Lyned Technology Commences Rollout with Banks Across Europe and South Asia Onboarded

Date – 01-Aug-2024

Lyned Technology Announces Onboarding of TechVentures Bank and Laxmi Sunrise Bank

Lyned, a pioneering digital payment processing technology, proudly announces the successful onboarding of two major banking partners: TechVentures Bank of Romania and Laxmi Sunrise Bank of Nepal. This milestone represents a significant step forward in Lyned’s global expansion efforts.

Both banks have signed Proof of Concept (PoC) agreements with Lyned, demonstrating their commitment to integrating advanced payment solutions into their operations.

TechVentures Bank, a leading digital-first bank in Romania, has been at the forefront of adopting fully digital banking practices. Since receiving approval from the National Bank of Romania in 2020, TechVentures has developed a new core banking infrastructure and operates across the European Union under its Romanian license. Olimpiu Balas, majority shareholder at TechVentures Bank, commented, “The integration of Lyned technology is a key advancement in our strategy to implement digital banking and channels both in Europe and globally.”

Laxmi Sunrise Bank, Nepal’s third-largest bank, holds assets exceeding 385 billion NPR (2.2 billion GBP) and operates 254 branches nationwide with a workforce of over 3,000 employees. With a legacy of more than 22 years, the bank serves hundreds of thousands of clients across personal, business, and institutional banking. A bank spokesperson noted, “Our partnership with Lyned represents a crucial step towards delivering instant, cost-effective remittance solutions, benefiting the Nepali economy and our international clientele.”

Lyned offers a unique clearing and settlement ecosystem, providing a digital alternative to traditional systems such as SWIFT and national interbank clearing, as well as card networks like VISA and MasterCard. This system supports cost-free, instantaneous operations. Dragos Stanescu, CEO of Lyned, said, “Lyned is transforming digital payments with our innovative, PSD2-compliant electronic money tool. We are excited to welcome our new banking partners, who are embracing the future of rapid, secure national and cross-border transactions.”

Key Benefits of Lyned Technology:

• Instantaneous Transactions: Processes transactions at 14,000 transactions per second, ensuring instant payments.
• Cost-Effective: Provides cost-free operations, significantly lowering transaction costs.
• Global Reach: Supports both national and cross-border payments, ideal for international transactions.
• Regulatory Compliance: Fully PSD2-compliant, adhering to the latest financial regulations.
• Digital Integration: Offers a seamless digital payment system with virtual debit cards and virtual POS.
• Enhanced Security: Utilizes advanced encryption and multi-factor authentication for maximum security.
• User-Friendly Interface: Features an intuitive interface that simplifies user interactions.
• Real-Time Analytics: Delivers real-time transaction analytics for effective monitoring and optimization.
• Scalable Infrastructure: Designed to grow with the expanding needs of financial institutions.
• Interoperability: Compatible with existing banking systems for smooth integration.

Earlier this year, Lyned was announced as one of Woodford Finance’s latest fintech investments. Following the successful development of the 360Sports fan engagement platform, Woodford Finance’s tech portfolio now includes several groundbreaking projects. Nasib Piriyev, Managing Partner of Woodford Finance, stated, “Long wait times for international payments are a thing of the past. Lyned is set to disrupt the status quo with fast, cost-effective, and secure transactions. We’re excited to see progressive banks adopting this transformative technology.”

Advanced Negotiations and Future Expansion:

With support from Woodford Finance, Lyned is actively engaged in advanced negotiations with leading financial institutions across Europe, Africa, Central Asia, and the Caribbean/Central America. These discussions aim to introduce Lyned’s innovative payment processing technology to new markets, enhancing the efficiency and security of global financial transactions. The company is focusing on partnerships that will leverage Lyned’s scalable infrastructure and interoperability, facilitating seamless integration with existing banking systems. This strategic expansion is expected to drive significant growth and establish Lyned as a leading solution in the digital payments sector.