Webinar: Designing an Embedded Banking MVP to Get to Revenue Fast
Getting to market with an embedded banking product can be an intense and time-consuming process for companies and fintechs. With the looming recession and high interest rate environment, businesses everywhere have been tightening their purse strings. Now, it’s especially important to get their products to market faster and start generating revenue – and launching a minimum viable product is key.
In this webinar, Treasury Prime Director of Technical Program Management Kiana Pourjanfeshan and Director of Sales Danny Cepin talk about how to develop an embedded banking MVP and get it to market as quickly as possible.
Interested in learning more? Watch the on-demand webinar below.
How quickly can I go live?
Speed to market is ultimately determined by the respective customer’s organization and preparedness. Recently, a Treasury Prime customer who needed to move quickly after the Silicon Valley Bank fallout was able to go live in three days using our comprehensive banking API docs. However, sometimes it can take months if the customer’s business requires launching with a complex, feature rich product.
To expedite the launch process, companies should keep their embedded banking features to a minimum and save the more advanced functionalities for a phase two. Pourjanfeshan advises companies to map out their customers’ needs, how they are going to open accounts, and what their funds flow will look like. Treasury Prime also recommends signing up for the developer tool Sandbox to familiarize themselves with the APIs they will be using.
A critical component for a company to launch an embedded finance product in a highly regulated industry is satisfying the bank partner’s due diligence process. Companies and fintechs will need to provide information on their funds flow, KYC (know your customer) plan, terms and conditions, other end customer disclosures and various policies and procedures. Havingthose documents drafted and operationalized ahead of time will help streamline the process. To further expedite the implementation process, while Treasury Prime does not draft policies and procedures for its customers, it does provide guidance and assistance in helping a company operationalize and think through various policies and procedures to mitigate risk. See Treasury Prime’s Partner Due Diligence Checklist and Policies and Procedures refresher available in the Enterprise Compliance Toolkit.
What baseline functionalities will get my MVP to market fastest?
The three main functionalities Treasury Prime recommends for an MVP are account opening, ACH, and wire transfers. Those are the basics needed to move money and will allow you to go live very quickly.
Card programs are also very popular, but unless card transactions are essential to the business model, Pourjanfeshan recommends considering launching them as part of a phase two if speed-to-market is a goal. Launching cards has the potential to slow down an implementation, mainly because the card design process often goes through multiple rounds of reviews. However, if a company has gotten its card design squared away and is highly motivated, they can certainly launch cards as part of their MVP.
Common MVP roadblocks and how to circumvent them
The most important thing is to have a project plan and stick to it. Align with relevant parties: the bank, partners, and Treasury Prime, to set a target launch date, so everyone is aware of the timeline. A surefire way to cause delays is to change the scope of the MVP in the middle of the process.
Treasury Prime will help all parties agree on and outline their roles and responsibilities, so that there is clear division of duties to help support an efficient launch. It’s especially important for fintechs to maintain open lines of communication with Treasury Prime and their bank partner, so they can prepare any documents and information the bank may need, as well as ask for any help they may need during the process.
Watch the full MVP webinar, including Q & A, on-demand.
Wondering how embedded banking could help your business? Contact Treasury Prime — we have a true multi-bank network, the deepest bank core integrations, and extensive compliance experience. Read more about our $40 million Series C Funding and why Tearsheet named us the Best Banking as a Service company for the second year in a row. Talk to the best embedded finance team in the industry.