How to quickly launch your financial product

How to quickly launch your financial product

A few years ago, large banking organizations were the main players in the financial solutions market. Still, more than 20% are at risk due to the emergence of more ambitious and technically competent fintech companies. They use the shortcomings of classic banks and offer people more modern and profitable services. About 25% of fintech companies are engaged in BIN sponsorship and help their clients launch their card programs. In this article, we will look at how you can launch your financial product and do it in the shortest possible time.

Is it realistic to launch a card program in two weeks?

To launch your card product on the market, you need to perform the following actions:

  •       get your BIN number;
  •       find specialists who will develop and install the necessary software for this purpose;
  •       work closely with the payment system and fulfil all its conditions for managing financial products.

Already at the stage of obtaining a BIN number, you can forget that branded card issuing will be fast. To begin with, you will have to collect a lot of documents required by the payment system. After applying, you will have to wait for several months for its approval, and only after receiving the identifier can you start developing, testing and launching the card program.

Wallester’s clients save time as they utilize the services of a BIN sponsor. The BIN sponsor allocates an entire range of BINs for each card program. He also provides the necessary software to manage the program, handles its maintenance, and updates himself.

BIN Sponsor Responsibility

A BIN sponsor does not just allocate a pool of identification numbers but assumes a whole range of responsibilities related to their maintenance and administration. It provides a convenient platform for managing the card program and is responsible for its security and functionality. It is the BIN sponsor that is responsible for ensuring that its platform has the following capabilities:

  •       Issuance of any card. Clients need to be able to issue physical and virtual cards that can be used to pay for purchases and services in retail outlets or online. These should be both debit and credit cards;
  •       Tokenization of any cards. Tokenization and adding cards to the most popular digital wallets make using cards safer and more comfortable. It is especially important for making online payments;
  •       Protection of all transactions. Today, the most modern protocol that ensures the security of any transactions is 3D Secure. It involves passing through additional steps during all transactions. It allows you to prevent dubious payments;
  •       Fast processing of payments. Cooperation with BIN-sponsor eliminates the need to obtain bank approval for any payments, so their processing is as fast as possible;
  •       KYC/AML compliance. BIN-sponsor takes care of compliance with these rules and directives;
  •       Monitoring of fraud. BIN-sponsor monitors all payments and detects and stops any fraudulent actions with payment cards. Its activities significantly reduce the financial losses of the client.

BIN-sponsor deals with security, administration and fulfilment of any other payment system requirements. At the same time, the client is not dispersed to perform these tasks but is engaged in testing the card program and its release to the market.

Advantages of BIN-sponsorship

The main advantage of cooperation with a BIN sponsor is that a company can quickly launch its financial product without being distracted by organizational issues and administration. Obtaining a BIN on your own will lead to the fact that the launch of the card program will be delayed for several months. It is undesirable for hot startups and pulse products. A BIN sponsor saves clients significant time and helps their business grow quickly.

A BIN sponsor saves its clients’ money, because it takes care of all the costs associated with obtaining a BIN and all the associated costs. He also oversees the platform’s development for launching the financial product, maintenance, and modernization. The client does not spend his resources on negotiations with the payment system; he does not deal with reporting, fulfilment of its regulatory requirements and ensuring the safety of card product use. All this rests on the shoulders of the BIN sponsor.

In addition to several basic services, reputable BIN sponsors allow their clients to issue White Label cards. A branded exclusive product will help to increase brand recognition and customer loyalty. With the White Label system, not just another impersonal product, but a customized solution created for a specific company is launched on the market in just a few weeks.