If you want to provide banking services you don't have to open/create a bank. Starting your own FinTech company is a challenge in most cases. You may encounter obstacles, legal collisions, and significant delays in approvals which may distract you from your real business goals. We have developed a solution to help you avoid potential problems and expedite your market journey. Below you will find a comparison table showing all the advantages of working with the Satchel (Banking as a Service, or BaaS) compared to starting your own FinTech company.
Transactional banking white-label solution
We offer to consider a white-label solution by Satchel. Integrating payment systems into your business allows you to focus on selling, servicing, and interacting with customers and counterparties rather than going through a long and expensive licensing process, gathering, training, and supporting staff, developing/buying IT systems, and building your business from scratch.
Roadmap for Usual Scenario
- Preparation of documents for license application: 3-5 months
- Application review: average 12 months (from this point be prepared to carry out staff compensation expenses for at least 2 years without the ability to operate and get revenue)
- Core banking software setup and customization: 6 months
- First correspondent account opening review: 12 months
- SEPA clearing integration and testing: 4-6 months
- Card program application and integration: 6 months
Roadmap for White Label Solution
- General agent account opening: 1 month
- Integrations and customizations: 1 month
Banking as a Service solution powered by Satchel offers a huge revenue growth opportunity for your business and has one of the most advanced IT ecosystems in the industry, which is constantly updated to improve security and functionality.
We are constantly adding new payment methods to stay ahead of the competition. All newly developed features are automatically made available to you and your customers.
What do you get with White Label powered by Satchel?
- Dedicated Euro IBAN for SEPA/Swift payments (ability to send and receive money worldwide).
- Debit payment cards, a feature that adds value to your project: a ready solution for the quick start of your project, cards with unique IBAN, automatic payments through API, independent online access for each cardholder, fraud monitoring, individualized pricing with instant payment of your commissions and other services.
- API interface for account management.
Additional features in progress
- Virtual payment service (similar to Skrill, Perfect Money, and Epayments)
- Online POS processing
- Instant card-to-card payments (similar to TransferWise, PaySend)
- mPOS solutions (similar to Sumup, Square, and iZettle)
- Credit solutions (similar to Affirm)
- Distributer insurance solutions
Drop us a line
We will be happy to review your case and assist you. Please, provide as much information as possible to get quality services from the beginning.