Business Banking Integration – TechAcute

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The fintech landscape has undergone a great transformation over the years. The last decade has seen the rise of fintech with the birth of companies offering exclusive financial services. But lately, you will notice tech companies offering a wide range of services integrating financial services into their platform.

Let’s say you run an online bakery. Once the reservation is made online, the cake is delivered to the customer’s doorstep and payments are taken. Consider extending this model to that of Amazon or Swiggy, where payments are collected when reservations are made. This requires integrating bank accounts, cards, payments and loan products into your software.

There are a few hurdles to jump just to get there. A major hurdle is the huge sum involved in building financial services. The launch can range from thousands to millions, which is not the cup of tea for small businesses. Another difficulty is to establish a relationship with a bank, which is not a piece of cake. The usual for fintech is to partner as a program manager of the bank.

Becoming a program manager requires effort on two fronts: technology and compliance. This requires creating a structure to maintain records, generate statements, create KYC and other data policies. Another aspect that comes into play is compliance requirements. Generally, everywhere in the world, the compliances on banking and financial services are strict. A new platform called Unity meets both technical and compliance requirements for financial services integration.

Solution for corporate banking needs

Unit promises to be an effective solution for your business banking needs. This platform offers a collection of APIs and developer tools to build financial functionality. It promises five weeks to launch your financial services. Moreover, you can customize your products with flexible APIs and thus improve the end-user experience.

Built-in compliance is another great feature of the unit. They have a team of world-class professionals to ensure that your products and services are always compliant with regulations. The icing on the cake, the Unit has also established banking partnerships, so you don’t have to search for banks to collaborate with.

Here are the main offers offered by Unit:

Accounts

With Unit, you can easily create individual, business, and joint deposit accounts with features that support cards, money movement, bill payment, cash advances, and ATMs. You can use these accounts for checking, savings, or taxes. It allows you to open endless accounts per customer and even offer interest to your customers based on their deposits. Additionally, they provide white label application forms and declarations, to make the process easier on your part.

Cards

You can create cards for your customers, whether they are physical cards or virtual cards. These debit cards can be used anywhere Visa cards are accepted. Various other add-ons such as flexible cash back and mobile wallet integration can also be included in Unit.

Payments

Allows your customer to make payments and receive funds. Also, the unit has a ledger that reports every transaction of your client. The facilities offered can allow your customers to make ACH payments, wire transfers and international payments.

Ready

Finally, Unit provides technology that allows you to offer automated loan services to your customers. You can give cash advances to your clients based on the information you have about their income and after assessing the risk involved. You can integrate automatic refund technology when your customer is paid.

Final Thoughts

The financial services of the tech giants are advancing rapidly, threatening the traditional banking system. To grow their verticals, they are making huge investments in fintech companies. However, Unit offers a fair alternative for small business owners. This made it easier for them to integrate financial services into their platform.

With its unique features, platforms like Unit help small businesses build, launch, and succeed with their financial services. However, it is up to small businesses to exploit the great potential offered by these technical innovations by building a pool of talented employees, maintaining the security and reliability of their products and ensuring good data management.

Photo credit: The report image was taken by Pedro Talens Masip.

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