VISION: Paymency gives everyone equal access, at
low costs, to hold money, pay merchants, and manage
finances. Paymency is a transforming
iteration of the pure-play Internet banking model built on a
proprietary payment network and the DFIN platform. The
Paymency vision is for its DFIN platform to become for
financial services and banking what Amazon is in the
non-financial world. NOTE 1
We democratize, “banking”, payments, financial services and
digital currency. 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.
SUCCESSFULLY CHANGED BANKING HISTORY:
Paymency's CEO (Gary Lewis Evans), has been a successful
bank executive pioneering the design and focused on the
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 and 1 of 20 founding
investors 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. Evans
left BofI in 2010. After a short stint as CEO of a bank with
a large card business, he has been working full time on the
Paymency model. Paymency started with a digital currency
focus. This evolved over the 5 year build that included,
payments, network design, legal, regulatory compliance and
staff work flow.
NO BANKING LICENSE:
Our CEO is an approvable bank CEO, However, as a regulated
bank, we would be prohibited from changing the core elements
of banking and payments as needed. Paymency and related
companies will not form an Internet, FinTech or traditional
bank. It would be problematic if not prohibited for a bank
to offer many of the financial products we will make
available directly or through our DFIN platform
participants.
DESIGNED TO DEMOCRATIZE
FINANCE: A large and growing base of consumers need
help or want a fresh banking/payment experience. The
evidence shows that banks can’t meet all needs for about 50%
of the banking public including about 9 million unbanked.
Washington wants this to change. Until everyone is served,
banks are at risk for government mandated service similar to
the Community Reinvestment Act or worse, something like
Operation Choke Point. The recent CFPB arbitration rules
will only expand the underserved population.
Banks
are under cost pressures that will add to their inability to
serve all. As an example, Chase Bank reports that they lose
money on 70% of customers. This is not sustainable and bank
fees will increase. The Paymency Alt-Banking and payment
products will serve everyone including the customers banks
don’t serve, or can’t profitably serve. We will replace
banking and payment products that are too expensive and will
meet the needs of 100+ million that are open to a new
banking experience.
DFIN, THE LOW COST
ALTERNATIVE: Paymency’s DFIN platform harnesses
technology to upend traditional delivery systems giving
banks, financial App developers and all financial services,
greater access to customers and products. The platform
design will drive transaction costs to unprecedented low
levels. In time, consumers will come directly to DFIN for
banking and financial products on our platform.
A PRODUCT RICH PLATFORM: DFIN.com will be
open for the purchase, sale or gifting of all financial
products, financial services, financial Apps and financial
education including RegTech (regulation). DFIN platform
product offerings are too numerous to list. Our API driven
platform and financial App store focus is everything
“finance” from products to education.
WHO
WILL BE OUR COMPETITION? : Others join us in seeing
the futility of a single bank building a product rich
platform to compete with our platform model. DFIN is an
open-architecture, multi-sided market (platform) to foster
innovation and facilitate financial product and service
offerings in one integrated national marketplace. They also
recognize the potential for a large technology company
creating a financial platform becoming the gatekeeper for
banks on the platform. NOTE 3
We are bank friendly and welcome bank involvement as a
participant or investor in our FinTech focused business.
Banks have pooled resources in the past to transition the
industry in a new direction i.e.: Star ATM Network,
MasterCharge and FHLMC were formed and capitalized by banks.
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 we created is
an opportunity whose time has come and is a better
alternative to bitcoin for everyday use especially in the
low income community.
IF AFRICA HAS MOBILE
PAYMENTS FOR THE UNBANKED, WHY NOT THE USA?
Paymency has one product for the unbanked, and we start by
capturing the $1.4+ trillion cash payment market. GroovyPay
1.0 is a text based mobile payment network (like Kenya’s
MPesa). The 1.0 text design allows us to serve cash and
reach everyone that wants to participate. GroovyPay payment
network will lead in low cost merchant payments that will
include loyalty rewards to increase merchant sales and
profitability. Future versions of GroovyPay, digital
currency and products in the financial App store will
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 products, the SaaS dashboard is the path to
products, API navigator and host to the financial App store.
The Dashboard will also provide access to all
transaction history.
FINANCIAL SUPERMARKET &
REGULATION: In the 70s, the concept of Financial
Supermarkets was top of mind for many bankers but it proved
to be elusive. The time is right for the DFIN financial
supermarket and like a supermarket, only a few products
offered on the platform will be proprietary.
Sears was
close to launching a “Financial Supermarket” with banking,
stock brokerage, insurance and a payment network that were
all owned by Sears. They would benefit by having a physical
locations in every Sears store. The President of Sears Bank
and Discover Card at that time is an advisor to Paymency.
Fed Chairman Paul Volker rejected the plan. Sears stopped
the venture and spun off the companies. Today’s technology
plus the Paymency design is a digital full-fledged financial
supermarket. Paymency’s willingness to host and promote
other companies on DFIN will succeed just as Sears would
have in the 80s. We don't have bank regulators to stop us.
The CFPB is our regulator and we designed our platform
specifically for their support. The last surviving attempt
of a financial supermarket closed in 2009. NOTE 2
CONSUMER FINTECH IS A HIGH PRIORITY WITH
CONSUMER WATCHDOGS: Many have failed in consumer
FinTech just as most failed in Internet banking. Consumer
finance and banking is full of regulatory traps that are
unexpected or misunderstood. When building BofI in the late
90s competitors included Peter Thiel’s Confinity (PayPal)
and Elon Musk's x.com. BofI management was envious of
PayPal's lack of regulation and couldn't understand how
x.com could make money. BofI was asked to bid on the sale of
x.com bank. We chose not to bid and suggested that they just
return the deposit money to customers and shut it down. The
deposits were returned, x.com was closed and merged with a
refocused PayPal. Paymency and our DFIN, Amazon like
platform model is more aligned to unregulated PayPal than a
bank. Evans sees this platform model as more exciting and a
bigger opportunity than when he Pioneered Internet banking
in 1994.
A HISTORY OF SUCCESS AND SOUND RISK
MANAGEMENT IN A HIGHLY REGULATED INDUSTRY: Gary
Lewis Evans' is not a follower and his successful experience
in designing new banking delivery systems, products,
technology and process is our secret sauce. 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 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. In addition to helping banks
advance to a digital (Virtual) bank strategy, he is
determined to benefit America’s unbanked, the $1.4+ Trillion
cash payment market, Millennials, Gen Z, and the millions of
non-tech-savvy consumers who also want easy access to
low-cost but high-quality banking, payments, and financial
services.
APPENDIX, NOTES and DEFINITIONS
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