KABN and XTM partner on banking

06/01/21

KABN Systems, a North American Fintech solutions company specializing in empowering individuals to manage, control and generate value from their biometrically-verified Self Sovereign Identity ("SSI") through its Liquid Avatar  platform, announces today that together with fintech innovator, XTM, it will launch its KABN prepaid Visa Card and digital banking platform to support its partnered challenger bank initiatives in North America.

The partner managed platform will initially include a multi-currency and KABN KASH integrated account platform, connected to the KABN Visa Card, which has the capability to add additional 3rd party currency, investment, and other financial services solutions. These services will be available through the Liquid Avatar app, which provides users with a biometrically, verified, SSI solution allowing them to manage a wide range of verifiable credentials, online site and program access, and data permissions, putting control over personal data where it belongs - in the hands of its owners.

With all of the necessary approvals and partnership agreements in place, KABN North America will begin rolling out the program in Canada throughout the first quarter of 2021 and has plans to continue its card program rollout to the U.S. and other geographic regions subject to all necessary approvals. Users can sign up for their card through the Liquid Avatar app or by visiting (www.kabncard.com)

"We're excited to launch our challenger bank program, with XTM, as our first financial services offering, to those with a verified Self Sovereign Identity," said David Lucatch, CEO KABN. "Our goal is to power Liquid Avatar users and other partner program participants to be able spend a blend of traditional and digital currencies, like cash back balances from KABN KASH, while ensuring that they manage and control their identity, data and the respective value it creates."

KABN Visa cardholders will be able to enhance their spending power wherever Visa is accepted, online and in more than 200 countries and territories worldwide. They will be automatically enrolled in KABN KASH (www.kabnkash.com), a customized consumer experience where users can earn cash back on transactions with a growing list of over 250 brand name online merchants. Cardholders will also have access, through our managed partner programs, to a customized online and mobile banking experience that allows for integration to a host of unique value-based services and offers.

"KABN's unique business model creates opportunities to convert a growing number of qualified, authenticated users into active program participants," says Marilyn Schaffer, CEO of XTM. "This is our second initiative with KABN North America, as we recently joined their healthcare consortium to introduce our other program participants to the COVID-19 verifiable identity healthcare credential."

The challenger bank and Visa card offering come at an opportune time. According to a recent report from Payments Canada, entitled Canadian Payments: Methods and Trends 2020 (https://bit.ly/3b2M0l6), there has been a surge in electronic payments, representing about 77% of all transactions with debit cards making up about 28% of total payment volumes. Further key findings included that 86% of Canadians made online purchases in 2019, accounting for over $54 billion in values, with footwear and fashion representing over 50% of online purchases; 18% made in-app purchases and 15% made purchases from gaming consoles or Internet of Things (IoT) devices. There were over 540 million online transfers accounting for over $178 billion in value.



Read more: http://www.digitaljournal.com/pr/4932769#ixzz6imQlkpQE

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