Introduction
General intro to Verestro platform. Start here.
- Article
- Trends on the Fintech Market
- Why to use Verestro?
- Verestro architecture and choice of products
- Verestro's products for various regions
- What are the Advantages of the Verestro Fintech-as-a-Service Platform?
- Own Payment License or Dependence on a BAAS provider - how does Verestro solve it?
- How does Verestro differ from standard software companies?
- What is Verestro not doing?
- Introduction
- Key Products
- Integration, hosting, security
- User registration & card issuing
- What we can do for you
- How we can support you
Article
You can find more knowledge about products on this site.
Trends on the Fintech Market
There are various important trends that are impacting the financial technology market at the moment. We try to focus on several of them to stay competitive and propose services which improve user satisfaction, conversion and bring more revenues to our partners. In this article I would like to focus on a few of these ongoing changes:
- Embedded Finance - more and more applications, marketplaces, partners would like to include financial solutions inside their applications. It seems that flexible and not expensive payment solutions are necessary to build a new value proposition in many markets. From lending, through insurance, loyalty platforms, merchants, discount programs, employee benefits - all of them can find useful value in fintech solutions.
- Focus on revenue generation - every financial product must bring value which can be counted in dollars. It used to be expensive to set up a card issuing solution, but it is no longer the case. You can implement and test various financial technologies during 2-3 months. You can have cards with their own visuals, and send money transfers globally easily. Once it becomes easy, all partners focus on solutions that can bring direct revenues per user, per transaction. High cost is no longer a problem today.
- Multi-functionality, multi-acquiring, multi-issuing, multi-processing - there used to be specialised players focused on a particular segment. You had to choose different vendors for card issuing, accounts, money transfer, eCom payments etc. But today it is more and more important to find partners that can offer various solutions, provided by multiple banks, multiple processors under a single roof. Connections between various products bring the most value as thanks to it you can build more sophisticated use cases
- Fraud and AML management - flexible but superior approach to AML, KYC, fraud management is becoming a king. The strategy focused on declining all high risk transactions does not work any longer. Financial players and regulators learned that it is necessary to build rules that enable processing of various types of transactions in a secure way, in line with rules.
- Cryptocurrencies - it seems that after years of ups and downs cryptocurrencies became part of our world. It is difficult to imagine that there will be a hard block for this technology. It is important to start thinking about it as part of financial technologies that bring global value in different use cases.
At Verestro, we focus on those trends to ensure that we can deliver exceptional value for our customers.
Why to use Verestro?
In this article I would like to explain why it is beneficial to leverage the Verestro Fintech-as-a-Service Platform.
Keeping pace in the fintech landscape
Let's start with a description of the problem. Today's financial and payment technology world is a complicated monster. There are new technologies appearing and disappearing every year or even every month. You must invest into new APIs, new interfaces, new frameworks, new security and regulatory requirements. And on the other hand, you have growing costs of IT development. Maybe, during the last years the growth of salaries slowed down a bit but in general one of the biggest costs in your P&L is IT expenditures.
Innovation as a challenge
Let's imagine that you would like to be on top of many innovations in financial technologies. You would like to invest into QR payments, eCom, contactless etc. And you would like to do it of course in high quality. It means that for each of these functionalities you would need a few people to develop and later maintain and host these solutions. A few people means usually 50-100k USD monthly costs for 6-12 months or actually forever. Really forever, because technologies are changing, new frameworks are required, updates are needed.
We think that actually it does not make sense that everybody does it on their own. It would take a lot of time and a lot of money. It is much better and easier if we invest into these technologies and our customers will cover just part of the costs involved in development and maintenance of these platforms. Additionally, we give benefits of compliance with security, legal, regulatory requirements to simplify customers' lives. How does it work?
Verestro’s solution: All-in-One Fintech-as-a-Service Platform
The philosophy is pretty simple. We work on our own, or with Mastercard, with banks, with payment institutions on new products. We are implementing them one-by-one on our platform and thanks to this you are getting a big set of financial technologies in one place. You do not need to manage multiple vendors, you do not need to learn new technologies. You are focused on users, usually you are focused on front-end, core functionalities and your costs are much lower. Our standard fees are lower than AWS or Azure costs of hosting only... but at this price we provide not only hosting but also applications, APIs, connections, regulatory compliance, PCI DSS, business solutions, admin panels, frontend if needed etc.
