Consumers and businesses have started embracing digital means at speed in the aftermath of Covid-19. A central component to this digital finance ecosystem increasingly includes open data and shared capabilities. This ‘Open’ ecosystem has the potential to unleash radical collaboration across participants including, incumbent financial institutions, fintechs, neo-banks and technology providers.
The open ecosystem phenomenon is expected to evolve across three core axes: data, capabilities, and experiences.
● Open Data Stack: The evolving ecosystem, with open and interoperable standards, has the potential to unleash network effects at scale by securely and privately sharing customer-permissioned data across banks and financial sectors, resulting in significant value creation for service providers, consumers and governments.
● Open Infrastructure Capabilities: Open infrastructure capabilities can enable plug-and-play participation from a wide range of cross-industry participants in finance, thus enabling innovation and collaboration at scale and speed.
● Open Experiences Spectrum: The resultant ecosystem will have the ability to orchestrate a spectrum of open experiences for the consumer, by delivering hyper-personalized and contextual offerings and seamless experiences across different demographics and psychographics.
Digital Banking Platform
Our white-label, digital banking technology platform with payment capabilities equips financial institutions (FIs), technology providers and brands with a digital “bank-in-a-box” – also referred to as our Banking-as-a-Service (BaaS).
Our platform enables multi-channel, multi-currency, pure digital financial services products unlike any other providers in the world. It incorporates a “plug-and-play” capability to enact deep integration with payment gateways and POS merchant services to form an end-to-end payment acceptance and digital banking solution
In detail, the platform will enable innovative and disruptive digital distribution products including:
Neo-Banking for Consumers and SMEs
B2B and Consumer Virtual Payments (VCNs)
Multi-Currency Money Management and P2P Money Transfer
Payroll, Expenses Management and B2C and G2C disbursements
Treasury Management
Gift, Incentive and Reward programs for retail, wholesale and employee benefits
Any other product that requires a prepaid or credit balance to be held and transacted upon.
Other attributes to our platform include:
Patented Technology including a Text-to-Pay patent that enables B2B, B2C and P2P payments via SMS. Combined with 4 mobile-to-computer messaging and lead generation patents, we can enable FIs, technology companies and businesses to unlock innovative customer experiences.
Personalization is also at the core of our BaaS. Through marketing automation capabilities, our BaaS provides an industry first online-to-offline customer attribution capability. Licensees of our BaaS will be able to link their customer’s online behavior to their buying preferences in real-time in order to personalize the selling and buying experience.
Integration is central to our digital banking platform and BaaS. As such, Chip offers developers and enterprises an open platform with flexible Rest APIs to build new payment and financial transaction features in SaaS and cloud apps.
Automation is delivered as a part of our BaaS and through our APIs that unlock automated financial transactions and customer experiences. For example, like Acorns and other automated financial wellness apps, our BaaS can easily be leveraged to create similar money saving experiences like round ups, i.e., rounding to the nearest dollar and depositing the difference between the purchase price and round-up into a digital bank account.
Embedded Payments are delivered as a configurable SaaS for scalability and to meet ever-evolving business goals and customer experiences.
