FinTra Holding has launched the UPN Consortium, an open platform bringing together payment networks, banks, financial institutions, digital wallets, remittance companies and open finance providers.
Announced at Money20/20 Middle East in Riyadh, the consortium will allow participating institutions to contribute to Universal Payment Network’s strategy, roadmap, pricing principles, market priorities and cross-border payment infrastructure.
UPN currently operates across more than 50 markets, covering over 500 million accounts and providing access to more than 100 alternative payment methods. The company also said it completed its first live transaction through the network, connecting a local wallet in Africa to the global payments infrastructure.
UPN will continue to operate and develop the network, while consortium participants help shape its strategic and commercial direction. Applications will be assessed based on factors including regulatory standing, market coverage, compliance controls, technical readiness, settlement capabilities and transaction use cases.
The consortium is open to eligible institutions across the payments and financial services sector, including card and instant payment networks, banks, mobile money operators, wallet providers, remittance companies, payment processors, open finance providers and settlement institutions.
According to the announcement, UPN is designed to support peer-to-peer, person-to-merchant and business-to-business payments, while enabling local systems to connect without giving up their regulatory responsibilities or customer relationships.
Source: Wamda
