Inception of a Digital Wallet White Label Solution
Digital wallets are helping organization build financial ecosystem that conduct business on a faster face and with more agility as compared to conventional banking system. The benefits of a digital wallet platform are an established reality and very little room of debate is left for the ones opinionating against this technological spring.
The Challenge
Compliance is a regional subject. Every country has its own set of regulations that impact in every possible way the financial institutions conduct the business. This has made it very difficult for the financial industry to come up with a universal solution that can lower the cost of ownership and reduce the time-to-market (TTM). Same challenges apply to the development of a digital wallet platform. Every module is heavily dependent on compliance and integrations with the financial ecosystem. This is why every wallet implementation project is unique and there is very little legacy of historical projects that can be reused. This is the reason, companies are scared to invest in wallet development because of the huge risks involved in terms of capacity, capability, timely delivery, budget constraints and competition.
Solution
MyTM has come a long way developing digital wallet solutions and helping the industry for financial inclusion. Engineers, architects and product designers at MyTM have joined their heads to address the challenges faced by the industry and therefore came up with an extensible and scalable architecture to support the development of a white label digital wallet solution. This solution will help the financial companies to get on board with the fintech stage in the shortest time and probably the best return on investment. Rest of this writeup will explain the prominent features of this white label solution.
1. Ecosystem Management
One of the core features of this white label digital wallet solution is the Ecosystem Management which helps you build, manage and monitor your own wallet ecosystem. A wallet ecosystem consists of stakeholders such as…
- Businesses that want to benefit from the efficiency and profitability of operating on a digital wallet platform
- Consumers that want to avail services and make payments from the ease of their mobile devices
- Enablers that act has a supporting engine to provide a medium for the ecosystem so that buyers and suppliers can communicate, collaborate and reciprocate
- Financial institutions that fuel the economic ingestion required to run this ecosystem
- Brokers and aggregators that help simplify the communication between the wallet services and the business domains
- And last but not least, the technical skillset that is required to connect the wallet platform to rest of the world
2. Data Security & Privacy
In addition to adopting industry’s best practices to secure such an infrastructure, MyTM has realized the primitive need of financial giants to be sensitive about the privacy and confidentiality of their data. Therefore, we have designed the white label solution in a way that it allows such giants to have total control on their data by controlling the data at rest as well as in transit. The platform does not hold you to a specific cloud or a certain technology platform. Organization are free to harness from their existing pool of skilled resources without any compromise on the integrity as well as the privacy of their data.
3. Marketplace
One of the best features of white label solution is the support of our market place that will help the developers from all over the globe to build integration plugins and publish them on our market place and even earn from it. Not only that, the future upgrades to the market place will also allow you to develop new business services and make them public on the market place.
4. Localization
The wallet can be configured to deal in your local currency, your local language and even your local look and feel. Not to mention, it can be connected to any of your local service providers with the help of a variety of plugins from our marketplace.
5. Community Support
MyTM is aiming to build a community support platform to make sure maximum local support is available for wallet ecosystems anywhere in the world. We are in process of establishing MyTM University that will offer training programs, certifications and workshops to ensure maximum community support.
6. Our Commitment
MyTM is committed to help the financial sector in mitigating the risks involved in going digital by providing them solutions that are easy to adopt, cost effective and flexible enough to be customized according to your business requirements.