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           DFIN
 
   

DFIN

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
 

paymencygroovypay




LinkedIn: Gary Lewis Evans

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LINK To BofI History

Digital Finance

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