MuchBetter launches ‘Bank-in-a-box’ solution

MuchBetter launches 'Bank-in-a-box' solution

Award-winning payments product white-labelled to help clients get to market faster and cheaper

London, UK – 29th November 2018 – Challenger payments company, MuchBetter, today announced the release of its ‘Bank-in-a-box’ fully managed solution. Bank-in-a-box enables organisations to launch branded production wallets quickly and easily, letting them take control of their users’ payments experience and get to market faster with a sophisticated, compliant and low-cost financial product.

The white-labelled payments service is designed to be ultra-secure while offering a frictionless experience for the end-user – letting them make online and offline payments with just their phone and fingerprint. This makes it an ideal solution for businesses that need to create payment functionality without the cost, expertise and other resources required to manage this in-house. It is aimed at verticals such as gaming, travel and retail, all of which are trying to cut time to market, keep costs low, and differentiate their services in a crowded market. MuchBetter helps these businesses achieve this differentiation via a seamless payment experience in-app, online and in-store (via MuchBetter-powered cards and payments wearables).

MuchBetter’s white label solution is iOS and Android compatible, is fully cloud hosted, highly scalable and offers a number of deposit and withdrawal methods. MuchBetter’s patent pending dynamic CVV technology also enables Bank-in-a-box clients to create unique theft/loss proof debit or credit cards. All MuchBetter cards have dynamic CVV codes which are generated within the app, not shown on the physical card, meaning cards cannot be used by anyone other than the account owner if they are lost, cloned or stolen.

“The launch of the MuchBetter wallet has been a tremendous success and it has attracted a lot of envious glances,” said MuchBetter co-founder, Prasannaa Muralidharan. “Over the last year, we have been approached by a number of companies including gaming firms and fintech startups who wanted to white label our solution and build various offerings on top of it. Bank-in-a-box offers precisely what the name suggests. It comes with out of the box back-end and front-end solutions, which can be branded to meet the needs of our clients and with full API support to develop completely custom applications using our infrastructure. We have re-architected our entire system to create a platform which can be used to launch several branded solutions with different issuers and processors to launch various bank and prepaid programmes.”

The Bank-in-a-box solution partners with a number of well-known and respected service providers and can easily plug in new partners such as PSPs, card issuers, card processors. The Bank-in-a-box solution is currently powering the Muchbetter.com wallet, which is operating a MasterCard program using Wirecard as issuer, GPS as processor and Digiseq for wearables provisioning. The solution also comes with a back-office and fraud management system.

About MIR
MuchBetter is operated by MIR Limited UK Ltd. MIR Limited UK Ltd is licensed and regulated by the UK Financial Conduct Authority (FCA) as electronic money institution with License No.: 900704.
The Prepaid Mastercard and the wearables are issued by Wirecard Card Solutions Ltd pursuant to a licence by Mastercard International Inc. Mastercard and the Mastercard Brand Mark are registered trademarks of Mastercard International Inc.

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