Digital Bank-in-a-Box
The Digital Bank-in-a-Box refers to a comprehensive solution that enables the rapid launch of a fully functional digital bank.
Brief product description of the product:
- Professional , fresh, user friendly banking interface
- All balances and transactions are updated in real time (no need to refresh the page)
- A mobile application with a convenient and friendly interface. iOS and Android
- Bank operator account (manages payments)
- Controller’s office (maintains the onboard and manages documents/invoices for payments)
- Support agent account - corresponds with clients via chat (yes, we have our own chat with clients, with very powerful functionality and AI assistants)
- Treasurer account - makes payments in currencies
- CFO: maintains accounting and manages liquidity
- Offices for branch officers, client managers, bankers etc
- Accounting module, ledger, balance sheets and more
- Profit loss reports for bank management, income / expense reports, etc. for managers and regulators
- Both the client and the bank officer can print out the pdf account statement
- Both the client and the officer can see statistics on the account for this month and historically, by month (opening balance, in, out, fee, pending out, closing balance)
- Currency exchange
- Crypto: in, out, exchange, custody
- Easy-to-use pending operations system. Any operation can end either instantly or become pending and be approved by a person who has the right to approve. Transactions can be set up "pending" depending on: "customer risk level", "do we have liquidity", "what is the payment amount", "do we need to approve an invoice", "can we pay instantly in this currency or Treasurer's job required" and so on
- All crypto wallets for withdrawal are checked for sanctions, darknet and other risk criteria
- Corporate clients are checked using a risk table and a questionnaire containing hundreds of questions. Moreover, the questions to the client are simple, but the compliance officer, filling out the internal questionnaire, immediately sees the risk score and the system helps him decide: approve, transfer for approval to the manager, or transfer for approval even to the board of directors
- Automatic verification of passports and other documents according to hundreds of criteria
- Checking all UBOs of the company. Automatic calculation of % of company ownership. An easy-to-use and visually understandable graph of the company’s shareholders, who owns whom and in what shares
- Encryption of all important numbers and documents
- PCI DSS compliant cloud by Google
- 2FA login: SMS, Google Auth, email, Face ID, Touch ID, extra security devices
- Additional 2FA for dangerous operations (for example, crypto send)
- Convenient and powerful wire recipients input system: support for multiple currencies, auto determination of swift/bic code, bank details by IBAN, sort code, cnaps/clabe/bsb and so on
- Internal PayPal - clients can send money to each other and or request money from each other
- Risk management
- Card issuance / top up / withdraw/ payment
- A complete and infinitely flexible, but easy-to-use commission system that can be charged to clients
- Convenient system for setting up income sharing between agents
- The same simple setup of expenses that we pay to external players
- Exchange rates from multiple sources. Definition of stale rate source
- Landing page(s): offers, invite a friend, referral program
- Promo codes
- Logging of all actions within the system, both technical and bank employees. Security audit
- Custom user color scheme
- Responsive web UI (works on any device)
- Ability to see both personal and corporate accounts under one user login. Ability to see one company’s account by many logins (director, accountant, other shareholder)
- Completely its own crypto exchange with an interface “like Binance”)
- Accounts can be: cash, crypto, card (both separately, “credit card” and “debit cards linked to the account”), bonds, interest bearing account, investment (shares) and also “a robot manages your money, here is your 30% per annum on the market with any direction")
- Accounting, double entry, ledger, tree of accounts, account categories. Important: accounting is carried out in two currencies (transaction in both usdt and main currency, USD, for example)
- Bank day: reconciliation of balances for the day (or for any period). Automatic problem search
- Currency position accounts
Closing positions on different platforms:
- Currency markup income (hidden fee)
- The most convenient reports for the manager: PnL by date, by operation type, by customer, turnover by dates, types, clients, branches, and so on) branches see the same reports, but only for their income
- Automatic division of income between the bank and branches (or agents, of which there can be any number in the chain)
- Account replenishment is possible through:
- SWIFT
- ABA
- SEPA
- CNAPS/ CLABE/BSB and so on
- “Deposit notification” method: the client can receive instructions on how to replenish the account. Instructions are individual for clients/currencies/deposit method/deposit amount
The decision can be made by a person:
- Cash deposit. Express delivery
- Crypto deposit
- Card (P2P)
- From other client
- From internal account transfer
- From internal card
- Withdrawal is possible
- SWIFT
- SEPA
- ABA
- CNAPS/ CLABE/BSB and so on
- Cash
- To external debit card
- Card issue
- Internal card top up
- To client
- Card payment
- Crypto send
- Misc fee
- Monthly fee (yearly, quarterly fee)
- Exchanges of any currency for any currency. At the time of exchange, the system can not only take an explicit commission, but also a hidden markup
- ALL(!) operations are possible both with automatic calculation of commissions and cost, and with manual change by the will of the operator (for this operation he can set a higher or lower commission)
- Both the color scheme and even the entire interface can be customized to suit your needs, if you wish. Including mobile applications
Introducing the Digital Bank-in-a-Box.
The Digital Bank-in-a-Box refers to a comprehensive solution that enables the rapid launch of a fully functional digital bank. It provides all the necessary components and infrastructure required to establish and operate a digital banking platform quickly and efficiently.
