LuLu Money Singapore and Endava Partner for New Payments
In a world increasingly connected by digital innovation, LuLu Money Singapore, a subsidiary of LuLu Financial Holdings based in Abu Dhabi, has forged a transformative partnership with global digital transformation expert Endava. Together, they are launching Digit9, a cutting-edge cross-border payments platform poised to revolutionise financial transactions for many institutions worldwide.
Empowering Financial Flexibility and Transparency
Digit9, conceptualised as a remittance-as-a-service (RaaS) product, is a testament to its technological prowess to foster financial flexibility, transparency, and reliability. At its core, this revolutionary platform empowers banks, fintech companies, and various financial institutions to execute multi-currency remittances in real time. The global network that underpins Digit9 boasts over 2000 partners, making it a formidable player in the cross-border payments arena.
A Promising Launch in the UAE
Digit9’s inaugural launch takes place in the United Arab Emirates in collaboration with LuLu Exchange, the country’s licensed partner. Digit9 embraces open banking standards, ensuring accessibility for diverse financial institutions eager to meet the market’s growing demand for a mature cross-border payments solution.
Furthermore, companies can seamlessly integrate Digit9’s core functionality into their financial applications and workflows. They even have the option to white-label the platform, enhancing the potential for brand customisation and visibility.
Democratising Remittances
Joseph Cleetus, AVP of Business Transformation at LuLu Financial Holdings, passionately underscores Digit9’s mission to democratise remittances. He explains, “Through Digit9, we aim to democratise remittances, enabling FIs across the spectrum to build powerful cross-border payments applications without the prohibitive costs and complexities associated with establishing a robust underlying infrastructure.”
This democratisation is a welcome development in the financial industry, promising to level the playing field for institutions of all sizes.
Unveiling Digit9’s Features
Digit9 is not merely an ordinary payment platform; it’s a financial juggernaut. With the capability to handle over 300 transactions per second across its extensive network of more than 2,000 global partners, it’s clear that Digit9 is designed for high performance.
The platform’s solution architecture comprises three key functionalities:
White-Label Solution: Digit9 serves as an easily customisable white-label solution for payment distribution networks. Institutions can tailor it to their unique requirements, maintaining brand consistency.
Build Your Network (BYON): Digit9 provides the tools and infrastructure to establish and manage correspondent banks efficiently for institutions seeking to create payment networks.
Managed Treasury Service: Digit9 offers a managed treasury service that includes real-time foreign exchange (FX) rates through its built-in analytics engine. Experienced FX dealers and automated market-making and liquidity pool managers support this feature.
A pivotal factor in Digit9’s development is The Endava Adaptive Model (TEAM). This framework streamlines and accelerates software development, ensuring Digit9 remains at the forefront of innovation and efficiency.
A Confluence of Innovation and Collaboration
The collaboration between LuLu Money Singapore and Endava represents a powerful convergence of innovation and expertise. Their partnership embodies a commitment to reshaping the landscape of cross-border payments, making it more inclusive, efficient, and adaptable to the needs of a rapidly evolving global financial ecosystem.
As Digit9 prepares to disrupt the status quo, financial institutions and stakeholders alike can anticipate a future where cross-border payments are more accessible and efficient than ever before. This collaboration serves as a shining example of how the fintech industry continues to push boundaries, delivering innovative solutions that resonate with the needs of the modern world.
