Bank Account/Wallet/WPS
Bank Accounts/Wallet/WPS is/are account(s) which the customer will onboard himself digitally, get (e)KYC done, check balance, send money to other accounts via P2P or as a remittance to other countries, view all transactions.
We intend to provide one account in the home country of the customer and one in the work country in GCC primarily.
Question is: What's the difference between a wallet, a bank account and a WPS account?
All three are a wallet account/ledger where credit and debit transactions take place. Based on availability and regulatory things we shall integrate and name accordingly. For eg: WPS in UAE is a Salary account/wallet while in India same is done on a bank account. Underlying principles remain the same like balance check, credit, debit transactions.
Below are the generic parts for the same:
- Digital Onboarding Customer taps on “Create a bank account”. He is shown countries to select. He selects India as his home country. He is shown a KYC form whose fields will be dynamically generated as per country rules we specify in the backend admin. He fills all the fields and next he is shown camera front wherein Liveness check is done and he submits all required details.
- KYC Check Now all this information is passed to our KYC and Identity check partners in different countries and if successful, passed on to the bank partner for final check all digitally via API and SDK integrations.
- Account The banking/wallet partner approves KYC details and creates an account. Customer on the app gets notified about activation of the account and can see his balance, transactions etc.
Technical Remarks
| Description | Remarks |
|---|---|
| Digital Onboarding | Based upon the country a dynamic steps, form and fields module needs to be developed which can be controlled from an admin panel. These will be shown to the customer to fill accordingly. |
| (e)KYC | A backend module(kyc middleware) connected to one or multiple third party SDKs and APIs needs to be developed which will validate above step details based upon country. Ideally a single identity provider across all geographies is preferred to reduce integration costs but if certain geographies don’t support an already existing solution, need to integrate supported SDKs/APIs to this kyc middleware. |
| Account | A backend module for wallet/bank account to show balance, transactions which can be plugged with various bank APIs and can be reused. |