At Optal, we’re always working hard to grow the business and drive value for our customers and know that it can sometimes be difficult to put our current success in perspective. That’s the value of independent industry recognition of the sort we recently received from the London Stock Exchange Group, with inclusion on its prestigious 1000 Companies to Inspire Britain report.
The good news continues with a listing in the latest edition of The Nilson Report as one of the top credit card issuers in Europe by purchase volume. It’s even more remarkable given our exclusive focus on B2B transactions.
In good company
The report puts us in 22nd place on the top 50 list, with a purchasing volume of over USD$17.4bn off the back of nearly 15.4 million cards issued. This places us above well-known brands such as Credit Suisse, ING Group, Nationwide, Commerzbank, Capital One and many others. Optal can also boast the fourth largest number of cards issued of any firm on the list.
That’s because the type of cards we issue are far removed from traditional physical plastic. In fact, they are single-use, 16-digit Virtual Account Numbers (VANs) valid for only one transaction and backed by the Mastercard network. They enable finance departments to pay suppliers via a highly automated, digital process that strips away cost and inefficiency. VANs remove the manual processes associated with legacy systems like cheques and bank transfers, minimising human error, bank charges and admin overheads, and mitigating risk.
They enable pull payments, which means buyers need not store the bank details of any suppliers, reducing data breach risks. They also allow payers to add enriched data to each transaction, making it easier to audit and track each payment – minimising fraud risk in the process.
A major player
Optal’s stellar performance in 2018 also garnered it a place on the report’s second list: of Europe’s top 50 general purpose Visa and Mastercard issuers. This list is topped by UK high street giants Lloyds, RBS and Barclays. We’re thrilled Optal is now in such exclusive company. Our presence as one of Europe’s top card issuers is all the more impressive given that we operate solely in the B2B space. Still, more money has flowed through Optal transactions over the past year than in many other, more established financial organisations.
The message is clear for finance leaders who may not have heard of us before, or who may be reluctant to team up with a relatively new kid on the block: Optal is a major player in the European payments space and a partner you can trust.
Things never stand still at Optal. That’s why we’ll continue to work on innovative new products to deliver on our core vision of optimising payments for organisations around the world. And we’ll redouble our efforts to make sure CFOs understand the value of VANs, and our other leading payments platform, Invapay, which helps firms optimise working capital by turning underutilised credit lines into cash.
To find out more about either of these offerings, get in touch today…