Riga, Latvia–(Newsfile Corp. – December 20, 2022) – WhiteFlo launched Software for crypto payment processors that can enhance the service provision of any payment institution, neobank, and many more.
WhiteFlo has created a ready solution – crypto payment processing software that can be hosted on the servers of the payment institution. WhiteFlo is an alternative to developing crypto processing software from scratch, as it is hosted on-site. That means the payment institution has full access to the code, translating to various benefits from saving time on the development cycle to complete customisation and even removing the need to share revenues with companies offering a SaaS (Software-as-service) alternative.
WhiteFlo is backed by Axioma, a development company with more than ten years of experience creating fintech and blockchain solutions for a wide array of clients.
Based on WhiteFlo’s Software 4 Products Can be Launched
Based on the Software developed by WhiteFlo, there are four different products that various businesses can use.
1. Crypto Processing Software for PSPs and EMIs via API is a perfect fit for PSPs (Payment Services Providers), EMIs (Electronic Money Institutions) and Neobanks. These companies can offer their clients the ability to operate with crypto by adding cryptocurrency payment infrastructure.
2. Instant Crypto Exchange and Business Wallet Software: Allows end users to receive, store, and exchange crypto currency from one to another and fiat money.
3. Self-Hosted Software for Crypto Payment Service Providers: With the Software, customers’ merchants can accept cryptocurrency payments.
4. Fiat-to-Crypto Transactions Software: WhiteFlo allows end users to buy cryptocurrency instantly with Visa or MasterCard.
Why Crypto Payment Processing is Essential
Nowadays, more and more customers around the globe are looking for ways to pay with cryptocurrency.
According to the June 2022 PYMNTS report, one-fifth of surveyed consumers admitted to holding any cryptocurrency. It is a significant increase from a year earlier (16% in 2020 vs 23% in 2021).
WhiteFlo is aiming to prepare payment institutions with cryptocurrency payment infrastructure.
“In the past year, our team at Axioma was asked several times to develop Software for the Crypto Gateway companies. Similar requests in a short period indicated that the market needs a solution like WhiteFlo, so we decided to develop the new product and offer it to that specific market niche,” says Konstantin Rukin, founder of WhiteFlo.
Existing Solutions
Before WhiteFlo, there were two possible scenarios for a payment provider to add crypto processing to their product list. Either to develop Software from scratch or to buy the ready software-as-a-service (SaaS) solutions. Both of those paths have their own disadvantages.
WhiteFlo Dashboard
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8871/148562_43997d24d4d41a9e_001full.jpg
WhiteFlo vs Software Development from Scratch
When the Software is developed from scratch, it is a) expensive and b) time-consuming.
Hiring a development team or engaging current tech specialists in the project to develop cryptocurrency payment infrastructure software can be costly. Not only in direct investment but also the opportunity costs – the business never knows how long it will take time, iterations and how it will affect their other product offering.
WhiteFlo vs SaaS
While there are existing software-as-a-service solutions, there are several considerable advantages of purchasing self-hosted Software over SaaS solutions.
First of all, with SaaS, the user depends on the software owner. Crypto payment service providers are giving up control over their crypto products to a third party. Other implications follow, such as security, privacy and other issues.
Secondly, besides set-up fees, most SaaS also ask for recurring payments representing the revenue share of fiat-to-crypto transactions.
Third, as the business is not the software owner, it is impossible to make any customisations to it. All custom requests can be made only via the SaaS company if they agree to them.
Modern Solutions for Modern Financial Needs
The financial borders are washed out. Today, cryptocurrency exchanges seek to provide traditional financial tools as a one-stop-shop or “super-app”.
The biggest neobanks are seeing their customers sending money to the crypto exchanges and thus are adding crypto products to platforms. This is what the modern financial age is – retail or business consumers are looking for financial services providers with the most extensive toolbox to choose from.
To find out more about how businesses can add the cryptocurrency payments technical infrastructure, contact:
Marija Petersone
+371 2 60 59 133
partners@whiteflo.com
Riga, Latvia
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148562
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