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Mikhail Miroshnichenko, profile picture
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Digital platform and mobile app for banks and credit unions

Wallet Factory provides a white-label digital banking platform that enables banks and credit unions to launch their own digital solutions within 3-5 months, tailored to the U.S. market. The platform features integration capabilities, a wide range of banking functionalities, and a dedicated team for project execution, with competitive pricing depending on user volume. The company's extensive experience in fintech, particularly in implementation across several regions, positions it as a leader in the digital banking transition.

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Mobile Banking Insights•
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Digital platform and mobile app for banks and credit unions April, 2020 Background. Platform and mobile app overview Neobanking solution (boosting capabilities with digital wallet) Wallet Factory experience and approach Solution roll-out
2 Executive summary Subject Wallet Factory’s white-label platform functionality makes possible to launch a digital bank or credit union solution in 3–5 months, including all the required integrations and customizations for the specifics of the US market Cooperation ▪ Cost structure: set-up fee, software license cost (subscription fee), maintenance fee ▪ Solution cost is to be outlined upon the discussion of particular business needs and requirements ▪ A fully dedicated team is allocated for the whole project duration ▪ Ready to work on-site (team of BA, PM, design BA). Effective workforce management in different time zones Vendor summary Wallet Factory is a white-label fintech solutions provider for banks, telecom and retail. ▪ Proven track record: 25+ projects, 15 countries, 5 continents ▪ Founded in 2015, headquartered in London, R&D facilities in Kyiv, Ukraine ▪ Key team members have more than 15 years of C-level banking experience (prior to fintech) Background ▪ US market is on the verge of extensive digitalization of banking services. People are getting away from cash, brick and mortar banking, physical cards, cheques to digital and mobile banking, contactless payments (e.g. Apple Pay, Google Pay, Starbucks wallet) etc. ▪ Banks and credit unions explore the possibilities of digital banking, yet existing implementations are still limited with only a few good examples ▪ Neobanks are gaining traction in many regions across the globe
3 E-wallets and mobile payment service providers Digitalization of banking and payment services is gaining extreme momentum Opportunity Digital banks Neobanks Growing payment functionality of retail chains and service providers ▪ People are getting away from cash, brick and mortar banking, physical cards, cheques to digital and mobile banking, contactless payments ▪ Remotization after COVID ban accelerates changes ▪ Banks and credit unions explore the possibilities of digital banking, yet existing implementations are still limited with only a few good examples ▪ Neobanks are gaining traction in many regions across the globe
4 Opportunity Digital platform makes possible to extend bank’s and credit unions’ offerings for the end users ▪ Enable branchless operations ▪ Set up simpler acquisition models ▪ Boost undervalued segments ▪ Boost # of transactions ▪ Speed up processes ▪ Reduce branch staff ▪ Decrease queues ▪ Boost loyalty Traditional products to be present in mobile app ▪ Loans, payday loans ▪ Deposits ▪ Accounts ▪ Cards DIGITAL PLATFORM CAPABILITIES ▪ P2P transfers, QR, NFC ▪ Cashbacks, bonuses, PFM ▪ Service catalog, in-app payments ▪ Prepaid virtual cards issuance ▪ 3rd party cards as payment tools ▪ Wallets and sub-wallets for different purposes Opportunities for the banks