So, if you want to make use of investments done by multiple parties in the world, get in touch with us!
Verestro architecture and choice of products
Below simplified example of Verestro platform architecture. Before every project please decide which functionalities are you going to use.
Please tick bullet points which are needed in your project and deliver it to our sales team:
- INTERFACE
- White-label app
- White-label web
- SDKs - android and iOS, to minimise PCI issues
- APIs
- CORE
- eKYC - are you going to register consumers? do you have own KYC solution or want to use ours?
- eKYB - are you going to register business customers? do you have own KYB solution or want to use ours?
- Data Core (any user data will be delivered to Verestro) - almost always needed
- Balance
- Card - do you want to use our issuing processing capabilities or you have another issuing processor
- Transaction History
- RECEIVE MONEY
- IBAN for receiving
- Receive to card
- eCommerce gateway - do you want to use our acquirer or you have another acquirer? which ways of payments?
- Other partner assets - do you want to reload cards with points, digital assets etc.
- SEND MONEY
- Payout to Card - sending money to any VISA or Mastercard card?
- SEPA transfers
- Internal transfers between our accounts
- QR payments
- Other ways of sending money?
- PAY TO MERCHANT
- Apple Pay
- Google Pay
- Own wallet
- eCommerce payments
- inApp payments
- Payments from own wallet
- ATM
- CARD BENEFITS
- Point-based loyalty
- Fee management
- Donations
- Cash back
- Vouchers
- Carbon Calculator
- Invoice management
- User groups
We are constantly adding new value added functionalities. Check if we have not added something new in the meantime :) Contact us.
Verestro's products for various regions
Our mission at Verestro is to provide cutting-edge fintech technologies and make them affordable to everyone. We work with banks, fintech providers, payment schemes, payment gateways, merchants, corporations and small businesses and develop a BAAS / FAAS platform. However, as "payments" is a regulated business, we are not able to provide all our services globally at the moment. Below we describe key products we distribute in particular regions.
- The European Union
- Key customers: banks, fintech, payment providers, merchants, businesses, insurances, lendtech etc.
- Key products: all products described in our Developer Zone, including technology and regulated payments solutions.
- Taking into account market dynamics, our key focus is on:
- North & South America
- Key customers: banks, processors, payment schemes, fintech.
- Key products: we are focused on selling technology platforms because we do not have a payment license at the moment; we do work with various partners like Paymentology or Girasol to provide end-to-end payment solutions; we can offer payment accounts and cards in Europe if customer has office in Europe.
- Taking into account market dynamics, our key focus is on:
- East Asia incl. India
- Key customers: banks, processors, payment schemes, fintech.
- Key products: focus on technology products around tokenization and money transfers; we can offer payment accounts and cards in Europe if customer has an office in Europe.
- Taking into account market dynamics, our key focus is on:
- Middle East & Africa
- Key customers: banks, processors, payment schemes, fintech.
- Key products: focus on technology around tokenization and white label; we can offer payment accounts and cards in Europe if customer has office in Europe:
What are the Advantages of the Verestro Fintech-as-a-Service Platform?
Each time we approach our customers, we are asked what advantages over the competitors our solution brings. In this article I would like to describe a couple of points which differentiate us among this pot of financial technologies vendors.
Advantages of the Verestro Fintech-as-a-Service Platform
1. Speed
200% faster than building everything in-house. Instead of building every fintech product yourself, You can use our platform and You will have all of those services much faster and at lower investment costs. Let’s take card issuing for example. To start issuing cards You need to cover very costly and time consuming areas. You have to:
- build Your architecture and its individual components like data core center to manage cards, '
- have all kind of backends to tokenize the cards,
- create admin panels,
- integrate with Mastercard or Visa platforms,
- create the SDKs to integrate them with Your mobile interface,
- finally find or build Your own processing facility,
- and obtain a license of an official payment institution.
It may take from 1,5 to even 3 years and cost You a fortune counted in millions of euros! Choosing a Fintech-as-a-Service model is way more efficient as You simply do it all in 3 months.
