DFIN
 
   

DFIN

THE DFIN PRODUCT RICH PLATFORM: DFIN.com is the platform marketplace component of the new Paymency financial ecosystem. DFIN is an open-architecture, multi-sided market (platform) to foster innovation, and facilitate banking, financial product and service offerings in one integrated national marketplace. Our design features and product offerings will lead to DFIN becoming the most visited financial site on the Internet. In short, this DFIN platform will become for financial services and banking what Amazon is in the non-financial world. NOTE 1  DFIN will be open for the purchase, sale or gifting of all financial products, financial services, financial Apps and financial education including RegTech to help our financial participants. 

PAYMENCY DASHBOARD ON DFIN: 
Paymency is the parent company and common dashboard for all participants on this DFIN platform (consumer and business). In addition to controlling the movement of funds between products, the SaaS dashboard is the path to products, API navigator and host for the financial App store. The Dashboard will also provide access to all transaction history and balances.

NO BANKING LICENSE: 
It would be problematic if not prohibited for a bank to offer many of the financial products we will make available through our DFIN platform participants. We are better able to provide consumers with better access to all financial products including banking and banking like products without a banking license.

DFIN, THE LOW COST ALTERNATIVE: 
Paymency’s DFIN platform harnesses technology to upend traditional delivery systems. The platform design will drive transaction costs and new customer acquisition costs to unprecedented low levels.

DFIN, THE PLATFORM FINANCIAL SUPERMARKET: 
In the 1970’s, the concept of a Financial Supermarket was top of mind for many bankers but it proved to be elusive. The time is right for the DFIN platform to function like a financial supermarket as imagined in the 1970’s. Like a supermarket, only a few products offered on the DFIN platform will be proprietary compared to thousands of products offered by others. 

Sears was close to launching a “Financial Supermarket” with banking, stock brokerage, insurance and a payment network (Discover) that were all owned by Sears. Each business, including the Sears bank, would benefit by having a physical locations in every Sears store. Fed Chairman Paul Volker rejected the plan.

The DFIN design is a digital financial supermarket. Paymency’s willingness to host and promote other companies on DFIN will succeed just as Sears would have in the 1980’s. Unlike Sears, we don't have bank regulators to stop us. The last surviving attempt of a financial supermarket closed in 2009. NOTE 2  

WILL BANKS BE OUR COMPETITION?: 
Others join us in seeing the futility of a bank building an API product rich platform with competitors’ products to compete with our platform model. They also see the risk of a large technology company like Amazon or Google creating a financial platform like DFIN and becoming the gatekeeper for banks on the platform. NOTE 3 We are bank friendly and welcome bank involvement as a participant and or investor in our FinTech focused business.

BUILDING THE PLATFORM CUSTOMER BASE: 
We start building our DFIN customer base with GroovyPay mobile payment network just as Amazon did with book sales. Payments and banking are very inefficient and vulnerable to disruption. The digital currency component we created is an opportunity whose time has come. Our digital currency doesn’t fluctuate in value like Bitcoin. The stable value of our digital currency is a better alternative to bitcoin for everyday use, especially in the low income community. Unlike competitors, we know how to reach everyone including the unbanked.

SUCCESSFULLY CHANGED BANKING HISTORY: 
Paymency's CEO, Gary Lewis Evans, 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 (BofI) as CEO at La Jolla Bank. Six years later he was founding CEO of Bank of Internet (BofI), 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. Now he is bringing FinTech and the open banking concept (API and Apps) to banks and financial services through the Paymency platform (DFIN). Evans knows banking and Internet finance and can help participants avoid errors with a skillset that only experience teaches.

 
APPENDIX, NOTES and  DEFINITIONS
 
 

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LinkedIn: Gary Lewis Evans

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LINK To BofI History

Digital Finance

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