Top 5 Digital Banking Software Companies 2022


The digital banking industry is one of the few that continues to grow tremendously despite all the challenges facing the world in 2022. The growing trend is very similar in many regions, resulting in high demand for technologies and white label solutions. This situation often leads to inappropriate decisions in terms of resource and product planning. Digital banking or wallet apps often appear to be simple and straightforward, and that’s true when you consider the consumer side that was intentionally built that way. However, this “simplicity” often leads to an underestimation of the whole product in terms of construction cost. There aren’t many agencies and entrepreneurs who have had the chance to work with production digital banking products to clearly understand what should be “under the hood.”

To help organizations looking to create mobile banking products, we have identified 5 vendors in this space based on customer reviews, product features, security and compliance certifications, additional services provided.

1. Auka

Since 2010, Oslo-based Auka has offered its customers a standardized and easy-to-use mobile payment platform called Settle. It was the first company to launch a mobile payment solution (mCash) in Norway. The company is focused on providing exceptional user and customer experiences and therefore its key success factor is its ability to create customer-centric products.

2. Velmie

Velmie is a technology company that provides modular banking software and middleware solutions. It offers a wide range of integrations with banks and payment companies; white label applications and personalization services.

3. Softspace

Malaysian fintech player Softspace has built a strong reputation in Asia for its payments platform and Fasspay wallet. The company, founded in 2012, has an impressive track record, with 20 financial institutions in 11 countries using its solution. The company conducts most of its business in Asia and deals primarily with corporate clients.

5. Open way

Openway was created in 1995 in Belgium, which remains its headquarters. It has since expanded to 17 offices around the world. The company developed the Way4 card, wallet and payment solution. He has significant experience, expertise and a good reputation. Its large team serves more than 130 banks that are its customers. In 2016, it was recognized by Ovum for the quality of its digital banking software.


Obopay was established in 2005 and offers digital payments and banking platforms, including mobile wallets. Its mobile wallet comes with a card, P2P payments, loyalty programs, membership cards, as well as international remittances and savings. It’s a huge company tied to a proprietary banking platform.

How to Choose a Digital Banking Software Platform

When choosing a banking software vendor, certain criteria are important to consider, as the long-term success of your product will be determined by the vendor’s ability to meet your ever-changing needs. Critical considerations include:

  1. Modular architecture. Although the starting point is the same for all customers, each company will grow at its own pace and adapt the product over time to meet the needs of its customers. By developing a branded digital banking solution using microservices, businesses can easily adapt and evolve the technology over time for increased usage or growing numbers of users without having to change the underlying architecture. form the bank.

  2. Personalization. The vendor should be able to customize the solution to your exact specifications. Many technology vendors sell banking platforms “as is” or provide APIs so businesses can add additional functionality. But it’s not ideal because it doesn’t offer end customers banking apps that have been carefully designed for them.

  3. Ability. The vendor must be able to easily scale up and down their development resources as needed so that the customer doesn’t need to hire a huge team of dedicated developers.

  4. Support for service level agreements. The provider should offer a fixed monthly fee for hosting and technical support so that the customer can focus on their business knowing that the wallet is supported by the developer and will operate efficiently.

  5. Ecosystem. The vendor must have the experience and ability to handle all types of integrations with customer systems. The provider should also be equipped to test and train users so that they are comfortable with the wallet and able to fully utilize all the features it offers. Preferably, the white label digital banking platform provider should have a local presence to oversee the software integration.

As you can see, there is a lot to consider when choosing which provider to contract with for the development of your custom and branded mobile portfolio. However, it is worth doing your homework well at the beginning of the process, as this will allow you to be successful in the long run with your employees or your end customers.


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