2. Cost-Effectiveness
Our services cost up to 50% less than those of the competition! Often customers complain of high costs of fintech services. The cost of implementing our fintech services is one of the lowest in the industry, due to the maintained cost discipline, the location of the software house in the relatively cheapest country in the EU in terms of personnel costs, and the accumulated experience of more than 65 completed implementation projects.
Thanks to the subscription-based Fintech-as-a-Service sales model, the cost of our services is also significantly cheaper than the cost of developing such services in-house. As in the above-mentioned example of card issuing, the cost of card issuing program may exceed 1-2 m euros where in fintech-as-a-service case You will be only charged for a setup fee not higher than 20 k euro and then You will need to pay a monthly fee for the maintenance dependent on the type of cards You issue 4-8 k euro per month. Isn’t it a good deal?
3. Long-Term Financial Stability
We are profitable, no loans, not dependent on investor money. We have Mastercard as a shareholder. You get a partner with long term financial stability which is extremely rare in our industry. Before signing any agreement with any vendor of financial technologies please make sure You double checked their financial condition usually available in the investors tabs on their official websites. You don’t want to wake up one day with Your customers cut off from their payment cards.
4. Flexibility
Direct contact and flexibility! At Verestro,You get in touch with decision makers and we are ready to listen to Your needs. As long as You are not violating financial, AML rules - we are happy to be flexible and update our rules to Your needs.
Even though we would prefer to sell our off-the-shelf products like card issuing, tokenization, money transfers or a business expense management system, we all know, sometimes, some customisations are simply unavoidable. We have wide experience in tailoring the products to our Partners' needs.
5. New Revenue Streams
Generate new revenue with our fintech products! Our clients value rapid implementation of fintech services because it allows them to start generating revenue or reduce costs faster from such services as payment card issuance and cross-border transfers, online payments.
Based on our experience and optimized processes and API/SDK ,it takes 4 times less effort to launch new products and start generating revenues on them. One of the good examples of the way You can quickly start earning on Your payment cards is a Fees module. Simply set up the fees on each issued card and start to earn from the first day of the project.
Contact
If You want to challenge some of the above-mentioned statements, feel free to book a call with one of our sales representatives at sales@verestro.com. We look forward to hearing from you!
Own Payment License or Dependence on a BAAS provider - how does Verestro solve it?
If you are a fintech provider, there is one single risk of choosing a BAAS partner - long-term dependence on a regulatory license of the partner. We will focus on this topic in this article and explain how Verestro's proposal differs from all other BAAS providers.
At the beginning of your fintech journey, there is usually not enough time to cover all the topics and build every single payment license yourself. In fact, it does not even make sense. Therefore, fintech start-ups and scale-ups usually choose BAAS partners and develop their business with them.
Such a decision is actually an important risk for every fintech because you start being dependent on BAAS partners. Your customer gets registered to accounts and payment services of your partner and in the long run you are building a serious risk for yourself. Maybe you do not care about this problem at this stage but think of it. It is a super important risk. What can happen:
- Your BAAS partner may increase prices and you will have to pay
- Your BAAS partner has problems with a regulatory institution and you must follow new rules that regulator is pushing to the payment provider
- Your BAAS partner has AML issues and your BIN, your cards are blocked because of other customers
There are many risks. At Verestro, we solve this problem in various ways:
- We are not only BAAS but also technology provider - a lot of our projects are performed in cooperation with banks, payment institutions where we act as a technology provider only. We can also do it for you which means that once you get your own payment license, we can use the same technical infrastructure to issue your cards and open your accounts.
- We are not dependent on a single payment institution - we work on multi-issuing, multi-bank, and multi-acquiring solutions, so that you can have a choice of payment institutions that you work with. It is a unique functionality of our platform. It enables you to work globally with multiple payment institutions or to switch payment partners once it is necessary for your business.
- We work with multiple banks - we have cooperation with many financial institutions and banks all over the world and our core strategy is to bring you accounts and payments in all countries. You can choose IBANs and BINs from various countries. You can choose currencies, local payment solutions etc.
In conclusion, when you choose Verestro, you get long-term stability and a solution to this important risk. Contact us for more details.
How does Verestro differ from standard software companies?
Verestro is a fintech-as-a- service provider - so we are not really interested in one-off projects - we are not a software house. We prefer to become your partner and help you thrive with our licensed technology, providing support and advice at every single step of your journey.
