India’s FinTech Mswipe has expanded its services to the UK market through a BIN partnership with London-headquartered FinTech payments company Cashflows.

A BIN sponsorship model is a financial arrangement in which a regulated financial institution (the “sponsor”) allows another company, often a FfinTtech company, to access its payment environment using the sponsor's Bank Identification Number (BIN).

The BIN acquiring sponsor model will enable Mswipe to focus on acquiring and managing merchants, with Cashflows providing a complete infrastructure for regulatory compliance and financial flow, the companies said.

Mswipe, based in Mumbai with operations in Singapore and the UAE, will leverage Cashflows' acquiring licence in the UK to provide full merchant acquiring services.

The partnership allows Mswipe to act as acquirer in the UK, handling merchant onboarding, pricing, settlement terms and processing, all using existing proprietary technology.

The BIN is the first set of numbers on a payment card that identifies the issuing institution and ensures the correct routing of transactions.

The BIN model is particularly useful for companies seeking to issue payment cards or provide financial services but do not have the necessary banking licences, with the partnership allowing them to offer services such as branded debit or credit cards without having to be an authorised issuer.

Sponsors such as Cashflows take care of regulatory compliance, risk management and access to major card networks such as Visa or Mastercard.

“This model is unprecedented and demonstrates our commitment to enabling seamless market access for innovative fintech companies,” said Cashflows chief executive Hannah Fitzsimons.

Mswipe, which has a network of 800,000 merchants in India, said it will initially focus on serving merchants across the retail sector before expanding into other industries.

Manish Patel, founder and managing director of Mswipe, added: “Through this strategic partnership, we are committed to leveraging our robust technology platform to create a seamless payment ecosystem that empower businesses in the UK.”

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