The embedded payments industry has come a long way in recent years.
Rapid financial technology advances continue to drive enormous change. Digital wallets have replaced checking cards; intuitive apps have taken over conversions from sales staff; and white-label fintech platforms have emerged as go-to infrastructure to help brands deliver personalized services in one of the financial world’s fastest-growing segments.
New players from outside of traditional finance see white-label solutions as a way of meeting consumer appetite for personalized fintech services and, in turn, driving growth.
It means business executives are racing to introduce or upgrade embedded payment services to keep up with what PwC terms a ‘front-end revolution’.
Yet such a transition is lined with potential roadblocks. If you’re a leader in this position then you may have had problems with the following:
- Integrating embedded financial services into your company’s existing business infrastructure.
- Ensuring new fintech solutions meet all necessary compliance requirements
- Guaranteeing robust security to the customers who use your white-label banking services
Every revolution has its challenges, which is why every revolution needs innovation.
Berkeley Payments’ white-label fintech platform is what top brands like Google and Coca-Cola have turned to when looking to seamlessly embed secure and profitable payment systems into their business models.
Our ‘bank-in-a-box’ suite of financial tools and services has helped fintech start-ups, financial institutions, and businesses in other sectors build a scalable revenue stream over the long term.
We even helped one client, EQ Bank, break their product growth record by adding prepaid debit cards as a payment option to their High Interest Savings Account (HISA) offering
But how will this translate to your business? Let’s take a closer look at the benefits our white-label fintech platform brings and how it’s benefited other top brands.
Want to embed a white-label fintech platform into your brand’s services but not sure where to start? Contact us today to find out how our ‘bank-in-a-box’ service will help you set up a customized payment card system in hours.
How our white-label fintech platform will help you unleash the power of embedded finance
The thought of building and integrating a new embedded payment solution into your business might be a daunting one, but Berkeley excels at providing the tools and functionalities to make the transition so smooth that you barely notice it.
1. Benefit from a lightning-quick set-up – for you and your customers
Integrating a whole new platform into existing company infrastructure is an understandable concern among business leaders.
You may be one of those who have had their fingers burned by costly and time-consuming set-up processes in the past.
Berkeley’s ‘bank-in-a-box’ fintech platform removes these fears at a stroke. You get access to ready-made banking infrastructure via a low-code single-integration API, which means you can start payment processing and card issuing in the client portal within hours.
Customer-facing onboarding is rapid, too. Users sign up in seconds via a streamlined registration process designed to eliminate cart abandonment and maximize engagement.
2. Enhanced security in user onboarding
Security is at the forefront of your customer’s minds when it comes to financial products, especially in a fintech industry beset by ever-evolving cyber risks.
Recent research from industry experts The Financial Brand found that 99% of users were concerned about data privacy within fintech apps, with two-thirds saying they were “very or extremely concerned”.
Security concerns of fintech platform users
Berkeley’s secure white-label banking software tackles this issue with a three-pronged approach:
- An advanced KYC (Know Your Customer) verification process that cuts out unauthorized access and fraudulent activity
- The safety net of deposit-insured (CDIC and FDIC) user bank accounts to safeguard funds
- A cardholder-initiated funding feature that enables instant funding from external bank accounts or cards without complications.
This means security isn't just a feature; it's the foundation of our user onboarding process.
3. Instantly issue cards to your new users
Customers don’t like to be kept waiting once they sign up, yet many brands drag their feet when it comes to providing them with the materials they need to make the product a success.
Berkeley’s instant payment processing meets this challenge. You’ll get immediate access to the PayHub Portal where you can send new cards out to your customers in just a few clicks.
The portal’s user-friendly interface makes it easy to create new cardholders with a few simple details. Once confirmed, the system automatically issues them a customized card in your brand’s image.
Adding credit to the card is also simple. The portal requires just their account number ID and the load value for the amount to be instantly added to their card.
4. Protect your product with world-class compliance measures
If you’re worried about keeping your brand up-to-date with rapidly shifting compliance requirements, then you’re not alone. A recent survey from PwC found that almost half (48%) of business owners list cybersecurity regulations as their number one concern when it comes to financial services.
With Berkeley's white-label fintech platform, you can put those worries to rest.
We ensure 100% PCI compliance and conduct regular in-depth audits. Plus, our multi-tenant setup means you benefit from our extensive centralized compliance measures, which have been refined and perfected over two decades in the international financial services industry.
5. Fully customize your platform with your brand’s identity
Some financial service providers like to get in on the glory of their banking-as-a-service (BaaS) products by printing their insignia on debit and credit cards alongside their clients’ – but to us, this isn’t a true white-label solution.
All of your program’s user interfaces and merchandise come with your company’s own branding and no one else’s. From logo integration to custom product design, our platform will look, act, and feel like your own core banking service, whether it’s to help consumers manage their wealth or accumulate rewards.
