Minna Technologies, a subscription management services provider to retail banks, has partnered with Visa to scale and optimise the functionalities of its platform.
Under the partnership, Visa will implement multiple APIs to improve the functionality and security of Minna platform.
The collaboration is expected to enable bank customers using the Minna platform to better monitor their subscriptions.
It will also enable them to keep a track of their subscription payments and cancel such subscriptions through their online bank.
Additionally, the customers will be able to sign up to new services and ensure continuity of subscription, even when their cards are lost.
The overall aim of the initiative is to simplify subscription management after a survey by Minna found rising frustration among Europeans with these services.
According to the research, Europeans spend €334 per month on seven different subscription services. It also revealed that one in three customers pay for such subscriptions, which they no longer use.
The collaboration with Visa is expected to simplify subscription management for the end customers. It is also expected to support Visa’s bank clients to drive new engagement and revenues.
Minna Technologies CEO Joakim Sjöblom said: “We are beyond excited to enter a strategic partnership with Visa to help European banks deliver a best in class customer experience.
“This partnership makes it possible for us to accelerate our European growth plans, and to take our subscription management platform to the next level by leveraging Visa’s cutting edge APIs.”
Minna Technologies is a Swedish fintech firm founded in 2016. Its subscription management app for consumers Mina Tjänster now operates as a bank integrated platform.