Sandbox empowers banks, credit unions, and vendors to quickly/securely integrate new software with legacy banking systems

Sandbox Banking

(Note: Virtual currencies here represent any in-game currency, whether crypto or Runescape gold.) Video games have had a rocky journey. In 1982, we wanted to (🤔) due to the unknown psychological damage, rising truancy, a supposed increase in violent behavior, and because game parlors could become a nest for drug dealers. restrict young people from playing video games Then in 1983, we . thought gaming was dead But as the gaming industry restabilized, passionate gamers fueled interest in the virtual world and created a new sporting concept. Eventually, scholars started wondering just how virtual these virtual worlds were. Today, metaverse gaming and play-to-earn concepts are a continuation of this evolution. People and businesses are understanding that virtual worlds and finances are indeed worthy of their attention. In-Game Currency Once considered “fake” money, in-game currency is now understood to have real-life impacts and consequences. This has resulted in calls for , but also increasing interest on behalf of those offering commercial services, including providing in-game currency and goods as well as helping with account management. governments to regulate virtual economies We’ve realized that virtual economies (not just crypto) are increasingly influencing real economies. Think of when hyperinflation hit Venezuela and some residents managed to . farm Runescape gold to help avoid poverty Against this backdrop, financial services providers may be stepping into the gaming world to help players . manage their in-game assets In-Game Financial Services We’ve acknowledged the in real life, and we’ve also created games specifically to hone these skills. benefits of some games on developing financial management skills But this has mostly been a one-way street. It comes from a mindset that considers in-game life unimportant. As many gamers are aware, this isn’t entirely true. You invest hours and sometimes money; it becomes your hobby and potentially even a side gig or a career. And some financial services providers are getting the message. HSBC (the largest bank in Europe) established its land in , focusing its metaverse strategy on sports, esports, and gaming. It makes sense, as sports are part of HSBC’s brand. the Sandbox metaverse They see e-sports as a game-changer, and in April 2022 they to help players manage their assets in-game and in the physical world. Understanding the importance of in-game resource management, the partnership aimed to “produce content that will be focused on financial guidance inside MOBA games”. partnered with ONE esports So the focus isn’t just on crypto, it’s on , especially in professional settings. virtual assets in general But, we know that professional gamers aren’t the only ones pouring effort and money into their virtual lives. For one, there are regular gamers who also appreciate the need for strategic financial management, particularly during a time-limited match but also in the open world. Plus, other types of in-game assets also make up a player’s wealth and can tip the scales in battle. Following HSBC’s example, could we eventually see the rise of in-game account managers and financial planners? Seasoned players are already known to provide services that help lower-level players advance in the game. Perhaps such jobs will become more widespread. More respected. Outside of traditional gaming, we have an entire community focusing on the decentralized gaming metaverse. The number of financial services providers (TradFi and DeFi) making strides in the space is encouraging: - First Islamic bank to enter The Sandbox to provide services to younger generations. Warba Bank - DBS chose The Sandbox to build its BetterWorld experience, focusing on sustainability. DBS Bank - Another Sandbox partnership to bring banking services to residents and promote investment opportunities Hana Bank JP Morgan Chase - Leading the way on blockchain and cryptocurrencies, JP opened a lounge in Decentraland. - New player offering the first mortgages on virtual land assets. TerraZero - New player planning to offer safe P2P trading of in-game assets for fiat money. Zelf Web3 Bank The presence of both TradFi and DeFi will add a special flavor to metaverse platforms. Aside from potentially offering crypto services, traditional finance institutions bring centuries of experience and best practices to the landscape, which I believe makes for a vibrant financial system (if they embrace the metaverse mindset). Aside from regular financial management and new services, the immersive nature of the metaverse might bring new forms of banking; new ways to represent our financial assets. But this topic deserves a separate blog post. In Conclusion It was a rocky road. Many are finally able to see the true nature of gaming, the impact gaming economies have on the physical world, and the significance of financial management concepts in the virtual world. It will be interesting to see how much these two worlds will interact. Financial services providers and FinTechs can provide financial guidance where it matters to professionals, but non-professional veteran gamers might also have some interesting business opportunities on the  horizon. Further reading: Market Interventions in a Large-Scale Virtual Economy Measuring Inflation within Virtual Economies using Deep Reinforcement

Financial Services for Gamers: A Rising Paradigm?