Here are the key components and features of Digital Bank-in-a-Box:
Core Banking System
It forms the backbone of the digital bank, encompassing essential functionalities such as customer data management, account management, transaction processing, and risk management. The core banking system ensures the smooth and secure operation of various banking services.
Mobile and Web Applications
Digital Bank-in-a-Box includes ready-to-use mobile and web applications that provide an intuitive and user-friendly interface for customers to access their accounts, perform transactions, view transaction history, and avail banking services conveniently from their devices.
Payment Gateways
Seamless integration with payment gateways enables customers to make online payments, transfer funds, and conduct transactions securely. It supports various payment methods such as credit/debit cards, mobile wallets, and electronic fund transfers.
Security Features
Digital Bank-in-a-Box prioritizes the security of customer data and transactions. It incorporates robust security measures such as encryption, multi-factor authentication, anti-fraud systems, and regular security audits to protect against cyber threats and ensure data privacy.
Account Opening and Onboarding
The solution streamlines the account opening process, allowing customers to create new accounts digitally. It typically includes features like document verification, eKYC (electronic Know Your Customer) compliance, and automated onboarding procedures, reducing the need for physical visits to the bank.
Personal Financial Management
Digital Bank-in-a-Box often includes built-in personal financial management tools that empower customers to track their spending, set budgets, analyze expenses, and receive personalized financial insights. These tools enhance customer engagement and promote financial well-being.
Regulatory Compliance
The solution incorporates regulatory compliance features to ensure adherence to financial regulations and data protection laws. It helps banks meet requirements related to Anti-Money Laundering (AML), Know Your Customer (KYC), and other regulatory frameworks specific to the banking industry.
Scalability and Customization
Digital Bank-in-a-Box is designed to be scalable and customizable to meet the unique needs of each bank. It can accommodate growth in customer base and transaction volumes, as well as adapt to changing market dynamics and regulatory requirements.
Benefits of Bastion Digital Bank-in-a-Box
Accelerated Time-to-Market
By leveraging a pre-built solution, banks can significantly reduce the time required to launch their digital banking services, gaining a competitive edge in the market.
Enhanced Customer Experience
The user-friendly interfaces, seamless transactions, and personal financial management tools improve the overall customer experience, leading to higher customer satisfaction and loyalty.
Cost Savings and Efficiency
Implementing a digital bank-in-a-box solution eliminates the need for extensive in-house development and reduces operational costs associated with traditional banking infrastructure.
Innovation and Agility
Digital Bank-in-a-Box allows banks to stay ahead in the digital transformation journey by leveraging emerging technologies, integrating new features, and quickly adapting to market demands.
The importance of adapting to the digital age in the banking industry
Adapting to the digital age is of paramount importance for the banking industry due to the following reasons:
Changing Customer Expectations
Customers today have grown accustomed to seamless digital experiences in various aspects of their lives. They expect the same level of convenience, speed, and personalization when it comes to banking. Failing to meet these expectations can result in customer dissatisfaction and the loss of business to more digitally-savvy competitors.
Increased Accessibility
Digital banking allows customers to access their accounts and perform transactions anytime, anywhere, using their smartphones, tablets, or computers. This accessibility breaks down geographical barriers and provides convenience to customers, enabling them to bank on their own terms.
Cost Efficiency
Digital banking significantly reduces operational costs compared to traditional brick-and-mortar branches. It eliminates the need for physical infrastructure, reduces paperwork, and automates many processes. This cost efficiency allows banks to invest in innovation, improve services, and offer competitive products to customers.
Enhanced Customer Experience
Digital banking offers a range of features and services that enhance the overall customer experience. It provides self-service capabilities, personalized financial insights, real-time transaction tracking, and 24/7 customer support. These features improve customer satisfaction, loyalty, and retention.
Data-Driven Insights
Digital banking generates vast amounts of data that can be analyzed to gain valuable insights into customer behavior, preferences, and needs. Banks can leverage this data to personalize offerings, develop targeted marketing campaigns, and make data-driven decisions to improve customer engagement and drive growth.
Regulatory Compliance
Digitalization enables banks to better comply with regulatory requirements. Automated processes, robust security measures, and digital documentation reduce the risk of errors and ensure compliance with Anti-Money Laundering (AML), Know Your Customer (KYC), and other regulatory frameworks.
Competitive Advantage
Embracing digital transformation gives banks a competitive advantage in the market. It allows them to differentiate themselves by offering innovative products and services, attracting tech-savvy customers, and staying ahead of traditional competitors as well as emerging fintech startups.
Evolving Industry Landscape
The banking industry is undergoing significant disruption due to technology advancements and changing consumer behaviors. Failing to adapt to the digital age can leave banks vulnerable to obsolescence and losing market share to more agile and digitally-focused competitors.
Partnerships and Ecosystems
Digital banking opens doors for partnerships with fintech companies, technology providers, and other ecosystem players. Collaborations can foster innovation, unlock new revenue streams, and enhance the range of services offered to customers.
In conclusion, adapting to the digital age is crucial for banks to meet evolving customer expectations, drive operational efficiency, enhance customer experience, comply with regulations, and remain competitive in the dynamic banking industry. Digitalization empowers banks to embrace innovation, leverage technology, and create a future-ready banking ecosystem that delivers value to both customers and stakeholders.