Rubies is powering and energising the FINTECH world
Rubies have distilled, simplified and codified banking capabilities/systems and made them available as APIs. The capabilities are backed by banking licence that it has and the Technology architecture with which the banking capabilities are made available. Banking services are being distributed in the Manufacturer-Reseller supply chain fashion.
Rubies have the core technologies (Core Banking systems, cards Systems etc) on top of which it built banking capabilities to power various products/services for various target markets: individuals, SMEs, businesses, financial institutions, groups/associations, schools, insurance companies etc. These capabilities and the core technologies are made available as granular APIs for the use of businesses and Fintech companies who can resell the banking products/services that these capabilities power.
The FINTECH company can resell they’re banking/financial products/services in native “layer-1” forms – lending, funds transfers, payments, wallets etc – or go creative by layering self-designed “layer-2” products that wrap the native “layer-1” services. By the latter, you would then imagine Rubies APIs as playing the roles similar to Google’s Location/GPS APIs on which UBER wraps her taxi services.
For businesses/corporates, their proprietary or off-the-shelf ERPs (internal Financial systems) can be linked to their bank accounts directly and therefore issue financial instructions directly rather than having to use the bank’s own applications etc.
Rubies FINTECH-as-a-service gives FINTECH access to its growing multidimensional database, proprietary algorithms and a wide range of middle-office services (AML systems, Anti-fraud systems etc), while they (fintechs) enrich it through their platforms activities. Google gives you access to its GPS database, your access/activities enrich the same database.
The benefits are tremendous. The FINTECH company is able to achieve time to market in hours, eliminate integration cost for a web of Payments ecosystems, get access to the banks’ ever-growing database and algorithms (e.g. a lending algorithm) and provide services that only banks would be able to offer while we take on the regulatory KYC responsibility. FINTECH business is now defined by the power and the limits of entrepreneurs imagination, never again by the limitations of a licence, regulation, technology, integration hurdles, availability of capital, skillsets, availability of human resources etc.
Where the FINTECH is unable to provide the platforms (Mobile app etc), Rubies takes a step further to white-label their platforms. FINTECH simply wraps her business strategy and delivers her proprietary layer-2 products/services, whilst Rubies takes on the KYC, AML and other regulatory responsibilities.
