July, despite the peak of the summer season, has been productive for the Bankera team, as it was a month of deadlines for major operations-related releases.
What has been done in July?
Bankera has launched a business loans product to offer short-term financing for small and medium enterprises, especially those shifting to digital space or already operating online. After the crypto-backed loans solution that was introduced last year, this is the second stage of building a loans portfolio.
On SpectroCoin side, we have launched a multi-entity module for onboarding clients in separate entities based on their jurisdiction. That will not only allow us to offer a better experience for our clients, but also to scale to other regulated markets.
However, most of the development has happened in the compliance side to ensure smooth and stable operation of our products – we have deployed an upgraded transaction monitoring module. While it is not something directly perceived by the end-users, it is a milestone for the team as it represents the joy of deploying a product of several months to the live environment, as well as a reduced need for manual work in compliance processes.
In addition to the technological developments, we have grown our AML team by five additional team members to cope with a bottleneck due to the increase in business account applications at Bankera. To find these team members in urgency, we have conducted a marketing campaign dedicated to AML specialists. The campaign proved to be a great success, as it not only found the most talented people but also brought awareness to Bankera.
What to expect in August?
August is going to be a significant month for our project. Firstly, we are going to release a new SpectroCoin landing page and design. Secondly, we are putting all crypto-related products (loans, exchange, wallet) under SpectroCoin brand. In contrast, Bankera’s brand, as planned initially, will focus on financial products with a particular focus on blockchain and other digital businesses.
This change will have a synergy effect for our marketing, as we will be able to position SpectroCoin as a brand for crypto services and Bankera as an alternative banking solution for digital businesses. It will also have positive synergy effects on our services, such as support for fiat currencies on SpectroCoin Exchange (currently Bankera Exchange).
In addition to the new design, dedicated international bank account numbers (IBANs) are coming back to SpectroCoin. IBAN is a unique feature that allows its users an opportunity to link crypto and fiat payments for both individual and business clients. IBAN account owners will be able to deposit and withdraw funds to and from their SpectroCoin account in their own name.
For Bankera, we will be continuing our work on major projects, such as payment cards and SEPA instant payments. At the same time, smaller features such as Bankera referral program and upgraded user profile is expected to be live in August.
On the operational side of SpectroCoin and Bankera products, we will be working on a re-verification solution to allow our clients to easily update their profiles when it is required by law. Next, we will start automating our AML risk-scoring procedures to significantly reduce the onboarding time.
Besides to the development works, a member of our team will participate in Mare Balticum Gaming Summit 2020 in Tallinn, Estonia to raise awareness about Bankera products for gaming industry professionals.