MODO

Payments Orchestration Supports Easy, Secure Payments

MODO is a financial services provider developed by a group of public and private banks in Argentina. Known as “la billetera de los bancos” or “the wallet of banks,” their mission is to make online and in-person payments as easy, secure, and consistent as possible. 

With this objective in mind, MODO developed an application that is available as a stand-alone mobile app or integrated into a bank’s interface. Because it offers the same experience whether you use the app directly or through your bank, the customer interface is familiar and seamless.

To further their simplicity, MODO sought to streamline integration with many banks, acquirers, and card networks. Spreedly’s Payments Orchestration platform is used by MODO to rapidly develop the connections required to the 39 bank members in the MODO app. Spreedly’s vaulting solution is also used to securely capture and store payment details in an independent vault.

“Using Spreedly we have been able to extend simplicity to our own development teams through significantly streamlined integrations with new banking partners. The result is our ‘wallet of banks’ and a single place for our customers to access all their cards and accounts.”

Common Goals: Simplicity & Security

Because MODO’s goals match Spreedly’s own so well, the companies found it easy to work together toward common goals of simplicity, security, and convenience. 

Rafael Soto, CEO of MODO, the Argentinian wallet of banks explains how those goals fit his vision, “Bringing your money and your world together makes everyday life easier. It makes sense to synergize the efforts of many banks and come up with a solution that works for the whole population.” Soto found that Spreedly’s Payments Orchestration solution fit this mission, so it didn’t make sense for MODO to do it themselves. “We needed to outsource because it’s impossible for us to do everything,” said Soto. The CEO explained that MODO has its own goals for growth. They would prefer to focus on e-commerce offerings and improving the design and features of their app versus the complex, time-consuming work of integrating multiple, diverse acquirers and banks. Payments Orchestration takes on that work for MODO and allows them to focus on developing the optimal payment and banking application for Argentina.  

Spreedly Checks the Boxes

Soto described the key criteria that MODO used to evaluate prospective payment partners, and how Spreedly checks those boxes:

Secure: MODO sought to enhance security capabilities and maintain PCI-compliance. Spreedly allows them to comply with PCI and organizational standards without having to manage integration with every bank themselves. Spreedly handles integration and secure transportation of credit card data. 

Agnostic: Because MODO transacts with such a wide variety of businesses, they require an open, agnostic solution. Soto describes Spreedly’s solution as “very open and works well with all kinds of banks, acquirers, and card networks.”

Responsive: Soto said, “Spreedly has a high availability architecture and the results for MODO have been excellent service responses—even on very high-demand occasions.”

Today, MODO enables its customers to easily and securely send and request money between contacts and to pay merchants with QR codes, as well as offering easy access to all accounts and cards—all integrated into a single app. Banks from both the public and private sector are currently participating and available to MODO customers.

For more information on how the Argentinian wallet of banks helps consumers, visit their website modo.com.ar