BancBox and Innovation

At BancBox, we often see an influx of interest in our core platform of services for a variety of different companies with payments needs. These companies are all looking for a variety of ways to move money in a secure and compliant manner with the best user experience possible. This user experience is an important part in the growing payments industry and the race to create the next consumer payment mechanism.

The intersection between the digital and physical world is the bridge many of these new interfaces are trying to build. People have less trust in their banks, and are looking for ease of convenience in moving funds in a variety of methods. The peer-to-peer payment network that capitalizes on both the interface and functionality will find a eager user base ready to move into the next generation of banking and payments.

BancBox is excited to play a part in helping companies build this bridge between the digital and physical world. As a leading technological and thought leader in the banking and payments space, BancBox will be looking to continue to lead and provide banking solutions as companies and individuals push the innovation.

Visit BancBox today to see how we might be able to help you.  

Collaborative Consumption and the Sharing Marketplace

Collaborative Consumption is a new phenomenon and movement that has spread rapidly across various marketplaces. Collaborative Consumption is defined as, "the rapid explosion in traditional sharing, bartering, lending, trading, renting, gifting, and swapping reinvented through network technologies on a scale and in ways never possible before." 

From Airbnb to RelayRides to TaskRabbit, the rapidly growing sharing marketplaces are creating disruption with their innovative business models. We at BancBox embrace the opportunity to work with other technological and business innovators such as these companies to help change the way people live.

BancBox has generated interest from several companies in this area and for good reason. Our APIs allow you to collect, store, and send funds all in a secure and compliant manner. Visit BancBox to see how we can help your business, or view the video below for more information on Collaborative Consumption.  

via http://collaborativeconsumption.com

Money Transmitter Compliance

MTL (Money Transmitter License) is a question few people know to ask and even fewer know when they need to be in compliance. Money Transmitters are any entity that engages in the business of issuing payments instruments. These payment instruments include: “a money order, traveler’s check, or an obligation for the transmission of money or monetary value of payment of money, or the purchase or the deposit of funds for the purchase of such money order, traveler’s check or electronic payment instrument.”

The need to be in compliance with MTL laws comes when any person engages in the business of receiving money for transmission within the United States or outside the United States. Many companies engage in this behavior yet still do not feel the need to find an MTL solution and instead operate illegally without one. Many times these companies are not even aware they are operating illegally and in violation of these money transmitter laws.

There are several institutions that do not require this license including federally insured banks, such as BancBox’s partner banks. This relationship allows BancBox to offer a comprehensive solution to companies requiring a solution and is another great value of using the BancBox platform. Contact us to learn about our MTL solution and what we can do to continue to deliver regulatory and compliant banking solutions.

Money 2020

BancBox is excited to be attending the Money2020 conference this week. We at BancBox enjoy the opportunity to meet with the top industry professionals in the financial services industry to discuss our payments platform, as well as the chance to see what other innovators are bringing to the space. 

BancBox is an innovative payment platform allowing you to collect, store, and send funds all via our powerful APIs. Our platform can:

1. Collect payments or integrate payment services to collect credit card payments, wire transfers, ACH debits and credits, checks, wires, moneygrams, and multi-party transactions.
2. Store funds and create e-wallets for mobile and web applications creating stored value accounts to safely store money. Each of these accounts is FDIC insured and includes full ledgering and reconciliation so you can see activity and balances at your discretion.
3. Send money using an extensive set of APIs to integrate and automate typical banking services to simplify how you send funds between accounts or to other services. You can dynamically send checks without logging into a bank, transmit money via ACH, send funds to e-bill pay services, connect to PayPal, or other transmission methods.

BancBox handles your payments process so you can focus on driving your business. Visit BancBox to see how we can help you today or e-mail us (contact@bancbox.com) to get more information. 

Technological and Thought Innovators

BancBox continues to be a forefront thought leader in the payments space, and recently has participated in several discussions to share the BancBox solution as well as the BancBox knowledge of the industry. Earlier this month, CEO Sanj Goyle spoke at The Mobile Payments War, a panel hosted by Orrick along with Stripe, WePay, and Braintree. Sanj was able to convey the BancBox vision and thoughts on the current industry, as well as how the BancBox solution is solving unique challenges companies face. BancBox had the most buzz worthy moment as well, as the news of branded debit cards created an excitement in the crowd as BancBox continues to push the technological innovation of payment solution providers. 

Following the panel, Sanj Goyle was also a part of the Consumer Financial Protection Bureau Innovation Roundtable last week and then spoke the next day at The Crowdfunding Investing Business Bootcamp about BancBox's ability to serve the crowdfunding industry as well as payment issues crowdfunding platforms need to consider. 

This week, BancBox will be attending The Crowdfunding Conference in San Francisco to further discuss our crowdfunding solution and thoughts on the upcoming crowdfunding boom. BancBox will also be at the American Fair Credit Council Conference in Chicago discussing debt relief and BancBox's ability to help debt relief platforms manage funds and payments for debt stressed individuals. 

One of those platforms is ReadyForZero, a BancBox partner who announced today their new online payment ability. As TechCrunch wrote, "ReadyForZero Plus, will detect when you have new deposits in your bank account, and will then immediately advise you how to spend that money to more quickly pay off your loans, credit card bills, and more – before it burns a hole in your pocket." BancBox is excited to be partnering with ReadyForZero on a solution to help people deal with their debt during tough economic times. 

Today, and looking ahead to the future, BancBox plans on being not only the premier payment platform provider to non-financial institutions, but also a thought leader in the payments space. Visit BancBox to learn more about what we provide.