UAE-based Emirates NBD’s Liv., a lifestyle digital bank for millennials, has signed Australian payments fintech Verrency for long-term innovation services.

The multi-year agreement will enable Emirates NBD to leverage Verrency’s cloud-based payments innovation service and V+ fintech partners to enable cost-effective delivery of a multitude of value-added services to Liv. customers.

Launched by Emirates NBD in May 2017, Liv. is a mobile-only bank offering a lifestyle-first intuitive banking experience targeted at millennials. It is also the fastest growing bank in the region after acquiring 100,000 customers within the first year of its operations.

Verrency’s commercial director for Asia and Middle East, Aaron Oliver, said: “Verrency will enable Liv. to deliver on its innovation-led proposition by launching multiple global firsts in payments technology and rapidly deploy value-added services to UAE consumers. By subscribing to the Verrency service, Liv. will be able to cost-effectively remain at the forefront of digital banking by continually enhancing its capabilities via easy connections to multiple service providers without requiring significant change in its existing payments and technology infrastructure.”

“We are using technology to improve the way consumers experience banking,” said Jayash Patel, Head of Liv.“As a digital only bank catering to the connected generation, we constantly seek ways to outpace traditional players, and our partnership with Verrency will enable us to securely deliver innovation at fintech pace.”

Liv.’s platform integrates lifestyle preferences with banking, helping customers keep track of their daily life and their finances on one app. The bank’s features include instant and completely paperless account opening, fund transfers through social media channels, carrying out instant bill splits with friends, tagging expenses to keep track of spends, international 60-second remittances as well as curated daily feeds of selected deals and happenings in the UAE, personalised to the customer’s preferences.

Founded in 2016, Verrency is a highly innovative global fintech firm that focuses on enabling major financial institutions to rapidly and inexpensively drive significant innovation via their existing payments technologies and networks. – TradeArabia News Service