Introduction is a great way to earn money from your iPhone, iPad, iPod touch or Mac app. You can detect if some app offers by going to the app page, and see if it has “Offers In-App Purchases” or “In-App Purchases” near the Price, Buy, or Get button. IAP is mostly used to unlock some extra content in your app that you want to monetize from. Like it or not, Apple charges 30% of each successful transaction that your app will make. In-app purchase (IAP) IAP Examples of IAP: In a photography app you can buy extra effects for x.xx$; Open the Medium app and you can see a "Become a member" button under Settings, which offers a monthly subscription with lots of premium content; iOS Buy coins or other virtual currency in a game, so you can progress faster. The 4 types of IAP: - the user needs to buy these items every time he wants them. Examples of consumable purchases are buying game currency, hints, health etc. Consumable - once you buy this, you will have it forever. This is a one time purchase, and you can also transfer it between devices connected with the same AppleID. Examples are: upgrading an app to pro version, removing ads, city guide maps etc. Non-Consumable - using the app content for a fixed period of time, and you can buy it again after it ends. For example, a sports season. Non-renewing subscriptions - you can subscribe to the content or the services that the app is offering for a specific period. It will automatically renew when the period has passed. Examples, newspaper subscriptions, Netflix, games, etc. Auto-renewing subscriptions With this tutorial, you will learn everything that you need to know about In-App Purchases. I will try to be as much detailed as possible, and will break down this tutorial to multiple steps for better understanding: iTunes Connect Setup The Code Using the Code Testing 1. iTunes Connect Setup Enter your bank account details The most important part to get the IAP work is to enter your bank information. That can be done by going to the section in . If you don't have this setup, you can't use the IAP services. Should look something like this below… Agreements, Tax, and Banking iTunes Connect Create a Sandbox User Then we need to create a . To create this kind of user navigate to and choose the section. Remember to use an email that isn't associated with any Apple ID. You will need the Sandbox User to create test payments, otherwise, you can't test them. Sandbox User Users and Roles Sandbox Testers Create an iTunes App Go to the section and create an app. Or, use an existing app if you already have one. To create an app you will have to create an App ID from your . My Apps Developer account Create the IAP products Click on your iTunes app and navigate to the section. There you can create a new IAP product. Click on the + icon and pick one of the 4 types that I have explained you above. Then enter the required metadata related to that IAP. Pay attention to the , as you will need that identifier in your app to call the desired IAP. Here is how it should look like. Features Product ID Here are some examples of IAP's that I have created. The warnings are completely normal. We are done with the iTunes Connect setup. If you are clear, then let's proceed to the next step where I will explain you the code. 2. The Code Keep the code in a separate class. I have named mine but feel free to change the name if you don't like it. In this class, we will store everything related to In-App Purchases. For a better understanding, I will attach the whole GIST file and will explain each function in the file… IAPHandler, Variables The first thing that you need to do is to create variables from your IAP product ID's (in my case CONSUMABLE_PURCHASE_PRODUCT_ID and NON_CONSUMABLE_PURCHASE_PRODUCT_ID). Also, we will create variables for handling the IAP request and an array that will store all the available IAP products. Class functions — returns a boolean value whether the device is able to make purchases or not. canMakePurchases() —use this function for initiating a purchase. This function will raise the payment