How can cryptocurrency exchanges benefit from Citizen’s PayBlox platform?

Until recently, cryptocurrencies and open banking were terms known only to an optimistic and imaginative minority. Both concepts have now become mainstream in the world of financial services, and they are developing in tandem. There’s a natural synergy between crypto exchanges and the latest generation of agile fintechs, as they develop robust alternatives within the financial system.

What is open banking?

Open banking is an initiative that emerged from Europe’s PSD2 legislation, designed to ensure the free movement of consumer data between banks and authorised third-party providers, with the consumer’s consent. The initiative gives consumers more control over their data, allowing them to choose how they would like to share it.

Open banking has created an opportunity for innovative companies in the EU to improve money management for businesses and consumers alike. At Citizen, we incorporate open banking to modernise and streamline payments for both businesses and consumers.

Our Payblox platform incorporates a range of features that empower you to streamline your operations and delight your customers.

How does PayBlox improve the investor experience?

Immediate transfer of funds, 36x faster than manual card payments. Manual bank transfers take 3–5 days to be processed when an online bank transfer payment can take up to 2 hours. So you have a manual bank transfer where at best it will take 3 days to be processed, and a faster payment where, worst-case scenario, it could take up to 2 hours to be processed.

Instant bank transfers are more secure than card payments. When a card is not involved in the online payment journey, it means that no card details can be potentially exposed. When there is no sensitive information saved online, then there is nothing for a hacker to steal.

Frictionless, with multiple payment journeys. The process is very simple and includes two steps. The customer has to choose the bank they would like to make the payment from and then confirm the payment. When the process involves the manual register of card details it can lead to human error which in turn can lead to the individual dropping the payment.

Add an alternative method for your customers to deposit their funds. Giving your customers the flexibility to choose their preferred payment method, will reflect as you really have the customer at the heart of what you do and how you think. Multiple adaptable payment journeys are provided to fit the device and preferences of your customers with tested UX and elegant interfaces for a better experience.

In a few words… The customer gets a better experience as it combines a safe, simple and fast payment process with no friction, human error or delayed payment confirmations.

How can you use PayBlox to streamline your operational processes?

Receive immediate funds from verified accounts. Online bank transfers are quick and involve customer authentication using biometrics, which is inherently more secure. PayBlox incorporates customer-ready payment journeys, tailored to optimize your customers’ experience.

Verify customer identities easily and seamlessly via their bank app. Customer authentication is based on biometrics, which gives long term security by mitigating fraudulent activity. It will help you spot fraudulent activity and avoid chargebacks for stolen information from saved card details. The dashboard flags suspicious activity and gives you detailed transaction information. Robust cybersecurity will save you a lot of money for legal actions, protect your brand image and customer loyalty.

Our corporate accounts will help you manage your money, without holding your funds. Better money management will come as a consequence of keeping your money in a platform that is here to help you improve your financial wellbeing. The platform automates your payments reconciliation and helps you spot overheads. Better tracking of your fund flow, spot spending habits, manage payments and payouts, avoid overdraft fees and forecast and budget more effectively.

Integrating software with your business’s systems can be a massive headache. Weak coordination and communication along with a complex new software can take a long time to integrate two systems. However, PayBlox is a simple intuitive platform that can be easily integrated within one day, as it comes along with remote support and full documentation. Your staff will not have to waste time and effort to integrate it. Integrate PayBlox easily without set-up fees.

PayBlox: one powerful platform for payments

PayBlox is a modular fintech platform that gives you the technology for secure, instant payments and a better customer experience. PayBlox is easily and quickly integrated with your business — and your existing bank — and we provide you with fully tested end-to-end UX optimization to ensure you have a payment experience worthy of your brand.

You will not have to worry about chargebacks, authorisation fees or interchange-international payment fees for your payments. Citizen is providing competitive, volume-based pricing plans with low monthly minimums. The platform is particularly popular with SMEs and start-ups that are looking for flexible fees that suit their business and needs. Build your plan and choose which products of the platform you would like to use.

You can add Citizen as a payment option at checkout alongside your existing providers. We work with many brands, large and small, across the UK and Europe, and would love you to try it in your business.

Try it yourself here and for a full demo, you can contact us here.