Creators of BancKED Share Tips on how Traditional Companies Can Take Advantage of Modern Fintech Opportunities via the Blockchain

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Studies repeatedly stress the economic opportunities available to individuals and businesses alike via the blockchain. Yet, according to the founders of BancKED, many organizations are missing out because they lack the inhouse capabilities needed to adopt non-traditional banking programs.

Creators of BancKED crypto wallet say companies are missing out on the economic opportunities available to individuals and businesses alike via the blockchain.

“Customization will define the best mobile wallets in the crypto marketplace going forward. And those that best use the power of the blockchain to develop those customer-centric tools will have a competitive advantage. Having the right partner is essential to make that happen."

Trend reports repeatedly stress the economic opportunities available to individuals and businesses alike via the blockchain. Yet, according to the founders of BancKED, many organizations are missing out because they lack the inhouse capabilities needed to adopt non-traditional banking programs: in particular, crypto wallet white label prepaid programs. They assert that with a better understanding of cryptocurrencies and the right partner, start-ups and growth companies can readily get their own custom program up and running and offer some tips on how to make that happen.

BancKED is a crypto wallet white label program that provides secure access to cryptocurrencies, FIAT conversion, prepaid cards and interactive functions and features. It was developed by KnowByLity, a global provider of blockchain applications and prepaid card issuing software.

Here is a general checklist from the organization as to the “why” of launching a crypto wallet white label prepaid program and what to look for in a partner.

Why Crypto Wallets

  • Access to a new customer segment that relies on digital banking
  • Provides customers with an alternative banking option and/or access to an Exchange
  • Secure and inexpensive way to handle payments
  • Supports use and storage of Smart Contracts, which are, in essence, computer code that automatically executes all parts of agreements. These contracts allow for:
  • Streamlined payments for Accounts Receivable
  • Simplified transactions for supply chains
  • Once a smart contract is executed, payments are automatically deducted from a manufacturer's digital wallet and funds are moved into the supplier's digital wallet
  • Reduced commerce friction, accelerated payments and greater administrative efficiencies
  • Increase opportunities for financial inclusion by opening doors to under- and unbanked

Why Crypto White Label

  • Brand visibility is heightened by putting one’s name and logo on a prepaid digital card
  • Revenue-generating opportunities via transactional fees and access to a new customer base
  • Provides users with an efficient means of managing and spending their crypto
  • Enhances brand loyalty as companies can analyze users’ spending data for continuous improvements in products and services

What to Look for in a Partner

  • Advanced blockchain software design and management credentials
  • Dedicated cybersecurity and compliance team
  • Proven expertise and experience in fintech services arena and banking industry
  • Provides customized program options rather than on-size-fits-all that complements marketing strategy and is responsive to customer demand
  • Access to around-the-clock customer service

“Customization will define the best mobile wallets in the crypto marketplace going forward. And those that best use the power of the blockchain to develop those customer-centric tools will have a competitive advantage,” said Steven Foster, Founder, KnowByLity. “Having the right partner is essential to make that happen. They help ensure robust features and functions and adherence to all security and compliance requirements and provide the customer service to reassure them as they adjust to digital currency.”

He advised companies to also be sure to look for white label programs that include: secure access to cryptocurrencies; FIAT conversion; ability for users to trade, buy/sell, manage, convert crypto to host currency FIAT, exchange and calculate currencies as well as ability to make purchases across multiple currencies and live market updates.

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About KnowByLity:
KBL offers comprehensive mobile and desktop platforms tailored to clients' varying needs along with customer experience platforms. Its software solutions ensure white label programs are rich in features and functions, simple to use, graphically appealing, and above all else, compliant with all financial services regulatory requirements. For more information on KBL and its solutions, please visit http://www.kblholdings.com and http://www.bancked.com.

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Gretchen Miles
KBL Holdings
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