Banco Venezolano de Credito (BVC) and NovoPayment identified an opportunity to address unattended sectors with new digital payment services as a way of generating additional deposit and transactional revenue. The proposed B2B and B2B2C services would be the first offerings of their kind in the country, challenging incumbent businesses in various sectors and verticals.
While BVC was the sponsoring bank, providing specific infrastructure, NovoPayment, as the enabler helped the bank establish a new venture; an independent program management entity, and also helped bridge gaps, providing key tools, interoperability, APIs and software services. NovoPayment’s experience and expertise in establishing B2B cash management operations was also crucial.
The resulting initiative delivered a breadth of well-received, innovative, purpose-oriented programs such as employee benefits, payroll, promotions, incentives, and travel, among others. The project has been a financial success delivering significant deposit and transactional revenue as well as differentiated services, and market leadership in the country's e-money space.