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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