Scaling World Class Financial Programs

Aaron Huang
Posted by Aaron Huang | May 12, 2022

Scaling world class programs require world class customer experiences. Productfy's growth in transaction volume is a testament to the power of our BaaS partnership model. With embedded financial products, full compliance and program support, and world class bank partners behind us, we're continuously building and enhancing mission-critical products and features that support our partners so they can attract and retain the best customers (while keeping fraudsters at bay). 

Customers are increasingly mobile, and they demand one-click (or one tap) access to their funds. In addition to a new secured credit card program (contact us for details), we’re releasing mobile payments support to provide end users more reasons to use virtual cards and digital payment methods.

With supply chain issues still percolating through the physical card fulfillment ecosystem, mobile tokenization and payments support is one way to enhance and maintain digital hegemony over your competitors. Our latest product updates focus squarely on enabling client card programs to scale to millions of dollars a month with seamless mobile payments support. 

Other enhancements include data aggregation, reporting, and KYC features that optimize the partner and end user experience. 

Read on for this month's highlights, and give us feedback on how we can partner to support your financial use case. 


TOKENIZATION: Mobile Payments support for Visa Network

What is it? We now support mobile payments for Apple Pay, Google Pay, and Samsung Pay for the Visa Network as an optional feature add-on for card programs.

Why we made this change: Clients (and consumers) are increasingly asking for a frictionless mobile payment experience. It’s a key differentiator - and increasingly, it’s table stakes from a customer experience perspective, and optimizes payments conversion for mobile devices. 

What this means for you: Clients can now allow their end-users to add their cards to Apple Pay, Google Pay, or Samsung Pay, with no additional integration work!

Mobile Payments support for Visa Network

How to implement this: This feature is available for the Consumer Secured Credit Card product. Support for our debit card products is forthcoming. Check out our Payment Card Tokenization Implementation Guide.

CARD TRANSACTION AUTHORIZATIONS: Support for high frequency card authorizations

What is it? We’ve made optimizations to enable transactions that occur within milliseconds of each other. 

Why we made this change: As your program grows from sub-scale to millions of dollars of transactions, more and more of your transactions will need to be authorized and processed in milliseconds. Rest assured your volume scales with our platform. To prove it, we've included our month-over-month transactions curve which is scaling exponentially.

What this means for you: Grow, scale, expand - we're here to support your card program. 


(Other Enhancements) ID VERIFICATION: Identity verification with ID documents, facial recognition, and liveness test

What is it? A KYC (Know Your Customer) enhancement - for the small minority of valid users who fail standard identity verification checks and knowledge-based authentication (KBA), we now provide an option to complete a document verification with facial recognition and liveness test. This new feature scans the ID document (i.e. driver license, passport, etc.) to ensure its validity and compares it with the user's face to ensure that the person is a real user and not a deep fake or fraudster. This feature is available for both desktop and mobile clients.

Why we made this change: We’re here to provide the backstop with our Compliance as a Service model. As more people transact on our platform, we are always looking to reduce fraud and improve our ability to keep our mutual users safe. You (the client), your customer, Productfy, and our Bank Partners all operate in an environment where ID fraud is an ever-increasing risk, both financially and reputationally. Enabling this feature drastically reduces the fraud risk for a certain subset of users that fail all other methods of verifying their identity. In essence, this is the backstop failsafe - and you will see this type of feature more regularly on both fintech and crypto applications. 

What this means for you: Previously, a person who cannot complete frictionless identity verification checks, knowledge-based authentication (KBA) will not be able to proceed. With this new feature, the end-user may submit a document and complete a liveness test on their mobile device. This optimizes for a complete funnel with appropriate risk management procedures in place and ensures you have the highest conversion rate possible with the lowest amount of fraud. 

How to implement this: See our KYC Implementation Guide for details on how to implement this.


(Other Enhancements) DATA AGGREGATION: Improve search for financial transactions from linked financial institutions:

What is it? Our GraphQL builder makes custom reporting queries simple. Within the data we ingest from Yodlee, we’ve added a universal ‘data’ field.

Financial transactions
Why we made this change: We pull and store data from financial institutions through our financial data partner, Yodlee, and make it accessible via our API. When ingesting this data, we have seen that temporal data requires more consistency. Within a single financial account, transactions have either transactionDate, postingDate, or both temporal values populated. To address this, we are exposing a generic "date" field, which Yodlee defines as "postingDate when available, falling back to transactionDate otherwise." This field is currently only present for Yodlee financial transactions.

What this means for you: You can now search transactions from financial institutions with the new date field. 

How to implement this: Any query that touches financial transaction data retrieval now has this new feature. A few examples are:

Get Transactions By Date Range
Get Account with the transactions subquery
FinSight Profile with the financialProfile, financialAccoutns, and transactions subqueries

Watch this space for more updates as we roll out more features to accelerate financial product innovation. As always, connect with us below to learn more about how innovative card programs and scalable features can power your financial product or fintech program.