Finding the right bank

Xpate sought to provide digital retailers with bank accounts as part of their solution. Although they already possessed a banking licence, they needed to find a bank that allowed them to issue an unlimited number of accounts and directly onboard merchants.

"We supported them with identifying banks that might be able to assist them," said Cronin.

Integrated Finance devised an account structure to facilitate integration. It consisted of a standard operational bank account and a liquidity bank account. Only funds from the liquidity account were directed to the merchants, and a critical payback logic was implemented to ensure the proper allocation of funds between the cash advance loan and merchant accounts.

Finding a new banking partner

Xpate determined that their first chosen bank didn't meet all of their criteria, but with the help of Integrated Finance, they were quickly able to find a replacement. The new bank offered a physical account solution, as opposed to the virtual from the original choice bank.

Whilst xpate needed to be able to issue all merchants their unique accounts, for operational control they needed to consolidate all funds in one central bank account under their control. This was seamlessly achieved with virtual bank accounts, while physical accounts presented a challenge: funds would stay in the account they were issued to and not move to the central account.

In no time, Integrated Finance was able to create an automated solution with the ability to decouple the full bank account ledger and handle the additional ledger movements required to accommodate the accounts set up, ensuring that all of xpate’s customers would be able to provide real-time account balances to their users.

“Despite a last-minute change in plans, Integrated Finance seamlessly facilitated our transition to a different bank, getting our solution up and running without delay.” Ruben Vosmeer, CTO at xpate.

Overcoming the final hurdle to launch xpate

A detailed investigation from xpate uncovered the opportunity to enhance the initially established account structure for a more tailored fit with their requirements. Leveraging the adaptability and flexibility of Integrated Finance's technology, prompt adjustments were implemented, guaranteeing xpate's punctual and smooth go-live.

With the revised account structure in place, xpate was able to launch on time; offering digital retailers instant access to ecommerce funds, international payment solutions, merchant cash advances, and merchant bank accounts.