Verestro is a company focused on developing, maintaining and growing multiple fintech products. Let me give you some examples:
- If you are big manufacturer and you are interested in software to manage your production site - do not call us, it is not our domain of work, we do not want to focus time of our developers on such a project.
- If you are a global web provider and you are searching for new ways of building web services incl. Artificial Intelligence - do not call us, it is not what we are interested in.
- If you are a global technology company and you are interested in ERP software - do not call us, we are not interested in developing it for you.
- If you are a bank, and you are planning to launch a new credit scoring system - do not call us, we are not interested in it today (however, we are planning to work on credit processes as it is close to our fintech domain).
But if you are searching for various financial or payment solutions, especially if they require multiple integrations, are connected with all accounts, card issuing, card acquiring, contactless and eCom payments - call us. This is our domain where we are very strong. We can build very difficult use cases, we can connect card issuing with acquiring, we can play with technologies.
In other words we are focused on fintech products. We perform multiple certifications with VISA or Mastercard to be able to deliver these products globally in the most effective way. The best way to use our platform is actually to learn how our products work and try not to change too many things. We implement them in the best possible way, combining experience from various projects, geographies, and industries. If you use such products 'as-is', you will feel the most benefits as you will find out that implementing new payment innovations can be super quick (1-2 months) and very cost effective (10-20k EUR).
Test us, partner with us, play with fintech technology in a cost-effective way. Build a fintech innovation pipeline with us!
What is Verestro not doing?
Verestro is a Fintech-as-a-Service provider building a micro-service platform that enables our partners to launch multiple fintech innovations at very limited cost. Our core products are card issuing incl. global BIN sponsorship, tokenization through x-pays and other contactless payments, money transfer solutions, eCommerce payments, value added services incl. loyalty, virtual cards and expense management, white label apps and web front-end solutions.
In this article I would like to describe what Verestro does not do:
- Verestro is not a software outsourcing company focused on implementing IT projects outside of the fintech scope for particular customers. We do not do it and we do not want to do it.
- Verestro is not a software outsourcing company within the fintech scope if a particular development cannot be used as an additional benefit for the Verestro platform. We like technology projects that upgrade value of our multifunctional platform and deliver value for all our customers in the long run.
Let me give you more details on fintech products that we do not have live at the moment. But I can assure you that we will have them live soon:
- We do not have softPOS solutions enabling mobile phones becoming payment terminals. But we will be working on it.
- We do not have a full end-to-end mobile banking app. We have a white label app focused on fintech functionalities which - I think - can be treated as a mobile banking app, but we lack credit and investment related features. We can develop these functionalities for you if you are interested.
- On the acquiring side we do not have all local payment methods implemented. We are focused on global ways of payments like cards, Apple Pay, Google Pay. We will implement more local payment methods soon.
- Credit scoring - we do not have a credit scoring platform.
Our mission is: We are inspired by cutting-edge financial technologies and we make them affordable to everyone. If you are interested in going live with multiple payment innovations at an affordable price and extremely high speed, contact us!
Introduction
Summary
Verestro Fintech-as-a-Service platform enables launching various innovative digital, fintech functionalities through integration with one service platform. Our platform includes core-banking, card issuing, tokenisation, money transfers, benefits and other functionalities. You can use our APIs, SDKs or white label applications to launch new payment products and solutions for individual or business customers. We cooperate with:
- Banks willing to launch Apple Pay, Google Pay, Issuer Wallets, sophisticated card issuing, expense management or loyalty platforms.
- Fintech start-ups and fintech unicorns willing to go live with innovative digital card products or willing to quickły launch new products for their customers.
- Neo-banks or wallets willing to launch core-banking and card issuing functionalities quickly and affordably
- Merchants and eCommerce marketplaces interested in launching new fintech solutions for their users or just accept cards in internet in effective way. We provide multi acquiring card on file solutions as well for them.
- Cities and transport operators interested in smart city and ticketing platforms.
- Payment schemes, PSPs interested in innovative payments i.e. Contactless Payments through IBANs, card benefits, access solutions
Our platforms consists of multiple components responsible for various functions like user registration, administration, tokenization, money transfer and many others. Each component is built of several micro-services - small or bigger backend and frontend applications that provide particular sub-functionality. Our frontend components are usually built in native Android or iOS or web view widgets. They are always customizable.
