Suggestions for building a new ewallet / bank account

[Neilbali]

HI guys.

I am the founder of B2B Pay. and we are in the process of registering a new EMI in Europe. the new license means we will get to build a whole new banking product and customer experience. We were wondering what are the top features you would like form a EMI/bank account/ewallet? that will help you in your business?

would love to hear about your top features so that we can see how we can build around them.

bonus question: also tell us your current biggest annoyances with accounts?

 

[void]

I'm really interested in the endless mix of incompatible requirements all of us could have

My top features would be:
1) be predictable and avoid uncertainty so one can rely on the service
* you should declare who are you able to serve and who is unwanted and open an account if the criteria is met (no days/weeks of waiting for approval depending on an opinion of a specific person handling the case)
* you should openly declare who do you share information about each particular account with and/or notify your customer when you'll start sharing and what you shared
* you should be able to display the information about requirements, limits and timing BEFORE the payment is submitted and keep your word to avoid a typical situation when you need to send bloody 5k to someone expecting it to be there the other day but the payment is suspended, one is asked for supporting documentation or announced that the amount is too high after two/three days and if you're lucky your money reaches the recipient a week later

2) fixed or at least capped fees
* asking for example 2% of total amount of SWIFT payment or withdrawn from ATM is common way how to make money but makes no sense for higher amounts - your connected costs are (mostly) the same for 50 EUR transaction as well as 5000 EUR transaction and 100 EUR fee for a decent ATM withdrawal is pretty ridiculous, right?


Mandatory 2 factor authentication of login is super annoying and totally unnecessary

 

[Neilbali]

the 1) points is actually quite relevant. most fintechs try to scale and onboard a lot of users which means they are completely unpredictable in onboarding process, closing accounts, and flagging small transactions.
its not an easy thing to solve apart from having better compliance tools and maybe more fintechs need to focus on less number of clients but provide higher value.

 

[JohnSpain]

To be very honest, when someone enables you to register and claim that you will get an account setup, and then I see under legal that the company has no license yet, I get worried. It is great that Nordea enables you to test stuff, but it seem you are selling something you cannot deliver. In some cases regulators will deny the license if they learn that customers was onboarded before the license is awarded - I would not risk this for my business.

Very positive that you are trying to get licensed in Finland. It should stand out compared to a lot of other EMIs.

 

[Artemis Eleutheria]

bonus question: also tell us your current biggest annoyances with accounts?

I suspect "Frozen account" would rank pretty high.

 

[Neilbali]

To be very honest, when someone enables you to register and claim that you will get an account setup, and then I see under legal that the company has no license yet, I get worried. It is great that Nordea enables you to test stuff, but it seem you are selling something you cannot deliver. In some cases regulators will deny the license if they learn that customers was onboarded before the license is awarded - I would not risk this for my business.

Very positive that you are trying to get licensed in Finland. It should stand out compared to a lot of other EMIs.

Hi John. very valid points and totally get your concerns.

1) we do onboard companies and we do it legally by working with a regulated EMI or Bank. so we provide the software solution but our partner provides the regulated accounts.

2) and this is exactly the reason why we applied for an EMI license so that we can do this ourself without having to rely on banking partners and also provide the security to our customers . and note we applied for an EMI in Lithuania. lot faster.

 

[Neilbali]

I suspect "Frozen account" would rank pretty high.

that is definitely a big annoyance especially for ecommerce. the problem with the fast onboard EMIs and startups is that they are also too fast at freezing account. hopefully we minimise this!

 

[moneyrequired]

B2BPay offer IBAN for payments or only "on fly" transactions (customer -> B2BPay -> my company account)?

 

[DGTLOTC]

This is very interesting Neilbali

When do you think you will be live ?

 

[Neilbali]

B2BPay offer IBAN for payments or only "on fly" transactions (customer -> B2BPay -> my company account)?

Hi currently we offer the first part so basically something similar to business bank account, but after regulation we want to offer a "off the fly" version also which will have simpler on-boarding but with limits. .

 

[DGTLOTC]

So you do like a named EUR current account atm ?

Is this powered by swift and sepa ? If you are in the process of regulation is the solution powered by another entity ?