5 Mobile digital banking platform Core banking / credit union system API (accounts, deposits, loans, cards) Platform core (middleware) Web admin panel; user management; data storage and history; roles and permissions; security and sustainability; financial security (compliance); open and private APIs. Deployable in any cloud storage (AWS, GCP) or on-premise. Allows for a seamless user migration from out-of-date or technologically limited solutions INTERFACES For end users (iOS, Android) For bank operators (role-based – KYC, AML etc.). User documentation is provided. Platform overview Payment and service providers Payment providers; service providers; international money transfer systems; remittances; SWIFT, SEPA, ACH, Wire etc.; Apple Pay / Google Pay NFC tech. implementation; Telecom billing systems 3rd party functionality extensions SMS gateway; SSO (single sign-on) provider; KYC service provider; AML service provider; CRM / call center subsystem; scoring/analytics service provider; loyalty system; mobile app analytics (Firebase); BI system; regulatory authorites, currency exchange rates provider, MS Active directory etc. API INTEGRATIONS (on-demand)
6 What does the end user get with the banking app? Access to bank credit union products and assets ▪ Cards ▪ Accounts ▪ Loans ▪ Deposits Payments and money transfers ▪ Virtual cards ▪ P2P ▪ NFC: Apple Pay, Google Pay In-app payments (service catalog) ▪ Mobile top-up ▪ Insurance ▪ Online games top-up, subscription payments etc. Loyalty and budgeting tools ▪ Cashbacks ▪ PFM ▪ Gift cards purchase and storage e.g. Amazon, Best Buy, Chipotle, Domino’s, Fandango, iTunes, Home Depot, Sephora, Starbucks, Target, Victoria's Secret, Walmart etc. Platform overview
7 The platform allows for expanding functionality via integrations with 3rd party service providers Integrations International money transfer systems Black lists, lists of stolen cards OCR providers Hosting companies Mobile analyticsBI Customer support Other: Service providers (Utility, transportation, events etc.), Regulatory authorities, Payment gateways, SMS gateways SSO provider KYC provider 3rd party e-wallets
8 Vendor details MFG Wallet Factory team and clients at Singapore Fintech Festival, Nov ‘19 25 Fintech IT projects implemented 5 years in Fintech Software & BusDev 60+ Specialists Fintech & Banking 3M Customers worldwide A small yet recognized e-wallet solutions provider World TOP 10 white-label e-wallet solution providers (2019 review)
9 Vendor details 2016–2019: Central Asia / CEE playground – 25 projects across 5 continents (see Appendix) Mobile finance (Beeline Kazakhstan) Vodafone Pay (Vodafone Ukraine) O! Money (NUR Telecom Kyrgyzstan) TezSum (Tcell Tajikistan) TelCo MoneyVeo (Ukraine) Money+Card (Malta) Finance Retail, postal Nova Poshta delivery (Ukraine) OKKO Fuel retailer (Ukraine) Kulikovskiy confectionery (Kyrgyzstan, Kazakhstan, Russia, China ) MAXI Loyalty program (Ukraine) Bank Alliance (Ukraine) Letscoin (South Africa) Alif (Tajikistan)
10 Management team industry experience Our team’s extensive financial background (15 to 25 years of C-level experience in Banking prior to Fintech) helps drive projects’ commercial outcome. We understand financial streams and chains and roles all the involved parties play, and we help our clients drive MFS profitability up to the industry leaders’ level. Konstantin VAYSMAN Chairman of The Board, Co-Founder 25 yrs. in Banking (22 yrs. C-level). Investor relations, strategy Yuriy CHAYKA Chief Innovation Officer 18 yrs. in Banking. Exits: Interkasa – payment aggregator in Ukraine, Georgia and EU, 3M transact./month; RBK money – payment gateway in Russia (40 000 web shops, 8M clients, 60 countries); Monexy – e-money system in Ukraine. Innovations, product vision Mikhail MIROSHNICHENKO CEO, Co-Founder 18 yrs. in Banking (15 yrs. C-level). Company management, strategy Volodymyr BUDANOV Sales & Marketing 20 yrs. in Banking (15 yrs. C-level). Sales & marketing: management, channels, product vision Vasiliy CHERNOMOROV Chief Technical Officer 17 yrs. in Software Business Development & Management. IT technologies, team and processes mgmt., architecture, IT strategy Vitaliy KURSHINOV Chief Product Developer, Co-Founder 15+ yrs. in Software Product Dev Core product technology, architecture, security, features management Vendor details