dialog. Send to get the correct IAP product from the iapProducts array. purchaseMyProduct(index: Int) index — function for restoring the IAP. Used if the user changes a device, and he already owns a non-consumable IAP in your app. restorePurchase() — Create a collection of product ID's that you want to use, by adding all of them into an object. Remember to set the delegate method, so you can get the SKProduct results back. fetchAvailableProducts() NSSet Delegate Methods — returns all the available In-App Purchases and populates the iapProducts array. Triggered after calling the function. productsRequest (_ request:SKProductsRequest, didReceive response:SKProductsResponse) fetchAvailableProducts() — handles a situation where a user successfully restores an IAP. paymentQueueRestoreCompletedTransactionsFinished(_ queue: SKPaymentQueue) — this delegate method is triggered after calling the purchaseMyProduct(index: Int) function**.** In this callback, you will get everything related to the IAP transaction ( like if an item has been purchased or it failed). paymentQueue(_ queue: SKPaymentQueue, updatedTransactions transactions: [SKPaymentTransaction]) Callback handler As a bonus, I have added the callback handling enum. Create a closure which returns various IAP transaction statuses for more clearer code. To make it even better, I have created an enum type called IAPHandlerAlertType, which will return a message for the suitable case. purchaseStatusBlock(), Scroll below the GIST file to discover how to use this class. 3. Using the Code Go to your UIViewController and then in your in viewDidLoad() function, fetch the products and also add the closure where you will get the response of the transaction that the user has made. IAPHandler.shared.fetchAvailableProducts() IAPHandler.shared.purchaseStatusBlock = {[weak self] (type) in            guard let strongSelf = self else{ return }            if type == .purchased {                let alertView = UIAlertController(title: "", message: type.message(), preferredStyle: .alert)                let action = UIAlertAction(title: "OK", style: .default, handler: { (alert) in                                    })                alertView.addAction(action)                strongSelf.present(alertView, animated: true, completion: nil)            }        } Then create an action where you will initialize the transaction window. The below example will get the first product from the iapProducts array. @IBAction func consumable(btn: UIButton){    IAPHandler.shared.purchaseMyProduct(index: 0)} 4. Testing Sign In with your Sandbox User on your iOS device, navigate to your app and click the action to initiate the transaction. Don't worry about the price on the transaction window. Since you are using a Sandbox User, nothing will be charged from your account. NOTE: You can't test In-App Purchases on iOS Simulator. Please use a real device. That’s it from this tutorial and if it helped you please 👏 or share this story so others like you can find it. Thank you for your attention! 🚀 Check out my latest project: _This app is only available on the App Store for iOS devices. Increase your profits by following our professional BET…_apple.co ‎VIP Sports Bet Tips & Scores on the App Store Read more of my writing on Medium: _Forget MVC, now!_hackernoon.com Introducing Clean Swift Architecture (VIP) _Many iOS apps use Google Maps. This is a very common feature, so I have decided to prepare an ultimate guide on the…_medium.freecodecamp.org Your ultimate guide to the Google Maps SDK on iOS, using Swift 4 _Custom UIView with XIB file is a very common practice in iOS Development. Custom UIView classes don’t contain XIB files…_medium.com SWIFT — Custom UIView with XIB file _A Swift tutorial that will make your app available in Spotlight search_hackernoon.com How to add Spotlight support to your iOS app _Understanding One-to-One and One-To-Many relationships_hackernoon.com Core Data Relationships _All you need to know about Auto Layout_hackernoon.com Understanding Auto Layout in Xcode 9 Subscribe to my Newsletter:

[SWIFT] How to add In-App Purchases in your iOS app

103 Stories To Learn About Banking

Decentralized finance (DeFi) is currently disrupting the finance world with many decentralized applications (dApps) and tokens springing up to offer various kinds of financial services to people directly. This wasn’t always the case though. Not so long ago centralized financial institutions like banks, insurances companies, stock brokers etc., were the established means of accessing financial services. Now blockchain technology has changed everything. Inspired by the need to create transparency and democracy in the finance world (i.e., by eliminating middle men), decentralization has ushered in the age of crypto banking. This is the process whereby people can carry out bank transactions using crypto coins and decentralized applications. Through this method people can buy, sell, save, exchange or invest in crypto assets just like they used to transact with traditional financial assets. Initially, crypto banking or DeFi was well separated from traditional banking, also known as centralized finance (CeFi). This was because of practicality issues which limited certain transaction features like using bank cards, ATMs, saving, lending and borrowing etc. to traditional CeFi institutions with physical presence while early DeFi institutions focused on crypto generation, transfer and exchange. Some of these early DeFi applications include Bitcoin, Ethereum Network, Bitcoin Market etc. Hence, crypto banking was mostly limited to decentralized applications which offered services that were easily distinguishable from what could be obtained from traditional banks. As blockchain technology has continued to progress however, more and more financial services are now supported on decentralized platforms making such platforms more like CeDeFi (Centralized Decentralized Finance) applications than just DeFi applications. We now have services like decentralized exchange on apps like Uniswap, Pancakeswap, etc., crypto saving through stable coins, yield farming, and Lending-Borrowing services on applications like CoinRabbit, YouHolder, CoinLoan etc. Several decentralized platforms like CoinBase, Binace, MetaMask etc., even offer all these services in one application. However, a more recent concept is the introduction of platforms that primarily focus on integrating decentralized banking and traditional baking. This trend is noteworthy because it fundamentally switches the focus of crypto banking from just DeFi to more of CeDeFi. Examples of banks promoting this trend include both traditional banks like , and decentralized banks like and which were primarily released with such focus. JP Morgan and HSBC Current AgoraBank Crypto Banking as DeFi Decentralized finance is the foundation of crypto banking and the vast majority of decentralized applications available can be said to focus on DeFi services. DeFi services can be reasonably differentiated from traditional finance services like lending-borrowing, bank card usage etc. Some common DeFi applications are highlighted below. Blockchain networks like Bitcoin, Ethereum, Binance etc. which acts as the foundational software infrastructure for the creation of other cryptocurrencies, and decentralized applications used in carrying out DeFi transactions. Web 3 wallets like TrustWallet, WalletConnect etc. which are used in the generation of and handling of crypto wallet accounts for storing, sending and receiving cryptocurrency. Web 3 wallets focus on enabling individuals to have and manage an account on the blockchain network. Cross chain bridges like Binance bridge, Celer cBridge, Umbria Narni Bridge, Wormhole etc. which allow individual blockchains to relate with one another to facilitate wider reach of crypto transactions. Initially, individual blockchains were isolated in their functioning. Cross chain bridges were developed to facilitate communication between these isolated blockchains and enable the transfer of crypto assets from one blockchain to the other. Recently, technologies like polkadot have been created which allow new blockchains to be created with an inbuilt ability to connect to other blockchains. This