You can integrate with Verestro platform through:
- APIs that enable you to integrate server-2-server,
- native SDKs and web widgets that enable you to quickly install new functionalities in your mobile application,
- white label application that can be easily customized and can contain your functionalities, specific for your business.
Learn more about our products and key components. Ask questions if you need any support from us.
We are lookng forward to working with you.
Best regards,
Krzysztof Drzyzga
CEO and co-founder
Key Products
Read here to learn about key products and functionalities
Card Issuing
Create and manage newly issued payment card. All necessary functionalities included. Possibility to customize card visual, transaction limits and various processes. Key information:
- You can create card via API, native SDKs iOS and Android or inside white label wallet Check here.
- Make sure you register user on Verestro platform and perform eKYC before creating card Check here.
- Once card is created you can use it for various types of payments and value added services Check here.
- Read information about our key functional components and APIs Check here.
- Read about various other functionalities to make use of the card Check here.
Tokens & NFC
Enable contactless payments on mobile phones. No matter if you want to implement Apple Pay, Google Pay or other X-Pays, launch your own Issuer Wallet, implement MDES, VTS or launch Token Management Platform. Verestro provides all those solutions and is fully certified. No additional certification required. You can launch it for your customers in 3 months !
- If you want to launch mobile contactless in your Android app, token requestor or issuer wallet Check here.
- If you want to launch Apple Pay, Google Pay, other X-Pays or Token Management Platform Check here.
- Check various ways of integration - you can use SDKs, APIs or white label wallet Check here.
- If you want to check how user and card management works in addition to NFC payments Check here.
- Make sure you register user on Verestro platform before requesting tokenization and payments via SDK or APIs Check here.
Online Payments
Easy to online payment gateway for one-time and recurring payments. Solution contains webpage to be integrated on merchant portal. Payments can be delivered via API integration.
- If you want to launch online payments with Verestro Check here.
Business Control
Multifunctional expense and card management platform for companies. It allows to issue and manage cards inside organization and manage corporate expenses performed with cards. Web application in the form of an administrative panel (for banks and corporations) and mobile applications for iOS and Android. Mobile Applications enable push provisioning to Apple Pay and Google Pay. Company administrators and managers can assign virtual cards to mobile users - employees. Employees can scan and save invoices for easy settlement. The portal also includes the ability to manage users, cards, and transaction history.
- If you want to get the Web Portal, which allows to issue cards, set limits and send them to endusers Check here.
- If you want to launch mobile application for end users who receive issued card and are able to use it for contactless payments Check here.
- If you want to launch Business Control with Apple Pay, Google Pay, other X-Pays or Token Management Platform Check here.
Money Transfers
Simply - send money from one payment instrument to another one. Card-to-Card, Account-to-Card, Card-to-Account, Mastercard-to-VISA, VISA-to-Mastercard. You can use payment card, IBAN transfer, or pick phone number of anyone registered in the system. We support multiple currencies, calculate fee and inform that transfer has been delivered.
- If you want to get familiar with the details of our Money Transfers platform Check here.
- If you want to check how user and card management works in addition to Money Transfers Check here.
- Make sure you register user on Verestro platform before requesting Money Transfers via API or SDK Check here.
Rewards & Loyalty
Allow customers to collect points and exchange to benefits. Present vouchers and offer. Enable user to save their loyalty cards and present them at merchant locations. Deliver news to users. Use wallet as channel for marketing and promotion for the Partner.
Integrated with multiply Mastercard platforms: Mastercard Rewards System, Personalised Card Linked Offers, Pay with Rewards, Priceless API etc.
- If you want to start loyalty service based on Mastercard's Priceless Platform Check here.
QR Payments
Solution designed to quickly establish new payment option for you and your clients. Merchant can create payment QR. Consumer has to scan the QR and confirm payment. Merchant receives funds instantly, and may proceed to release of goods - digital or physical.
- If you want to launch payment channel based on showing QR to client Check here.
Digital First
Product-program for digital services enablement. All the services connected to one database, all in one mobile application.
- If you want to verify your new customer Check here.
