and 3rd parties, including the card associations, ATM networks and bill processors. Over the past year we’ve developed a deep relationship with TxVia and are proud to have them as our core processing partner.
When we began working on BankSimple, we examined many different processing providers. We met the team from TxVia early last year and fell in love. Whereas other processors built their technology on top of legacy systems, TxVia is the most modern & well-designed system that we have seen. Using TxVia’s flexible model-driven architecture, robust security implementations and real-time processing capabilities, we are able to build an experience that is both compelling and unique.
The majority of banks in America use one of three main processing platforms. These systems were designed decades ago and have been very slow to adopt modern features. And customers have had to suffer as a consequence with system outages, delayed processing, and a lack of innovation. Recognizing these problems, the prepaid card and alternative payment industry has developed their own modern processing systems designed to minimize the technical requirements for banking partners, while leveraging new technologies.
By partnering with TxVia, we are able to concentrate on user experience, while TxVia provides a unified interface to legacy payment and banking systems. Our vision for BankSimple requires a flexible processing architecture that allows us to model our own requirements in a holistic fashion. Although other processors offer APIs, TxVia’s API, database grid replication and message queues allow us to give our customers better visibility into how they save and spend. It also allows us to dynamically re-route transaction flows to maximize financial efficiency for our customers. In short, their system rocks.
Just as we rely on our partner banks for FDIC insurance, we rely on TxVia for industry-leading availability, integrity, throughput and security. TxVia already has over 50 million cards using its platform and the company powers some of the largest card programs in the United States. We look forward to growing with them over time.
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