list is not exhaustive as other DeFi focused crypto technologies can be identified. However, these are the primary ones and the focus here is to highlight the transition from these technologies. DeFi focused Crypto Banking has major advantages but in order to present customers with other useful banking services obtained on traditional banks, CeDeFi Crypto banking platforms began to emerge. Crypto Banking as CeDeFi The concept of CeDeFi emerged as people on both sides of the finance system (i.e., CeFi and DeFi) began to realize that while these individual systems had great strengths on their own, they were also quite limited when standing alone. For example, traditional banking has legitimacy, physicality and diverse services but is too centralized. Decentralized banking on the other hand is innovative, democratized and people focused but the rather new DeFi platforms are not as well known or dependable as the more established decentralized finance institutions. Also, even though DeFi platforms keep diversifying they still lack certain financial services easily offered by centralized finance institutions. Hence, it became apparent that combining these two methods of offering financial services would have great potential which will place any institution with such capability in a unique position to benefit from both worlds. This has resulted in the emergence of banking institutions which focus on offering both traditional banking services and decentralized banking services. This integration of decentralized banking and traditional banking is occurring in two ways which are highlighted below. 1.      Traditional banks extend their services to the decentralized world. Some existing traditional banks have realized the great potentials of decentralized finance and are looking for different ways to integrate their services with the DeFi world to benefit from such disruptive technology. One popular way that this has been accomplished is the establishing of ‘branches’ in the metaverse by this existing banks. For example, JP Morgan and HSBC have partnered with The SandBox metaverse to establish themselves there while Quontic Bank has in the Decentraland metaverse. established itself This trend may likely continue as more traditional finance institutions try to benefit from the decentralized finance revolution. 2.      Decentralized banks offer decentralized and traditional services. A number of decentralized banks have also discovered the potentials of extending their capabilities to provide customers with both the services that are typically available on decentralized banks and those that are obtainable on traditional banks. Hence, they have begun to market themselves as decentralized banks with traditional banking services. Two examples of such banks are AgoraBank and Current bank. These two are decentralized banks but also offer traditional services like bank card usage, saving with interest, lending and borrowing etc. AgoraBank is an already functional example of these recent decentralized CeDeFi banks so we further explore their operations through AgoraBank. The Agora Project AgoraBank is a decentralized bank developed by a team of well experienced finance professionals to make decentralized and traditional banking services readily available to people without the need of middlemen. On agorabank.io the stated objectives of the bank are; Create a decentralized bank that belongs to its users. Utilize blockchain technology to develop solutions that eliminate intermediaries. Obtain total transparency of financial transactions with maximum security. Leverage DeFi to create an ecosystem that places users at the center of everything we do. Redistribute revenues between AgoraBank and our users fairly and equitably. This exemplifies the focus of these decentralized banks that integrate the services of traditional institutions in their functioning. Conclusion Even though it is a recent technology, crypto banking is evolving very fast and is spreading into the traditional finance world. This is has resulted in the development of centralized and decentralized (CeDeFi) service platforms, a trend which could become the future of finance.

