Paymency is a
transformational iteration of the pure-play Internet banking
model. We have designed and created a new “Digital
Ecosystem” with digital currency, Cloud based payment
network, and Alt-Banking. The ecosystem includes a banking
and financial services “Platform” for the Twenty-First
Century. The Paymency vision is for DFIN ultimately to
become for financial services what Amazon is in the
non-financial world. SEE
NOTE 1 Just
as every major city has a financial district to maximize
market efficiency, DFIN.COM will do the same for the digital
economy as the "Digital Financial District." Paymency and
related companies will not seek a banking license. We could
not issue digital currency or operate a Financial Platform
(Financial Supermarket) as a bank. Paymency will offer
Alt-banking, digital currency and payment products directly
and through DFIN. Paymency will serve or help serve
everyone, including the unbanked.
DFIN
is an open-architecture, multi-sided market (platform), to
foster innovation, and facilitate financial product and
service offerings in one integrated national marketplace.
DFIN could be called a “financial supermarket” and like a
supermarket we will only offer a few of the thousands of
financial products. DFIN will be open for the purchase, sale
or gifting of all financial products, financial services,
financial Apps and financial education. This includes our
specialty of helping banks transition to nationwide digital
banking by creating a virtual branch. Banks can’t close all
branches on day 1. To help banks in the transition to
digital we offer a program to maximize small branch or
resort community’s branch profitability with a local digital
currency. We offer a unique program for cities as well that
will allow cities to ID and bank the unbanked.
In
England today, mobile digital only banks are called
challenger banks because they are in the forefront of
banking innovation. In the USA, Bank of Internet (BofI
NASDAQ) was a successful challenger bank in 1994 as a
virtual branch and then again in 2000 as a pure play
Internet bank. Paymency's CEO, Gary Lewis Evans founded BofI
and will again take the lead in moving banking to the next
level. This time he will include financial services and
financial product distribution.
RELEVANT EXPERIENCE: Paymency's CEO, has been a
successful bank executive pioneering the design and
implementation of fundamental technological changes in the
delivery of banking services since 1994, when he built an
Internet Virtual Branch as CEO for La Jolla Bank. Six years
later he founded Bank of Internet, today a highly profitable
~$9 billion commercial bank recognized for the quality of
its performance, consistency of returns to investors and
extremely competitive rates and terms. Evans left BofI and
has been working full time on the Paymency model, digital
currency, the network design, regulatory compliance and
process flow of Paymency for years.
DFIN PLATFORM: Paymency’s DFIN Network harness
technology to upend traditional delivery systems giving
banks greater access to more customers, and opening new
markets. Our Alt-Banking and payment products will serve the
customers banks can’t serve. The DFIN platform promotes
financial innovation expanding the menu of financial
products and services available to bank and non-bank
customers. The design drives transaction costs to
unprecedented low levels.
We will
start building the DFIN.COM platform with a text based
mobile payment network (like MPesa and without cards), known
as GroovyPay. The text requirement allows us to reach
everyone that wants to participate. Our GroovyPay payment
network will lead in low cost merchant payments with
included loyalty rewards, Future versions of GroovyPay and
products in the financial App store will be more
sophisticated and require a smart phone.
PAYMENCY DASHBOARD: Paymency is the common
dashboard for all participants on the DFIN platform. In
addition to controlling the movement of funds between
offerings, the dashboard is the path to products, API
navigator and host to the financial App store. The Dashboard
will also provide access to activity and transaction
history. DFIN Platform products are too numerous to list
because our API driven platform and financial App store
focus is everything “finance.” As an example, available
products will range from bank checking and insurance company
GICs to US savings bonds, P2P loans, home loans, discount
brokerage, budgeting or Tax Apps. It would be problematic if
not prohibited for banks to directly offer many of the
financial products we offer. We will insulate the banks
from regulators scrutiny and increase bank customer loyalty.
Our DFIN platform could be
described as a financial supermarket. In the 70s the concept
of “Financial Supermarkets” was top of mind for many bankers
but it proved to be elusive. Sears was close to creating a
“Financial Supermarket” with banking, stock brokerage,
insurance, payment network and physical locations in every
Sears’s store. Fed Chairman Paul Volker rejected the Sears
plan. Today’s technology and Paymency’s design and
willingness to host and promote other companies on DFIN will
succeed. The last Financial Supermarket closed in 2009. SEE
NOTE 2 Should
banks create what we are building? Others see the futility
of a single bank building a product rich platform to compete
with our platform model. We agree. They also recognize the
potential for a large technology company becoming the
gatekeeper for banks on a platform owned by a large
technology company.
NOTE 3
Do
banks want to rely on an Amazon? Our platform
solution is built from the perspective of bankers that have
successfully pushed the regulatory envelope building
Internet banks. We will welcome banks to participate and or
invest in our FinTech focused business and participate as an
active or passive owner or participant. An investment in
Paymency FinTech marketplace is comparable to buying an
office as an alternative to renting an office. Banks have
done this in the past i.e.: Star ATM Network, MasterCharge
and FHLMC were formed with bank investments.
WHAT THE CEO CONTRIBUTES: Evans is an Internet
banking pioneer that brings 40+ years successful banking
experience as a CEO, CCO, COO and CFO with a maniacal focus
on efficiency and low costs. Now he is bringing the open
banking concept (API and Apps) to banks through the Paymency
platform (DFIN). Paymency’s platform (DFIN.COM) will be
neutral, non-threatening and will have the lowest all-in
cost for product sales. He brings the Internet banking and
process design expertise and intensity of commitment to
Paymency and its programs. He knows banking and can help
banks and financial services in general avoid errors that
only experiences teaches. In addition to helping banks
advance to a digital (Virtual) bank, he is determined to
benefit America’s unbanked and cash-oriented population,
Millennials, and the millions of non-tech-savvy consumers -
young and not-so-young--who also want easy access to
low-cost but high-quality banking and financial
services. Visit Appendix for Definitions
APPENDIX and DEFINITIONS
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