11 Account mgr. (lead) DevOps QA Programmer Programmer Project roll-out process (typical, to be discussed) Deployment ▪ Preparing team ▪ BRD development ▪ Use cases ▪ IT architecture ▪ Software customization and development plan ▪ Resource planning ▪ UI/UX ▪ Environments ▪ System customization and new functionality development ▪ Integrations ▪ Manuals preparation ▪ Functional testing ▪ UX testing ▪ Regression testing ▪ Performance testing ▪ Integrations testing ▪ System testing ▪ Training ▪ System launch ▪ System stabilization ▪ System maintenance and technical support 12+ months – post-warranty services ▪ System maintenance, technical support ▪ New functionality development 2–4 months2–4 weeks 1–2 month 1 month 1–3 months Contracting Pre-Project and BRD Set up Testing & Training Launch and warranty services
12 Deployment Governance approach is aimed at cost-effective project delivery and scalability provision Solutions/Application Architect Business Solutions Analyst Engagement Manager (PO) Engineering Architect Business Analyst Client side Wallet Factory Project Manager (Scrum Master) Design, Development, QA teams
13 SF Kyiv Client team WF San Fran Team Main shift UA Night shift UA 12 AM 10 1 AM 11 2 AM 12 3 AM 13 4 AM 14 stretched hours 5 AM 15 stretched hours 6 AM 16 stretched hours 7 AM 17 stretched hours 8 AM 18 9 AM 19 10 AM 20 11 AM 21 stretched hours 12 PM 22 stretched hours stretched hours 1 PM 23 2 PM 0 3 PM 1 4 PM 2 5 PM 3 stretched hours 6 PM 4 stretched hours stretched hours 7 PM 5 8 PM 6 9 PM 7 10 PM 8 11 PM 9 stretched hours We are ready to work within any time zones Sample extreme case: 10h time difference (Kyiv – San-Francisco). Teams setup to maximize the overlaps Deployment
14 Operation system Unix / Linux Web-server Nginx Cloud Amazon Web Services On-premises Private Data Centers DBMS PostgreSQL 10+, RDS Virtualization VMWare / KVM Programming language PHP 7.3 + Telemetry storage Prometheus / ELK Used framework Yii2 / Symfony Hardware health info Prometheus Caching Redis CI/CD GitLab CI / Jenkins Dependency control Composer Load balancing HAProxy, ELB Knowledge database Confluence, Postman Server queue RabbitMQ 3.7 +, SQS Mobile app development Cordova; Vue2; Es6+ Connection Protection ▪ HTTPS, SSL, HTTP2 ▪ Cross Site Request Forgery ▪ IP filtering and Volume limits ▪ Cloudflare DDoS security ▪ RBAC system ▪ XSS / SQL injection protection ▪ SHA256 API Signature ▪ Secure TCP/IP Connections with SSL for DBs Data Protection ▪ Single IP access to IPSec ▪ No open user data storage ▪ DB Data encryption on the Rest ▪ Data replication Tech. specs Current technology stack and security
15 Performance Test results: ▪ RPS – ~1000 ▪ Max response time: 290ms ▪ 95th response time: ~38ms ▪ Avg response time: ~17ms ▪ Total requests: ~700k Test configuration: ▪ DataBase r5ad.4xlarge 16 CPU 128 RAM disk 2x300 SSD ▪ eWallet 2x c4.4xlarge 16 CPU 32 RAM ▪ mWallet c4.2xlarge 8 CPU 16 RAM Tech. specs
16 Digital banking platform: cost structure Product customization and deployment (set-up fee) 1 Subscription fee (license for software usage). The price depends on the amount of active users (gets smaller upon reaching certain thresholds) 2 Maintenance fee (costs of software support, updates and maintenance) 3 Cost structure
17 Our long-term approach to what we do ▪ Projects that we deliver do affect financial infrastructure of the target markets. They are complex and multi-phase, envisioned for 5 years at least ▪ Every project is extremely sensitive in terms of data safety and availability, and requires all-round support ▪ While our out-of-box solution is ready for deployment, the product is being developed further, providing enhanced functionality for our clients Wallet Factory offers a competitive edge through experience, scalability and go-to-market competencies. We have the breadth, footprint and experience to deliver a leading-edge digital wallet solution for Client of any type and scale. Our approach
We look forward to working with you! Mikhail Miroshnichenko, CEO mikhail@walletfactory.com Volodymyr Budanov, Chief Sales and Marketing volodymyr@walletfactory.com RnD office: 18, Toropovskoho st., 02100, Kyiv, Ukraine https://walletfactory.com/