Just as a ghostwriter helps an author craft a novel, Berkeley operates silently in the background, providing seamless support to make sure your customized banking platform gets you the maximum return on your brand’s investment.
6. Diversify and scale with our wealth of services
Every business requires something different, whether a young neobank start-up trying to expand its customer base or a leading e-commerce brand aiming to streamline its payment processing.
Berkeley’s fintech platform is designed to meet the diverse needs of our partners which is why we offer an extensive and flexible range of services that you can cherry-pick to suit your aims.
We offer a secure and scalable foundation to build upon, with the freedom to customize your platform with the services in line with your vision for the future.
How top brands are using Berkeley’s white-label fintech platform
Agile, secure, and versatile, Berkeley’s white-label fintech platform has made a mark in several industries in the guise of various use cases.
Our list of satisfied clients includes digital banks, HR firms, and technology companies that have launched embedded financial products to boost customer engagement and diversify their revenue streams.
Let’s take a look at four Berkeley success stories.
1. Ceridian Dayforce Wallet: Elevating HR with real-time gig worker payments
Anyone who’s worked in Human Resources will know just how crucial timely and accurate salary payments are to keep worker satisfaction high – not to mention comply with employee wage laws.
Ceridian, a leading Human Capital Management (HCM) company, needed to uphold its impeccable reputation for payroll precision, so it partnered with Berkeley to launch a fully branded payment debit card.
Available via the company’s Dayforce digital rewards wallet, the initiative empowers workers by enabling on-demand payment advances, which their employers can load directly onto the card in real time.
Employees can then spend funds in any Mastercard-friendly outlet, withdraw money from thousands of ATMs, and even directly send funds to their external bank accounts via Electronic Funds Transfers (EFTs).
Hundreds of employers, from Danone to Longo’s, use the Dayforce Wallet to meet employee needs and Berkeley’s white-label software solution is the driving force behind it.
Ceridian’s Dayforce employee payment card
2. Sidekick Cards: Capturing the Canadian market for student financial freedom
Handling their child’s move away to college is a huge task for any parent, particularly when it comes to personal finances.
Canadian financial service firm Sidekick wanted a convenient and secure fintech product that allowed students and their parents to work together to manage college expenses.
The result was Berkeley’s prepaid debit card, which allowed parents to add funds and monitor payments from one end, and their children to pay for tuition, rent, and living expenses via an intuitive app on the other side.
The Sidekick Web Portal provides parents with a user-friendly platform accessible only to them. There, they can securely hold and manage their funds, take advantage of low exchange rates, and transfer lump sums directly from their bank account.
Features like the Budget tool, spending monitoring, and remote card locking give them full control and visibility over their child's finances.
Sidekick’s student-facing app
The trendy Sidekick app at the other end empowers students to make payments, withdraw money from an ATM, and check their balance and transaction history.
Sidekick’s prepaid debit card
3. Locorum London: Driving consumer engagement with rewards
Imagine getting money back every time you use a plumber, roofer, or gardener.
Locorum is a leading rewards program that wanted to broaden its scope by launching an intuitive platform that allowed customers to earn cash back from local service hires.
Berkeley’s rewards card solution provided the answer, allowing Locorum to tailor their rewards program to their brand identity. Via our seamless APIs, Locorum effortlessly integrated cash-back rewards functionality into its platform.
Their customers could then claim rewards for a wide array of hiring services, including a horse masseuse!
After the completion of each job, their cash-back reward is automatically loaded onto their card within 24 hours.
The rewards then have the same function as cash: users can spend them any way that accepts Mastercard, both online and in-store.
With customers 400% more likely to refer a business upon receiving a reward, Locorum has seen its Berkeley-powered rewards card go from strength to strength.
Locorum’s rewards card
4. CrowdRiff’s Localhood: Turning creativity into cash
CrowdRiff is a visual marketing platform that knows the value of user-generated content (UGC) when it comes to boosting brand awareness. Their marketing team was looking for white-label fintech software that allowed them to reward users for sharing their exciting travel experiences and hidden gems with them.
Berkeley’s reloadable card was the answer. CrowdRiff oversaw a dramatic boost in engagement following the launch of their ‘Localhood’ rewards product which allowed them to deposit funds directly onto the card after each piece of successful UGC content.
Users are then free to spend these in scores of affiliated outlets, transforming their experiences into tangible benefits.
CrowdRiff’s Localhood rewards card
Berkeley’s white-label fintech platform: Unlock a new, branded revenue stream before today is over
A new embedded finance product can take your business down many profitable avenues and Berkeley’s turnkey solution makes whichever path you choose as smooth and stress-free as possible.
Our single-integration API provides you with rapid and direct access to Berkeley's well-established infrastructure, powerful financial capabilities, and extensive network of industry partnerships.
The outcome? A fully configured white-label finance platform that delivers swift financial gains for your brand.
Ready to embed Berkeley’s white-label fintech platform into your business model? Sign up today and experience what our intuitive payment card solutions have to offer.