OCTOBER - 202119wallets, debit or prepaid cards across the globe. The pay-in option enables Buckzy to collect payments in domestic currencies on behalf of clients in different countries in accordance with domestic payment rates and collection schemes and move them to customers' accounts in the currency of their locations.The recent addition to Buckzy's product portfolio is banking-as-a-service, which offers multicurrency bank accounts in 13 currencies like USD, CAD, GBP, Euro, Brazilian Real, Mexican Peso, and so on. "Banking-as-a-Service1 is a multi-tiered banking platform where we are able to offer banking services and bank accounts to our customers and our customers' customers," informs Naushad. Explaining further, he gives a scenario where a Singapore-based bank might set up a USD account on Buckzy's platform and simultaneously sets up USD accounts for their own customers. To enable such arrangements, Buckzy creates subaccounts for the bank's customers under the bank's multicurrency accounts that provide real-time visibility into balances and payment status. Additionally, Buckzy has also included wallet accounts on its platform that can accommodate 60 currencies.As a unique offering, Buckzy provides special administrative tools to financial institutions that enable them to not only gain real-time visibility into cross-border payment status through a dashboard providing KPIs and metrics, but also to lock-in forex rates on the platform. With the option to lock a certain exchange rate for a few days, Buckzy assists financial institutions in mitigating the effects of the volatility of forex rates. Paving the Way to Banking InnovationBuckzy's client onboarding process is streamlined by their compliance team that runs routine checks on them to ensure their prospective clients are compliant with both regional and international regulatory policies. Once the compliance team gives the green light, Buckzy enables the clients to integrate with their platform and build their own user experience (UX) for specific payment transfer use cases through over 150 APIs. Prior to going live, Buckzy allows clients to test out the integrations and provides the option to self-certify their apps. Once clients are satisfied with the test run results, Buckzy takes over the backend operations to push the UXs into production by deploying automated mechanisms. As an instance of enabling neobanks to serve their customers, Naushad recounts assisting an India-based neobank in providing multicurrency bank accounts and debit cards to students going out of India to study in the US, Canada, and so on. Now, students can pay their tuition fees and take care of their month-to-month expenses directly from their multicurrency bank accounts back in India by withdrawing money in USD or CAD ­ all within a matter of few minutes. This helps them save 30-40 percent of the costs in transferring money across borders through the traditional banking routes. In yet another successful application of Buckzy's solutions, a UK-based neobank catering to SMEs was able to deliver real-time cross-border payment transfer capabilities to their chiefly international clients by running multicurrency subaccounts on Buckzy's platform. This mitigated the time-consuming hassle of obtaining banking licenses to operate outside the UK and eased the burden of expenses in building and maintaining an in-house platform supporting subaccounts. Offering subaccounts in three currencies ­ USD, CAD, and GBP ­ Buckzy's platform helped the neobank massively scale its business.Fueled by such impressive success, Buckzy has onboarded more than 20 neobanks on its platform. Growing along with clients, Buckzy is experiencing tremendous revenue scale with high demand from several financial institutions across the globe. Currently in the midst of a planned expansion drive, the Toronto-headquartered firm is gearing up to extend its global footprint. It has established operations in US, UK, UAE, and India over the past year, and is eyeing markets in Singapore, Japan, Hong Kong, and Mainland China in Asia, and Brazil, New Mexico, Chile, Peru, and Guatemala in Latin America.Buckzy is preparing to launch direct-to-card money transfers and intends to augment its blockchain-powered embedded finance platform with AI and ML to help support its upcoming compliance product and customer service solution. "We will be adding a lot of components to our platform to make it a very modern next-generation solution that can support complex use cases," Naushad concludes. BCWe are a FinTech firm focused on enabling a real-time cross-border payment settlement network, integrated into next-generation embedded finance platform delivering a Banking-as-a-Service1. Banking payment services provided by Buckzy's banking partners in each of their local markets, as applicable.
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