BancBox Introduces Industryâs First Complete Payment Services Platform
Delivers Single Integrated Solution for Collecting, Storing and Sending Money from Web and Mobile Applications
San Mateo, CA (PRWEB) June 20, 2012
BancBox today introduced a new platform that enables non-financial companies to easily build payment services into their web and mobile applications securely and in compliance with regulatory standards. Based on a simple API-driven approach, the BancBox platform delivers a single integrated solution for collecting, storing and sending money in all common transaction methods.
From accepting credit card payments, to creating e-Wallets, to transferring funds between accounts, BancBox’s unique platform gives businesses full control of their user experience and allows complete integration of payment services securely and compliantly from a customizable platform. BancBox helps businesses address the regulatory complexities of moving money in compliance with state money transmitter laws. A trusted expert with years of payment operations experience, BancBox has opened over a hundred thousand consumer accounts and processed billions of dollars in payments.
“We’ve done all the integration with banks and regulatory agencies so companies don’t have to,” said Sanj Goyle, CEO of BancBox. “Our out-of-the-box set of APIs cover the entire money movement flow, so companies can deliver payment services in days rather than months and scale and adapt them as needed. And, because all of our services meet regulatory standards our customers don’t have to need to acquire a money transmitter license or maintain PCI compliance.”
BancBox provides the easiest way to integrate regulatory compliant payment services into applications. The complete payments services platform allows companies to:
•Collect payments or integrate payment services from within an app. The platform supports numerous collection methods including credit card payments, wire transfers, ACH debits and credits, checks, wires and moneygrams, and multi-party transactions.
•Store funds and create e-wallets for mobile and web applications. Companies can create stored value accounts to safely store money. Each account includes full ledgering and reconciliation functionality so users can see activity and balances in real time. Because BancBox follows the same regulations as banks, each stored value account is FDIC insured.
•Send money directly or through multiple transmission services. An extensive set of APIs integrate and automate typical banking services to simplify how companies send funds between accounts or to other services. Companies can dynamically send checks without logging into a bank, transmit money via ACH, send funds to e-bill pay services, or connect to PayPal or other transmission methods.
“By taking the complexity out of building payment services, we are giving non-financial companies the opportunity to add revenue-generating opportunities to their business,” added Goyle. “The possibilities are endless for today’s business to easily include payment platforms to mobile devices and social networks.”
ReadyForZero, an online financial product that helps people control and reduce debt on their own, is working with BancBox on an automation feature still in closed beta. The company uses BancBox to implement payment services that allow users to automatically execute and safely automate their finances. With BancBox, ReadyForZero can collect funds from a user, store the funds in an FDIC bank accounts and manage bill payments to creditors.
“With a few API calls, BancBox enables our customers to execute payments quickly and securely,” said Rod Ebrahimi, CEO, at ReadyForZero. “BancBox helped us make this unique offering possible without the associated headaches. It is now possible for our customers to accelerate their progress toward important financial goals.”
San Mateo, California-based BancBox allows non-financial institutions to collect, store and send money, in a simple, secure, and compliant manner. The company offers an API-driven approach to enabling its clients to offer banking services in their applications. The BancBox vision stems from the collective experience of the BancBox team in working with core payments processors and banks. The company is committed to disrupting the banking system in order to innovate and improve how financial technology services are delivered.
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