Creating software is a rather complicated and costly process. Only some companies, especially at the start of its development, have sufficient resources to bring their card product to the market. It is much easier and more affordable to use a white-label card issuing solution.
White Label is a solution preliminarily created by a provider, and the fintech company acquires the rights to use it and customizes it under its logo. Using ready-made products allows businesses to save time and money on developing their project and still provide innovative services while remaining competitive.
White Label Digital Bank: what is it?
A digital bank is a platform through which various financial services are provided. White Label solutions allow companies to access such platforms and provide financial services on them under their own brand. They do not need to build and maintain their own architecture.
White Label is a ready-made solution for companies that want to organize card issuing but do not consider it expedient to develop their own banking product. Through the ready-made platform, it is possible to issue cards and manage accounts and process transactions.
The main reason for the popularity of such solutions is that with their help, bringing your card product to the market is much easier and more cost-effective. Using such a platform under its own brand, the company retains its identity and can use professional banking software. Not only fintech companies and startups use ready-made White Label solutions. For example, Wallester’s platforms, allowing to launch of card issuing programs under their brand, are also installed in insurance companies, travel agencies, business loan providers, banks, e-commerce companies, etc.
Benefits of White Label Digital Banking
There are many benefits to taking advantage of ready-made White Label solutions rather than launching your financial product:
- Saves money. You can avoid spending money on setting up your banking infrastructure. It requires hiring highly qualified IT staff, whose services are expensive. There is also no need to spend money on the security of financial transactions and the platform’s maintenance. The White Label solution provider takes care of all these costs, and the company can focus on its direct duties.
- The product goes to market quickly. Launching your own card program is much faster when digital banking is ready for use, and there is no need to think about infrastructure development. Previous platform users have already honed the technology to launch it, so introducing a new product becomes a simple and routine action.
- Personalization. The financial product will have an individual design. Thanks to unique settings, the issued cards, the mobile application, and the platform will have an original design. Corporate style design helps to promote the brand, popularize it and make it stand out from competitors.
- Flexible customization. White Label solutions are easily scalable and customizable to meet the needs of the business. New products, services and features are regularly added, and the solution provider, not the user, is responsible for all these processes.
Companies of all sizes and financial capabilities can benefit from professional banking software thanks to White Label solutions.
How to choose White Label digital banking?
When choosing software to run a card program, you should pay attention to the following criteria:
- Functionality. You need to make sure that the platform provides all the features you need for your business, including card issuance, payment processing, reporting and fraud protection;
- Customization. The software product should be easily customizable to meet the needs of your business. Not only the functionality, but also the interface of the platform should be customized. The comfort of its use depends on it;
- Integration. The ready-made solution should easily integrate with the programs that you already use in your work. To avoid problems, it is important to determine, first of all, the possibility of integration with payment gateways and accounting databases;
- Compliance. The finished product must comply with all industry standards and protocols, and it must also fulfil all the requirements of the payment system chosen by the client;
- Security. The protection of customer data and transaction information rests on the shoulders of the White Label solution provider;
- Technical support. Qualified software maintenance guarantees its smooth operation and absence of problems for clients.
Using a test version of White Label digital banking is ideal before fully integrating it into the workflow.
Example of White Label solutions
The Wallester Platform is a vivid representative of ready-made comprehensive card issuing solutions for any business. It can be used to issue physical and virtual cards for any purpose. This solution has the following advantages:
- it has a large set of features for creating and maintaining card programs;
- it is easily customizable to meet the needs of any business;
- it integrates with any software already in use by the company;
- it complies with all industry norms and standards of the Visa payment system;
- it utilizes state-of-the-art security protocols and fraud protection;
- it provides expert software support.
Using White Label solutions from Wallester will allow you to launch your card product quickly and increase your brand recognition.
