It’s been truly instructive that we’ve had to go through the very pain that we’re trying to solve with Weavr. Our pitch is that we help innovators build and run complex payment flows and user experiences with minimum pain.
Deploying and running card and account issuance solutions means hefty compliance commitments. If you’re handling card data then it’s PCI-DSS. If you’re facilitating the opening of payment accounts, then you have to register with the regulator as an agent of the financial institution. If they’re card accounts, then there are fees for registering with the card scheme as a sales organisation. And then there’s setting up for customer onboarding and ongoing monitoring…
So that’s what we did for the Weavr platform. PCI compliance? Tick. Agent registration? Tick. Card processor integration and setup? Tick and so it goes. The big value-add here (and what makes all the pain worthwhile) is that Weavr’s technology enables innovators to access all of Weavr’s payment capabilities while avoiding these heavy security and compliance obligations simply by keeping the access and activities of the innovator’s code out of the perimeter or scope of the relevant regulations.
We’ve been lucky to have amazingly supportive partners — Global Processing Services, Paynetics and IDenfy — who have really bought into our ‘pain reduction programme.’ And even then, reader, it took months of pain to get to our first live real money transaction. The payback? Innovators won’t have to.