Digital financial platform, Ribbon, is gearing up for its next big move to help non-resident Indian diaspora in the UK, as it announces its partnership with Tribe Payments, the digital payments and infrastructure orchestrator that specialises in issuer and acquirer processing.
Ribbon is a carbon-neutral digital financial services super-app that was founded in Gibraltar in March 2020 by Ashesh Jani and Suchit Punnose. The multi-purpose app is designed to cater to both personal and business users, offering a suite of services including hyper-personalised financial services, multi-currency accounts, and instant transfers to India and other countries.
Ribbon first went live in Gibraltar earlier this year, powered by Tribe’s issuer processing, and following a successful debut, the company launched its services in the UK at the end of October.
In addition to issuer processing, Ribbon will benefit from Tribe’s proprietary Risk Monitor platform, which allows for real-time assessment of card transactions against an array of predefined conditions, allowing Ribbon to have oversight and confidence in providing protection to their customers and meeting anti-money laundering (AML) requirements for electronic money institution (EMI) license holders.
Ribbon will also benefit from Tribe’s 3D Secure solution (3DS), which provides an authentication service for banks, fintechs and acquirers. 3DS has become an essential part of risk management and fraud prevention for any business that takes online payments.
Celebrating the UK launch
“Our UK launch is the realisation of a long-held ambition to make it as easy as possible for people to send money to family and friends across the world,” says Jani, who also serves as Ribbon CEO. “Tribe has been integral in getting our proposition off the ground, with its wide-ranging suite of products, a perfect match for our super-app.”
Fellow co-founder Punnose adds: “We are most proud of how every single one of our card transactions – each one enabled by Tribe’s issuer processing – counts towards a sustainable tomorrow; our users can use the in-app tracker to monitor their carbon footprint.”
“I’m delighted to see that Ribbon has enjoyed a successful UK launch,” says Tribe’s chief operating officer, Lynda Clarke. “Just as Tribe navigates the scale-up journey, it gives us great pleasure to see how we continue to enable new brands to make their mark in the payments space, especially one as innovative as Ribbon, which aims to increase financial inclusion.”
Jo Lawrence, head of customer success at Tribe comments: “It’s fantastic to be partnering with a pioneering sustainable financial platform like Ribbon. It has been a real pleasure to work with the Ribbon team, and we look forward to further empowering Ribbon as they seek to expand into new regions.”
