A neobank is a modern bank (often a FinTech start-up) that has redefined banking services through the use of innovative technologies. This distinguishes the neobank from established, traditional financial institutions by enabling exclusively digital banking without branches. Digital banks often start with a few banking products, which are usually marketed in service packages similar to those offered by a commercial bank. This basic offering typically expands and evolves very quickly, with offerings and features that can include savings, investments, loans, currencies, crypto-currencies, insurance and more.
Common challenges of Neobanks:
- Regulatory Challenges: getting a license, setting up risk and compliance policies, staying compliant with regulators
- Infrastructure challenges: building and maintaining infrastructures to provide a world-class digital journey for customers
- Operational challenges: Higher customer service expectations from digital bank’s customers due to the absence of branch banking.
- Existing staff resources across different departments cannot keep up with high volume and non-standardized tasks.
- No 24/7 team to support your customers.
- High operational costs on non-strategic tasks.
How Payreto Supports Neobanks
To be on a par with the market leaders quickly, you need a strategic partner who can help you catch up on work backlogs, optimise your operating costs and gain flexibility without investing too much in long-term commitments. Minimize your operational management efforts with us!
Respond to any customer in any country or time zone of your choice with 24/7 availability.
Manage KYC, KYB and resolve false positives in customer identification and boarding journey.
ISSUING CARDS PROCESSING
We support you with chargeback problems and prepare reports on your behalf.
AML COMPLIANCE AND TRANSACTION MONITORING
We help rule out PEP & Sanction List Screening hits and do transaction monitoring to help ensure your company is compliant to AML regulations.
Treasury Management and Accounting processes
We manage reporting for incoming deposits and payouts, performing Accounts Payable and Accounts receivable work.
We are here to help
With Payreto’s help, you can add a skilled labor force including management capacity to your operations team easily within a short ramp-up time (i.e. 4-8 weeks). You can rely on us to structure your operations, establish a modern operations team with strategic tasks in-house and non-strategic or less strategic tasks (prone to automation midterm) off-shore. You can use our experienced team to transition/build-up the period till your ideal operations is established.
Payreto is easier to direct/to control than an in-house department. You can achieve cost transparency and control costs with us because we are flexible and can reduce operational expenses with the outsourced tasks.