Reference case: PaymentGenes and NBBI

To achieve this, NBBI offers various means of support like educational assistance through training, offering a platform where members can share best practices and they provide tools and resources that streamline business processes and save time. Managing clients' finances is one of the crucial tasks in the daily operations of financial caretakers and this is also one of the areas where traditional banks currently face challenges in serving the industry effectively.

‍Challenge

One of the main challenges and frustrations faced by financial caretakers are the lengthy onboarding processes of their clients at traditional banks. In an industry where guardians need to provide financial means, such as a weekly allowance to their clients, time is a critical factor.

To illustrate, opening an actual bank account for a client with one of the traditional banks in the Netherlands can take up to 30 days for a financial caretaker. In this era of Fintech, where it is possible to open a bank account within minutes, 30 days is a considerately long time Additionally, informing all relevant organisations as a guardian, to ensure that the client's income is deposited into the newly (guardian) managed bank account, can take another 30 to 45 days. Hence, the total time required for guardians to gain access to their clients' funds and actively manage their finances can range from 45 to 75 days. This means that lots of improvements should be made in this age of financial inclusion.

Recognising the daily challenges faced by financial caretakers, the NBBI identified an opportunity to alleviate some of their pain points. However, with limited knowledge and expertise about the world of Fintech or payments, it is difficult to know where to start such an endeavour. Therefore, the NBBI partnered with PaymentGenes Consultancy to identify and select the most suitable partners who could support bringing a fit for purpose solution to the market.

‍Methodology

PaymentGenes utilised its market expertise and extensive network in the payments and Fintech industry to assist NBBI in finding and selecting the most suitable partners for their proposition and launch Dutch IBANs, a mobile App and debit cards in the market.

Throughout the course of supporting NBBI, PaymentGenes assisted with the following tasks:

• Establishing strategic goals and the target operating model;
• Identifying and prioritizing requirements;
• Providing guidance during the request for proposal (RFP) process and the final selection of vendors;
• Securing funding from the chosen card scheme to enhance the business case;
• Collaborating closely with the selected partners, offering advice and support during the programme's implementation, vendor contracting and user terms and conditions.

‍‘The expertise of PaymentGenes Consultancy helped us to navigate the complex world of fintech and eventually got us what we needed to service our industry with a solution that our clients desperately needed’ - Bas Benjamins, Founder of NBBI.

Results

Together with Orenda Finance, Visa and the guidance of PaymentGenes, NBBI is now able to offer their bespoke financial inclusion solution ‘Modura’ to the market. Modura takes away many pain points for financial caretakers in the Netherlands and offers the functionalities that the industry needs:

• Opening the necessary accounts as a financial caretaker and onboarding a client in a matter of hours;
• A bespoke solution for financial caretakers where they have insights into all of their clients finances, do (batch) payments through web portal, import the necessary payment files and exporting of reports;
• An ‘expense’ account for the financial caretaker where income of the client is deposited and from where payments can be made;
• An ‘allowance’ account and mobile application for the client where he/she can do payments from;
• A Visa Debit card connected to the clients allowance account to do card payments.

Download the Reference case using the form below

‍

‍

‍