FinTech company Tern Embraces Growth
August 01, 2019 (PRLEAP.COM) Business NewsFinTech company Tern is embracing its growth with a rebrand that aims to better convey their messaging and service offerings. Following a successful global prepaid card program, Tern is leveraging their platform to extend services to financial institutions struggling to embrace the latest technology and ease of use, their customers have come to expect.
"We felt it was important our brand was approachable. By relaunching our website and new logo, we are working toward identifying with payments executives in the room as well as their surrounding development and technology teams by focusing our platform on their needs." says Tern CEO Brion Bonkowski.
Financial institutions are accustomed to technology projects taking months and sometimes years to launch, but their customers increasingly grow impatient for the launching of new products and initiatives. The fully brandable Tern platform can swiftly deploy mobile prepaid programs within days. Tern's product and engineering teams feel the mass adoption of mobile payments in China with WeChat Pay and Alipay is a good indicator of where the market is heading.
Prepaid and mobile banking programs are also incredibly resource and contract intensive. Similar to the old, time-consuming underwriting process of traditional merchant accounts, the card-issuing process is fraught with barriers to entry. Viable companies looking to issue a card must jump through so many hoops, indicating a need for change. As long as the company is well-capitalized, compliant, and has a clear roadmap to target a specific consumer or business base, they should be able to launch quickly and avoid the speed bumps. Currently, these businesses need to contract with a laundry list of processors, issuers, program managers, load methods, KYC providers, and third-party technology providers to accomplish a successful product launch. The goal of the Tern platform is to package all these elements together and make them available through modern, easy to consume APIs and/or meticulously designed mobile and web applications.
A rebranding initiative is the next step to convey this to prospective clients in a market where there is significant opportunity. But it's not just cosmetic, in this process a lot of work has been accomplished to update their API, developer tools, and business intelligence dashboards.
Tern's goal is to launch best-in-class payment and banking solutions. Our drive is to simplify compliance and regulatory issues in launching stored value and prepaid products. Tern provides intuitive, modern tools to enable the next generation to store and transmit value securely and across virtually any platform, device or currency. Visit their website at www.ternitup.com