The fintech landscape has undergone a great transformation over the years. The past decade witnessed the rise of fintech with the birth of companies offering exclusive financial services. But lately, you’ll notice tech companies offering a wide array of services integrating financial services into their platform.
Let’s say you run an online pastry store. Once a booking is made online, the cake is delivered to the doorstep of the customer, and payments are collected. Consider scaling up this model to that of Amazon or Swiggy where payments are collected when bookings are made. That requires embedding bank accounts, cards, payments, and lending products into your software.
There are a couple of hurdles to pass just to achieve this. One major obstacle is the hefty sum involved inbuild financial services. It may approximately range from thousands to millions to launch, which is not the cup of tea for small businesses. Another struggle is establishing a relationship with a bank, which is not a cakewalk. The usual of fintech is to associate as a program manager of the bank.
Becoming a program manager requires efforts on two fronts: tech and compliance. It demands building a structure for maintaining ledgers, generating statements, building KYC, and other data policies. Another aspect that comes into play is the compliance requirements. Generally, all over the world, compliances on banking and financial services are stringent. A new platform called Unit meets both tech and compliance preconditions of integrating financial services.
Solution for the banking need of companies
Unit promises to be an effective solution for your company’s banking requirements. This platform offers a collection of APIs and developer tools to build financial features. It promises five weeks to launch your financial services. Moreover, you can customize your products with flexible APIs and thereby enhance the end-user experience.
Compliance build-in is another interesting characteristic of the Unit. They have a team of world-class professionals to ensure that your products and services are always in compliance with the regulations. As icing on the cake, the Unit also has established bank partnerships, so that you don’t have to hunt for banks to collaborate with.
Here are the major offerings that Unit has:
With Unit, you can easily create individual, business, and joint deposit accounts with features that support cards, money movement, bill pay, cash advances, and ATMs. You can use these accounts for checking, savings, or tax. It enables you to open endless accounts per customer and even offer interest to your customers based on their deposits. In addition, they provide white-labeled application forms and statements, to ease the process on your part.
You can create cards for your customers, be it physical cards or virtual cards. These debit cards can be used wherever Visa cards are accepted. Various other add-ons such as flexible cash back and integration to the mobile wallet can be included as well in Unit.
Allows your customer to make payments and receive funds. Also, the Unit has a ledger that reports every transaction of your customer. The facilities offered can empower your customers to make ACH payments, wire transfers, and international payments.
Lastly, Unit provides a technology, that allows you to offer automated lending services to your customers. You can give cash advances to your customers based on the information you have about their income and after assessing the risk involved. You can integrate technology for automatic repayment when your customer gets paid.
The financial services of tech giants are making great strides, to even threaten the traditional banking system. To scale up their verticals, they are making huge investments in fintech companies. However, Unit offers an equitable alternative to small business owners. It has made it easier for them to integrate financial services into their platform.
With its unique features, platforms like Unit help small businesses to build, launch, and succeed with their financial services. However, it is up to the small businesses to tap into the great potential offered by these technical innovations by building a talented pool of employees, maintaining the security and reliability of their products, and ensuring proper data management.
Photo credit: The feature image has been taken by Pedro Talens Masip.