- If you want to issue payment cards for your customers Check here.
- If you want to enable NFC Payments on custom Issuer Wallet approach Check here.
- If you want to launch service to enable Apple Pay, Google Pay or customized Issuer wallet Check here.
- If you want to manage lifecycle of users, cards, devices based on SDK or APIs Check here.
White label application
Do you like what you see above? You can have it ready in our white label application, customized with your colour and logos, ready in the blink of an eye. Inside our white label application you can install your use cases, processes, functionalities.
- If you want to launch solution for lifecycle management for user, cards and devices Check here.
- If you want to have SDK for managing lifecycle user and cards Check here.
- If you want to launch portal for managing end users, cards, monitor activities Check here.
Integration, hosting, security
Integration with Verestro
Verestro offers three ways to take benefit of our solution, see table below for detailed comparison and pros of each of them.
| White Label Application |
SDKs |
APIs |
|
| What is it? |
Complete mobile application for Android & iOS. Ready to be branded, customized and deployed to your users. |
Native development kits for Android & iOS. Libraries easily pluggable into your existing mobile app, they take care of heavy-lifting and allow you to focus on User Experience. |
REST-based interface to enable integration of your existing back-end to our services. |
| Key benefits |
|
|
|
| When to choose? |
|
|
|
Sandbox Environment
We have sandbox environment available per request. Contact sales@verestro.com to get access. More information about connection configuration can be found here: Connecting to server-to-server APIs.
Hosting
We deliver our products in Software-As-A-Service Model. We build a new instance of the platform for new customers and we host in either in private cloud (European Union) or public cloud (AWS anywhere in the world). We prefer this model of delivery as almost every software component is going through updates every 2nd week. We need to make sure service is compliant with security requirements, android, iOS, Mastercard, VISA so we are in a constant development process. It is usually impossible or very difficult to go through regular deployment and release process if we do not host the platform.
Security Standards and PCI DSS
Verestro is compliant with the highest level of PCI DSS Standards - Level 1. We are regularly going through system scans and once per year we are going through on-site audit performed by certified PCI DSS auditor. Verestro is also regularly checked and verified by Mastercard or VISA and multiple institutions (including big banks) that are regularly auditing Verestro infrastructure. We achieved the highest security standards by:
- Building and maintaining network security - the need to build and maintain a firewall configuration that protects cardholder data, not using manufacturers' default passwords and settings.
- Protecting cardholder data - protecting stored cardholder data, encrypting data transmissions when using public networks.
- Maintaining a payment management program - using regularly updated anti-virus systems, developing secure systems and applications.
- Implementing strong access control methods - limiting access to cardholder data to only those with a business need, assigning each user a unique ID, limiting physical access to cardholder data.
- Regular network monitoring and testing - testing security systems and processes, controlling access to network resources and cardholder data.
- Maintaining information security policies - relying on security policies for employees and vendors.
User registration & card issuing
To meet the needs and expectations of its customers, Verestro has developed a flexible infrastructure, allowing it to issue cards to fintech, merchants, companies, payment institutions or banks. We can provide digital issuing services for licensed payment and banking institutions or using our partner network, BIN sponsors to companies without payment licenses.
Verestro provides its customers with a range of services based on the applicable laws, directives and guidelines of card issuers such as Mastercard and Visa. Meeting these guidelines based on security standards including PCI DSS, 4 steps must be followed to deliver the card to the user:
Create User
The first step to be fulfilled is to register the user in Verestro infrastructure in order to maintain his data in accordance with PCI DSS guidelines and secure the subsequent communication. Depending on the customer's needs to fulfill this step, there is a possibility of delivering a dedicated mobile application or, in case of already existing system, implementing SDK in own application or server-server connection in cases when the application is not necessary. Regardless of the path chosen, Verestro provides its customers with a dedicated Administration Panel to facilitate the management and monitoring of its customers.
White Label Application
To meet the needs of the most demanding customers, Verestro has developed a mobile application for iOS and android. The application has a modular design which, in the shortest possible time, can be personalized to the required functionalities, branded according to the guidelines and published in production. More about this solution can be found in White Label Application.