Crypto Banking: DeFi to CeDeFi?

Criptobanca: ¿DeFi a CeDeFi?

Crypto Banking : DeFi à CeDeFi ?

क्रिप्टो बैंकिंग: DeFi से CeDeFi?

クリプト バンキング: DeFi から CeDeFi へ?

Banco de criptografia: DeFi para CeDeFi?

Ngân hàng tiền điện tử: DeFi sang CeDeFi?

加密银行：从 DeFi 到 CeDeFi？

I’m not sure if this is how a blog should start- with a disclaimer right at the beginning. Here’s it- this blog could have a couple of hard pills to swallow for entrepreneurs & business owners. Even then, let me put forward this band of assurance that there will be light at the end of the tunnel- a ray of banking-API-sunshine. I know you wouldn’t be convinced yet; wondering what the blog title is all about even! “What are the various benefits of leveraging banking APIs? Can I do without it?” Sure. According to , 80% of companies make it past that first-year mark. In the 2nd year, only about two-thirds of all businesses with employees survive. The 5th year? Just half! And 30% by the 10-year mark. Entrepreneur Ergo, 7 out of 10 businesses fail within the first 10 years. Entrepreneur While most of us must have chanced upon the widely-spoken-about reasons for a company’s failure- like lack of marketing negligence, wrong hires, or even funding issues. Oh, not to forget the most important one- the product-market unfit that either pivots a company in the wrong direction or does so incredibly late that competition beats it out. Source: Failory While these are grave problems, there is another batch of reasons many founders may not even anticipate and/or even prepare for. Legal problems with compliance issues that are harsh, especially for fintech companies, Operational problems with resource underutilization & bandwidth stretching, Tech problems where your developers burn the midnight oil for all the wrong causes, and, Finance problems either due to lack of bandwidth or avoidable expenses in the form of resources and capital that burn your runway sooner than expected. Let’s dive deep and take two cases: fintech companies or any business adopting the wave of to generate more revenue with existing products & conquer new verticals. embedded finance So, What’s the Challenge? We’ve spoken to business owners who’ve waited and waited, for their products to launch after a financial integration to wrap up. The expenses that come with it aren’t good news either. Any company, be it a startup or an enterprise, that needs to collaborate with a legacy financial institution has several hurdles to overcome on the way. The APIs & documentation aren’t readily available, and to top it all off, the existing ones are filled with errors & loopholes. While you are trying to get this over with, be ready to swing back & forth like a pendulum between different departments for approvals, compliance checks, or even a simple discussion. Consequently, most founders either drop this midway or settle for mediocre solutions that add more problems than it solves. Even if you are resilient enough to go live, the headaches come in the form of broken flows, and never-ending iterations. What are Banking APIs? API or application programming interface helps two entities to transfer data seamlessly. Banking APIs enable any trusted 3rd party to avail the services provided by a banking institution or enable the same for another entity. Fintechs leverage a protocol known as API banking to incorporate various offerings and facilitate the same for their customers. For example, if you are looking for a convenient way to process your and manage your cash flow, API banking just might be the answer! B2B payments How Banking APIs Work Remember the Pay Later companies in the market like LazyPay, Bullet, and many more? That helps you get instant credit on all purchases against a specific limit based on your credit score? A fine example of service offered by a payments/fintech platform; or even Amazon Pay later – a financial service offered by a non-fintech company! These are just some of the many strides a business can make, thanks to API banking! buy now pay later : We can consider banking APIs in two ways. One is directly provided by traditional banking institutions, while the other, provided by a or BaaS provider, which is an intermediary between banks and a business. Note Banking as a Service Let’s understand how banking APIs can aid your company during the various stages of growth. Banking APIs For Different Growth Stages of Your Company Let’s trace a company’s lifecycle, right from its nascent stage, with the finest example of metamorphosis! Cocoon: In Stealth Let’s imagine that your company is starting off. There’s a lot to do, and lots to achieve. Therefore, you’d probably require: Seamless Payment Collections Should payments give your business a jumble? Not if you get it right with banking APIs. Create smooth payment workflows for your customers & partners. While you make money transfers easy, you also get the opportunity to diversify the methods; why limit to simple bank transfers when you can ride the wave of and QR code-backed payments? UPI Simplified Reconciliation with Business BaaS Use business banking as a service(BaaS) to perform operations such as facilitating account deposits, linking accounts & aggregating them, money transfers, fetching account statements, and analyzing the same! The manner in which your cash flow cycle gets simplified with business BaaS is quite underrated. Smooth User Onboarding Even if your business doesn’t reside in a fintech or banking domain with strict guidelines for background checks for users, __ __still forms an integral part of a business cycle. While starting, it would be easier to perform this verification. However, when you scale, the need for automation is undisputed. KYC We say, why not set up a real-time automated workflow with API banking? Run the documents a user submits, be it a PAN card or driving license, and verify it instantly. Furthermore, perform KYB verification for your business customers to stay in compliance with Anti-money Laundering & Terrorist Financing Laws! ( & TF). AML Real-Time Transaction Reconciliation The time, resources, and money that businesses waste on reconciling transactions is alarming. Therefore, let’s make