Long development time and budget constraints have become a major concern for businesses aspiring to launch a banking solution. This is when you need a Web3 white label PaaS neobanking solution, a ready-made solution customized to meet business requirements, vision & mission. The pre-built solution saves businesses the time and effort it takes to build a solution from scratch. Besides saving time and money, the guide unlocks the top reasons to choose Web3 White Label Neobank development solutions for your business. As you delve deeper, the blog sheds light on PaaS along with its key features.
Let’s Begin
PaaS is basically a cloud-based platform offering the necessary tools and services to develop, deploy and manage banking applications. The solution was tailored with a vision to deliver customer-oriented services while accessing the technological potential and compliance framework offered by the crypto neobanking development company. The solution comprises three primary components: Neobank, Regtech, and Data Vault, each of which is Software as a Service. Let us shed a light on each one of them in detail:
Neobank is a server-side banking application built on a custom blockchain amalgamating AI and smart contracts. The solution was devised by utilizing existing processes and design frameworks. Neobanking solution value exists in third-party licenses, permission certifications, and modular microservices for legitimate use.
A Web3 white label Neobanking development solution is an all-platform compatible solution supported by IBAN/ACH account issuance, SEPA & SWIFT transfers, branded prepaid card issuance, mobile payments & KYC/AML compliance.
Uncovering the Payment Systems Supported by Web3 White Label Neobanking Development Solution
The platform supports numerous domestic and international payment systems highlighted below:
1. One-click Solution : Transfer and obtain payments from friends with one click.
2. Any Card-to-Any-Card transfers : Send money effortlessly to another card by just entering the card number.
3. Playstore Payment Integration : Apple Pay and Google Pay payment integration is available.
4. Digital Receipts : View your transactions and spending right in your card history.
Card & Account Issuance
DataVaultStorage offers a secure Blockchain-based environment for keeping sensitive data and cryptos. It is developed on patented multi-decentralized technology to offer military-grade security and prevent data loss risks at all costs. Moreover,The solution is GDPR compliant, which means only KYC-verified users can access the platform.
Regtech has been tailored to verify the users and enable a comprehensive Know Your Client procedure.The KYC process is performed automatically, and a variety of convenient features are integrated within it.
Leverage Regtech’s convenient and quick KYC procedure, which can be performed via mobile and web platforms.
Batch checks are performed in minutes to verify the identities of different users. The platform supports both manual and automated scheduled AML/global watchlist checks, which can be performed daily, weekly, or monthly.
We incorporated the tools to provide global watchlist screening. This enable various businesses to achieve regulatory compliance.
The transaction monitoring tool comprises distinguished features for continuous AML compliance, identifying suspicious events and preventing fraud.It has a pre-defined library of transaction monitoring tools crafted to meet specific needs, enable automatic operations and reduce administrative expenses.
KYB stands for “Know Your Business” allows businesses to carry out enhanced due diligence and complete the online onboarding for corporate clients while ensuring complete regulatory compliance.
Video and photo biometrics are performed to ensure that user data is verified and authenticated and compliant with PSD2 regulations.
The platform is integrated with an automated credit risk scoring tool that uses machine learning and customizable web and mobile interfaces to allow businesses to assess and make loan decisions for clients remotely.
Selectingg a Web3 Neobank development solution offers numerous advantages for financial institutions looking to innovate and adapt to the changing landscape of banking. Here are eight compelling reasons to consider this approach:
Selecting a Web3 White Label Neobank solution can be advantageous for businesses planning to innovate and adapt to the changing banking domain.Below are the compelling reasons to opt for the solution:
1. Budget Friendly Option
Developing a Neobank from scratch can cost a few hundred to thousands of dollars, while a White-Label PaaS Neobank solution is a cost-effective option. This enables businesses to divide resources effectively and focus on growth rather than hefty investments.
2. Expedites Market Entry
It is a prefabricated solution that can be launched in weeks. Rapid deployment is necessary within the competitive domain, where success is measured via speed and agility.
3. Seamless Integration
The platform consists of powerful API integration capabilities that foster seamless connectivity with existing systems and third parties. This integration helps provide full-suite financial services like payment processing and compliance tools and saves you from intensive development hassles.
4. Scalability
With the rise in customers it enables effortless scaling without significant investments. This gives institutions the chance to widen their offerings and meet user needs.
5. Concentrate on Core Competencies
By outsourcing the technical aspects, financial institutions can focus on the platform’s core competencies. This allows banks to improve customer relationships and deliver groundbreaking solutions effectively.
Cost is an essential component of Web3 white label PaaS neobanking development. Numerous critical components influence it. Let us explore them one by one:
The cost estimate is calibrated after considering these components. Share detailed requirements with the experts to get an accurate cost estimate.
Partner with established tech innovators to leverage the potential of Web3 White Label Neobanking platform. Our expertise in Blockchain, domain knowledge, and knack for revolution have helped us deliver promising cryptocurrency banking solutions supported by rapid development and launch. Every solution we develop adheres to compliance measures, while advanced security measures protect sensitive data from cyber threats. Our solutions empower users to focus on the platform’s core capabilities and maximize their ROI.
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