MuchBetter Rolls Out Bank-in-a-box Payment Service
After the tremendous success of the MuchBetter wallet, the payment solutions company reportedly received a lot of interest from numerous clients and firms looking to rebuild their banking sections and improve client response.
In its intention to target the gaming industry, MuchBetter produced Bank-in-a-box, a product that is fully managed by the brand and provides operators with more control over the experience that their customers go through as they are making payments.
What is Bank-in-a-box?
Bank-in-a-box is a white-label banking service which allows operators to market their services quickly; it is compatible with both iOS and Android devices. Through Bank-in-a-box, the end-user is enabled to make online and offline payments via just their phone, using fingerprint verification. In the background, the product is designed to maintain ultra-security conditions for the operator.
Another innovation presented with Bank-in-a-box is the possibility for clients to create unique debit or credit cards which are theft and/or loss proof. This is achieved through MuchBetter’s CVV technology. For now, well-known service providers by the likes of Wirecard and GPS have already partnered up with MuchBetter and acquired its Bank-in-a-box bundle.
Overall, the project is mostly aimed at accommodating gaming, travel and retail domains. These areas are particularly eager to get to market quickly, maintain low costs and make their services as versatile as possible to satisfy the growing market.
MuchBetter Continues to Make Waves
MuchBetter co-founder, Prasannaa Muralidharan has spoken a great deal about Bank-in-a-box and its unparalleled features, as well as how the company approached creating and distributing it. Muralidharan admitted that they were approached by multiple companies motivated by the success of MuchBetter asking for a white label solution that they could further build upon. Most of them were gaming firms and financial technology start-up companies.
The Bank-in-a-box tool provides clients with full MuchBetter infrastructure and API support. It is a combination of unconventional back-end and front-end solutions, coming together to enable creating completely custom applications. According to Muralidharan, the entire MuchBetter system has been re-engineered to support a platform that can be used to release more than one branded solution. It is capable to cooperate with different issuers and processors to set various bank and prepaid programs into motion.
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