sure that your business isn’t one of them. With API banking, you can employ to trace the source of every payment via your company. Make your ledgers up to date and the bookkeeping process efficient, in real-time! virtual accounts Sounds tedious? Looks exhausting? Truth be told, it is! A great API banking platform will help you connect with a bank partner to facilitate all of the above, without breaking a sweat, or your wallet! Butterfly: In Flight Now, let’s imagine the case where your company is earning revenue, helping more customers, and have a sturdy team to back you. If you have already solved the pain points we’ve mentioned in the cocoon stage, you are ahead, I mean way ahead, of most of the businesses out there. If not, no worries! It isn’t late either. Make use of banking APIs, and optimize your cash flow cycles. Turbocharge with Automation Furthermore, you can sit back to automate all those mundane tasks and pivot your team & resources for more important things. For example, automate the process of collections and disbursals, taking the rut out of it. Dip Toes into Embedded Finance Embedded finance helps your business to step into new vertical markets, without burning a lot of investment, and unlocking . Thus, once you have your roots firm in your target market, dip toes in new sectors, explore new verticals, and build new business models. One of the finest examples would be building your own BNPL product with banking APIs. new opportunities for revenue BNPL Working Issue Cards & Wallets If we say that cards can help you streamline spends and earn additional revenue in the process, how does that sound? With API banking, you can launch your cards program, issue to your customers, employees, partners, and enable them to make cash-free purchases. prepaid instruments In addition, you earn an interchange fee as income whenever a payment is made on these physical or ! virtual cards Streamline Credit If you are an or offering lending services as a core product, or as an extension by leveraging embedded finance, banking APIs will simplify the process. NBFC fintech lender Want to know the credit score of users before providing loans? Check! ✅ Want to disburse loans quickly for a great customer/partner experience? Check! ✅ Want to streamline & speed up the process of collections from users? Check! ✅ How can Decentro Empower Your Business? When our Founder & CEO, Rohit, was running his previous venture Mypoolin (that got acquired by Wibmo, & later PayU), he encountered repetitive hurdles related to banking integrations. Long waiting & compliance cycles, Incomplete documentation, No sandbox to test without business approvals, Lack of a single business POC within the bank to take the final call, … the list went on. That’s how Decentro was born- to help businesses resolve the challenge of long-drawn & exhausting banking API integrations. Let’s see how! Launch Products 10X faster Skip the pendulum play between various departments for approvals, compliance checks, and clarifications. We take care of all this so that your business can achieve faster go-to-market timelines and you can focus on what’s really important for your business. We’ve partnered with some of the notable banks & financial institutions in the country like ICICI Bank, Yes Bank, Kotak, Equitas, Equifax, and more. … and at 90% lesser overhead expenditure. Save costs, without compromising on your tech or product. Iterate your product based on market feedback, and reach product-market fit at an accelerated rate. Key Takeaway: Milliseconds Response Times & > 99.9% Uptime We understand that some businesses could suffer massive losses even for a short downtime. Therefore, we wanted to do our bit to build APIs that help your developers, just as much as it helps your business. With more than 99.9% uptime, our APIs bring you response times up to a few milliseconds to make any workflow you build efficiently. Help your developers with API solutions that aren’t cumbersome to work with; or which exhaust them to the point of burnout. Easy, clean documentation & support at standby whenever you need it. Key Takeaway: Multi-Bank Architecture in the Backend Unexpected downtimes, black swan events, or volume spikes? No worries! We’ve built a multi-bank architecture to handle any of these. If one service provider faces any glitch, we’ll re-route the operations so that your business can run uninterrupted, and there aren’t any adverse effects. Use tech to steer clear away from operational problems. Key Takeaway: 95% Faster Customer Onboarding Provide a smooth customer onboarding experience to your customers with our . Run comprehensive background checks on your customers/partners using any national documents, and onboard them in real-time. Oh, automate the process once and for all. KYC APIs Furthermore, you can directly share a KYC link to users via email, for even simpler verification. With our , keep fraud in check and prevent any cyberattack before it has the chance to strike your platform. CKYC APIs Don’t compromise on customer experience, especially at something like onboarding which creates the first impression. Keep compliances in check, and legal complications at bay, and set up robust security for your business. Key Takeaway: KYC Financial APIs Plug & Play, No More Delay Tap into various verticals using simple plug & play banking APIs. Be it business banking for accounts linking, aggregation, statement fetching, or simplifying payments, issuing your for any loyalty programs or benefits, optimizing workflows & launching your own custom BNPL product, with Decentro’s API banking platform. co-branded cards lending Make use of diverse modular products to meet any financial product requirement at a vantage point! Key Takeaway: Fintech lenders, , marketplaces, wealth managers, are some of the many verticals that resolve their financial woes with banking APIs. For example, streamlines credit processes, eliminates gig settlement delays, or enables instant automotive loans. gig economy payment service providers MoneyTap Workflexi KUWY Even after integrating, our platform takes care of all upcoming fixes & iterations without any breakage on the workflows.