Mobile SDKs
Customers with their own infrastructure and well-established products who want to provide their users with new mobile functionalities in a fast and easy way, including secure payment instruments, may use dedicated SDKs. Verestro team actively supports their implementation and leads through necessary certification processes. More on SDK based implementation can be found in User Lifecycle & Card Management API & SDK.
Life Cycle API
Customers who, similarly to the above case, want to expand their offer with competitive functionalities, where mobile application is not applicable, can use dedicated backend solution in server-server connection. LC API created for this purpose in a safe and easy to implement way allows to meet this requirement. More about LC API can be found in User Lifecycle & Card Management API & SDK.
KYC
In order to meet the requirements of card issuers, legal regulations and international directives Verestro supports the KYC (Known Your User) process aimed at verification of the customer to whom the services and payment instruments will be offered. As in the case of user registration, here, too, there is the flexibility of adjusting this solution both from the user's side in the mobile application and the processing of the application itself.
Manual KYC Process
The standard Verestro solution makes it possible to collect the necessary data and photos of documents and persons in the mobile application and send the thus prepared request via a secure channel to the Verestro infrastructure. This process is supported both in the implementation of the White Label Application and/or implementation of SDK in the customer application. All KYC data are available through a dedicated Administration Panel, through which the client at a specific access level verifies the data submitted by users.
Automatic eKYC
As KYC process requires customisations and flexibility, Verestro platform enables integration of external entities supporting this process. With the implementation of which it is possible to achieve full automation and thus reduce user verification time to a minimum. With KYC verification automation, the user can have a working payment device within 3-5 minutes of installing the application on their phone.
External KYC
For institutions that are expanding their offerings to include card issuance and already have a KYC process in place, LC API is a dedicated channel from setting KYC status with the user more about it in User Lifecycle & Card Management API & SDK.
Create Balance
The third step that brings the user closer to obtaining the card is the creation of a balance / account for the user, which is a dedicated place that maintains the current balance of available funds in a specific currency. Depending on the customer's needs, the user can have a virtually unlimited number of balances.
Automatic
The most commonly used solution is to automatically create the balance as soon as the user gets a positive KYC verification status. With this approach, the user receives the balance in the currency defined within the project.
Manual
A client can create a balance for a user on demand or enable the user to do so themselves. Regardless of the implementation method, the process of creating balances is available in a dedicated mobile application, the provided SDK, from the server-to-server connection and through a dedicated admin panel. More on balance management can be found in Card Management System.
Create Card
The final step is to create a card linked to the previously created balance. Verestro provides its customers with the ability to generate virtual and physical cards for its users. With the implementation of the application in the minimum configuration specified by Mastercard, Verestro enables joining the Digital First program, where the user has a modern e-banking system along with a stylistically attractive physical representation of a virtual card. Processes related to issuing and managing cards are available in Card Management System.
What we can do for you
Here you can find products dedicated to particular customer segments.
How we can support you
Here you can find key questions and answers.
Card issuing:
You have issues with establishing your own payment infrastructure and issuing payment cards?
✔️With Verestro’s card issuing solution you will start issuing cards in 4-6 weeks without complicated procedures.
Too much time to develop and implement a card program with payment providers or BIN sponsors?
✔️ Quickly set up a card program that already includes card issuing, card design, card activation & card management.
Need help with a complex API integration to card processing platforms?
✔️ Verestro's flexible infrastructure seamlessly integrates and manages digital card issuing solutions through our partner network.
Have a problem with a time-consuming process involved in issuing and obtaining payment cards?
✔️ Verestro Card Issuing solution enables customers to issue cards in just 15 seconds.
Have concerns regarding the risk of security fraud?
✔️ Our solution includes advanced security features like tokenization and KYC process to identify and verify customer.
As a Crypto company, want to capture the money volume for cashing in and cashing out of the crypto wallets?
✔️ Issuing its own cards enables Crypto companies to capture the volume of money while cashing in of fiat to crypto and cashing out from crypto to fiat.
Have a problem as a loan company due to the reliance on traditional check disbursement or cash payments?
✔️ With Verestro Card Issuing solution, loan companies can issue virtual cards to borrowers, allowing them to conveniently access their loan funds.
Tokenization:
Have a problem with a low security level?
✔️ Secure your card’s sensitive data with Verestro Tokenization Solutions.
