MuchBetter, a UK-based challenger payment company, has launched Bank-in-a-box solution, which allows organizations to launch branded production wallets rapidly and easily.
Image: Credit card terminal. Photo: Courtesy of Basile Morin/Wikipedia.org
MuchBetter stated that the white-labelled payments service will help clients get to market faster and cheaper.
The solution is iOS and Android compatible, is fully cloud hosted, highly scalable and offers several deposit and withdrawal methods.
Bank-in-a-box has been designed to be a highly secure solution, which can let users make online and offline payments with just their phone and fingerprint. This is claimed to be an ideal solution for businesses that need to create payment functionality with the least cost, expertise and other resources needed to manage this in-house.
The company also stated that its new card verification value (CVV) technology helps Bank-in-a-box clients to create unique theft/loss proof debit or credit cards.
All of the cards from the company are claimed to have dynamic CVV codes which are not shown on the card and are generated within the app. This means that if the cards are stolen, cloned or stolen, they cannot be used by anyone except the account holder.
MuchBetter co-founder Prasannaa Muralidharan said: “The launch of the MuchBetter wallet has been a tremendous success and it has attracted a lot of envious glances. Over the last year, we have been approached by a number of companies including gaming firms and fintech startups who wanted to white label our solution and build various offerings on top of it.
“Bank-in-a-box offers precisely what the name suggests. It comes with out of the box back-end and front-end solutions, which can be branded to meet the needs of our clients and with full API support to develop completely custom applications using our infrastructure.
“We have re-architected our entire system to create a platform which can be used to launch several branded solutions with different issuers and processors to launch various bank and prepaid programmes.”
MuchBetter stated that the banking solution is aimed at verticals such as gaming, travel and retail, all of which are trying to cut time to market, keep costs low, and differentiate their services in a crowded market.
The company can help these businesses achieve such differentiation via a seamless payment experience in-app, online and in-store (via MuchBetter-powered cards and payments wearables).