How Banking APIs Can Help Businesses Launch Quickly

Banks in the are looking pretty stupid right about now. It’s very much a case of “you were so preoccupied with whether or not you could that you didn’t stop to think if you should.” #metaverse UK bank HSBC was the first provider to enter the virtual world The Sandbox, following in the footsteps of JPMorgan which set up shop in Decentraland. But judging from the screenshots below they’re all a hot mess with no real strategy behind them. HSBC said it wanted to “create innovative brand experiences for new and existing customers” but to do what exactly? Wander around a branded virtual stadium? KB Kookmin Bank is said to be developing a VR branch test, enabling its customers to access banking services in the metaverse and be used for education and training. The training I get, but banking services in the metaverse? Come on, I wrote about why the metaverse is becoming a very poor carbon copy of the real world built with digital bricks and mortar instead. If you really wanted to create something then partner with Hasbro and build an immersive Game Of Life — Banking Edition experience that leads would-be customers on a financial and educational journey about money (free idea, knock yourselves out) Make it fun. Don’t build a bloody bank branch with a poorly animated tiger and expect people to engage in it. JFC did we learn nothing from Second Life (please, please look at the Dell video I posted last week!) And on that note about history — here are a few headlines from the early 2000s. Bank Failure in Second Life Leads to Calls for Regulation Virtual Banking Banned in Second Life Suggestions that Second Life’s virtual banking industry faces collapse are raising eyebrows Entropia Universe gets a real-world banking license In fact, according to update ToS, Second Life pulled all virtual banking facilities offered and banned them entirely. Such was the state of virtual banking that became an unregulated scam fest. “The Second Life Terms of Service prohibit offering interest or any direct return on investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter.” Where there is a virtual economy there is the opportunity to bend the rules and with all its promise of decentralization and disintermediation offers the chance for ‘banks’ to enter and get away with quite a lot more than they would in the real world — especially where they use the cryptocurrencies native to the platforms. #web3 Even as far back as 2009 that stalwart virtual world called EVE Online had its own bank (of sorts!) An EVE Online player set up a fully-functional bank before going on to become the CEO and rob it, exchanging the funds for real-life currency. Given the game has an extremely strong virtual world goods and services economy that mirrors real-world economics, it was no surprise that some particularly apt spacefarers managed to put together a fully-functioning bank a few years back, complete with intricate interest repayment systems and (almost) airtight liquidity failsafe. The only issue was the bank’s in-game CEO, who had plans of his own - specifically, planned to embezzle over 200 billion ISK (EVE's in-game currency) and convert it into real-life Australian dollars. “Some ingenious players created a bank back in 2009 called the E-Bank, I was a customer of E-Bank myself, just to see how they were doing it. They basically created a vostro account system, kind of like what exists in the central bank of a country.” “They were issuing loans out of the common pool and paying interest as a result,” Pétursson says. “They had a board and it was extremely well done. It takes a lot of ingenuity both to have the idea and to execute it - but then the CEO of the bank made a run [for it]. So we’ve been here before, and we’re here once again. Will HSBC lend $SAND? Can you mortgage a plot of land in Decentraland by borrowing $MANA from JP Morgan? Will their lending interest rates be astronomical to offset crypto volatility? Right now there are no regulations governing banking in the metaverse and financial institutions would be well to heed and research what happened 15 years ago before falling for the slick consultancy pitches or the savvy who can pull the rug as they did in EVE. Also published . here

Banking in the Metaverse has been a Huge Disaster

HSBC, the second-largest banking and financial services provider in Europe, with assets of $3 Trillion, operations in over 70 countries and a network of over 5,100 branches, is the first multinational bank to enter the Metaverse — through a partnership with The Sandbox. The partnership between The Sandbox and HSBC will have HSBC acquire a plot of land, a virtual real estate in The Sandbox's virtual & Metaverse world, according to a tweet on The Sandbox's Twitter account & blog post which can both be found & . here here HSBC will be launching a "Sports Zone" on their virtual real estate plot, to be able to connect sports, esports & gaming enthusiasts together. Says The Sandbox. “The metaverse is how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality and extended reality. At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and for the communities we serve,” says Suresh Balaji, Chief Marketing Officer, Asia-Pacific, HSBC. “Through our partnership with The Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive and accessible,” continues Balaji. “We’re pleased to see large, trusted institutions such as HSBC join The Sandbox open metaverse and embrace the culture of Web3, connecting with users through entertainment, gaming and user-generated content,” says Sebastien Borget, COO and Co-founder of The Sandbox. “We believe this is the beginning of a broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem,” says  Borget. HSBC will be joining multiple existing partnerships that include: Adidas, Gucci, The Walking Dead, Snoop Dogg, Warner Music Group, Ubisoft, Atari, CryptoKitties, The Smurfs, Care Bears & more. As of March 16, 2022, HSBC's stock is up by 2.61%. And The Sandbox's cryptocurrency "SAND" is up by 10.39%.

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