Need to storage and manage tokens?
✔️ With Verestro Token Management Platform you can manage tokens with various requestors (Apple Pay, Google Pay and other x-Pays) with a minimum development.
Don’t want to spend too much time to be compliant with industry regulations?
✔️ Verestro is PCI DSS compliant and obligated to maintain high security standards.
Have issues with enabling a card tokenization solution?
✔️ Verestro Token Management Platform allows for a quick and easy integration to Mastercard and Visa tokenization platforms.
Struggle with frauds during online transactions?
✔️ Verestro Tokenization Solution can help limit e-commerce fraud by tokenizing customer payment data during online transactions.
Don’t have a web portal to manage tokens, users and generate required transaction reports?
✔️ Verestro Token Management Platform provides a solution to be implemented into your mobile application, as well as a web portal to generate required reports by Token Requestors.
Don’t have a solution allowing you to display a dedicated card visual during contactless transactions?
✔️ Use Verestro’s Token Management Platform to upload a dedicated card visual without any extra work.
Business Control:
Need to disburse funds to employees for multiple business purposes?
✔️ Choose Verestro Business Control Solution for expense management and instant card issuing.
Have a problem with controlling employee expenses, which leads to overspending?
✔️ Implement Verestro Business Control Solution, set up spend rules and limits for streamlined payments in real time.
The refund process of business expenses in your company is complicated and time-consuming?
✔️ Your employee can use a digital business card to make payments and automatically provide the financial team with an uploaded confirmation of transaction.
Dealing with a lot of paperwork to account for employee’s expenses?
✔️ Verestro Business Control Solution increases environmental sustainability by enabling employees to send invoices in a digital form instead of paper.
Have a problem with spend visibility in your organization?
✔️ Managing groups in companies (departments or teams) enables employers to have a comprehensive view of expenses and to identify areas of concern or potential cost savings.
White label:
Too much time with developing a new app or platform from scratch?
✔️ Verestro White Label Application is a ready-to-use solution for your business needs.
Need to develop your own white label app, but it comes with a ton of associated risk and security frauds?
✔️ Verestro White Label Solution has already been tried and tested.
Building a new product/service is too expensive due to expenses for research, development, testing, and maintenance?
✔️ Verestro offers a simple and transparent White Label Solution with components of your choice.
Need to implement an application for innovative solutions while maintaining your brand?
✔️ Verestro White Label Solution is delivered as an app, personalized according to the customer’s branding.
Money Transfers:
Standard transfers usually take 1-5 days
✔️ Verestro Money Transfer completed in 30 sec .
Have a problem with high fees and complex processes for cross-border money transfers?
✔️ Verestro Money Transfer solution offers a simple and affordable way to send money internationally.
Struggle with inconvenient exchange rates or hidden fees?
✔️ Verestro Money Transfer solution offers competitive exchange rates and transparent fees, enabling efficient and cost-effective currency conversion.
Have a problem with a complicated and time-consuming process to implement money transfers with different acquirers separately?
✔️ Verestro Money Transfer solution is integrated with various acquirers, banks and money transfer operators.
Need efficient payment solutions for various purposes, such as vendor payments, employee payrolls, or international transactions?
✔️ Verestro Money Transfer solution helps businesses make payments, connect with accounting systems, automate workflows, and ensure secure and timely fund transfers.
Carbon Calculator:
Want to raise awareness of carbon emissions?
✔️ Mastercard Carbon Calculator is a powerful tool that allows users to calculate the carbon footprint of their financial transactions.
Excessive CO2 emissions contribute to global warming
✔️ The Carbon Calculator tool encourages to make more sustainable choices by calculating the carbon footprint of financial transactions.
Calculating carbon footprints seems to be too complex or inaccessible?
✔️ Verestro implements the Mastercard Carbon Calculator to be user-friendly and accessible, with a simple interface and easy-to-understand results.
Want to demonstrate your business sustainability efforts and attract eco-conscious customers?
✔️ The Carbon Calculator helps businesses display their sustainability efforts and attract eco-conscious customers, improving their brand reputation.
Facing a complicated process of integrating a new feature into your platform?
✔️ Verestro Carbon Calculator API doesn’t require any card enrollment, the partner can quickly and easily integrate the API into their existing workflows.