;

    

           DFIN
 
   

DFIN

VISION: Paymency gives everyone equal access, at low costs, to hold money, pay merchants, and manage finances. Paymency is a transforming iteration of the pure-play Internet banking model built on a proprietary payment network and the DFIN platform. The Paymency vision is for its DFIN platform to become for financial services and banking what Amazon is in the non-financial world. NOTE 1  We democratize, “banking”, payments, financial services and digital currency. DFIN is an open-architecture, multi-sided market (platform) to foster innovation, and facilitate banking, financial product and service offerings in one integrated national marketplace.

Paymency

SUCCESSFULLY CHANGED BANKING HISTORY:
Paymency's CEO (Gary Lewis Evans), has been a successful bank executive pioneering the design and focused on the implementation of fundamental technological changes in the delivery of banking services since 1994, when he built an Internet Virtual Branch (BofI) as CEO at La Jolla Bank. Six years later he was founding CEO and 1 of 20 founding investors of Bank of Internet (BofI), today a highly profitable ~$9 billion commercial bank recognized for the quality of its performance, consistency of returns to investors and extremely competitive rates and terms. Evans left BofI in 2010. After a short stint as CEO of a bank with a large card business, he has been working full time on the Paymency model. Paymency started with a digital currency focus. This evolved over the 5 year build that included, payments, network design, legal, regulatory compliance and staff work flow.

NO BANKING LICENSE: Our CEO is an approvable bank CEO, However, as a regulated bank, we would be prohibited from changing the core elements of banking and payments as needed. Paymency and related companies will not form an Internet, FinTech or traditional bank. It would be problematic if not prohibited for a bank to offer many of the financial products we will make available directly or through our DFIN platform participants.

DESIGNED TO DEMOCRATIZE FINANCE: A large and growing base of consumers need help or want a fresh banking/payment experience. The evidence shows that banks can’t meet all needs for about 50% of the banking public including about 9 million unbanked. Washington wants this to change. Until everyone is served, banks are at risk for government mandated service similar to the Community Reinvestment Act or worse, something like Operation Choke Point. The recent CFPB arbitration rules will only expand the underserved population.

Banks are under cost pressures that will add to their inability to serve all. As an example, Chase Bank reports that they lose money on 70% of customers. This is not sustainable and bank fees will increase. The Paymency Alt-Banking and payment products will serve everyone including the customers banks don’t serve, or can’t profitably serve. We will replace banking and payment products that are too expensive and will meet the needs of 100+ million that are open to a new banking experience.

DFIN, THE LOW COST ALTERNATIVE: Paymency’s DFIN platform harnesses technology to upend traditional delivery systems giving banks, financial App developers and all financial services, greater access to customers and products. The platform design will drive transaction costs to unprecedented low levels. In time, consumers will come directly to DFIN for banking and financial products on our platform.

A PRODUCT RICH PLATFORM: DFIN.com will be open for the purchase, sale or gifting of all financial products, financial services, financial Apps and financial education including RegTech (regulation). DFIN platform product offerings are too numerous to list. Our API driven platform and financial App store focus is everything “finance” from products to education.

WHO WILL BE OUR COMPETITION? : Others join us in seeing the futility of a single bank building a product rich platform to compete with our platform model. DFIN is an open-architecture, multi-sided market (platform) to foster innovation and facilitate financial product and service offerings in one integrated national marketplace. They also recognize the potential for a large technology company creating a financial platform becoming the gatekeeper for banks on the platform. NOTE 3    We are bank friendly and welcome bank involvement as a participant or investor in our FinTech focused business. Banks have pooled resources in the past to transition the industry in a new direction i.e.: Star ATM Network, MasterCharge and FHLMC were formed and capitalized by banks.

BUILDING THE PLATFORM CUSTOMER BASE: We start building our DFIN customer base with GroovyPay mobile payment network just as Amazon did with book sales. Payments and banking are very inefficient and vulnerable to disruption. The digital currency we created is an opportunity whose time has come and is a better alternative to bitcoin for everyday use especially in the low income community.

IF AFRICA HAS MOBILE PAYMENTS FOR THE UNBANKED, WHY NOT THE USA? Paymency has one product for the unbanked, and we start by capturing the $1.4+ trillion cash payment market. GroovyPay 1.0 is a text based mobile payment network (like Kenya’s MPesa). The 1.0 text design allows us to serve cash and reach everyone that wants to participate. GroovyPay payment network will lead in low cost merchant payments that will include loyalty rewards to increase merchant sales and profitability. Future versions of GroovyPay, digital currency and products in the financial App store will require a smart phone.

PAYMENCY DASHBOARD: Paymency is the common dashboard for all participants on the DFIN platform. In addition to controlling the movement of funds between products, the SaaS dashboard is the path to products, API navigator and host to the financial App store. The Dashboard will also provide access to all
transaction history.

FINANCIAL SUPERMARKET & REGULATION: In the 70s, the concept of Financial Supermarkets was top of mind for many bankers but it proved to be elusive. The time is right for the DFIN financial
supermarket and like a supermarket, only a few products offered on the platform will be proprietary.
Sears was close to launching a “Financial Supermarket” with banking, stock brokerage, insurance and a payment network that were all owned by Sears. They would benefit by having a physical locations in every Sears store. The President of Sears Bank and Discover Card at that time is an advisor to Paymency. Fed Chairman Paul Volker rejected the plan. Sears stopped the venture and spun off the companies. Today’s technology plus the Paymency design is a digital full-fledged financial supermarket. Paymency’s willingness to host and promote other companies on DFIN will succeed just as Sears would have in the 80s. We don't have bank regulators to stop us. The CFPB is our regulator and we designed our platform specifically for their support. The last surviving attempt of a financial supermarket closed in 2009. NOTE 2

CONSUMER FINTECH IS A HIGH PRIORITY WITH CONSUMER WATCHDOGS: Many have failed in consumer FinTech just as most failed in Internet banking. Consumer finance and banking is full of regulatory traps that are unexpected or misunderstood. When building BofI in the late 90s competitors included Peter Thiel’s Confinity (PayPal) and Elon Musk's x.com. BofI management was envious of PayPal's lack of regulation and couldn't understand how x.com could make money. BofI was asked to bid on the sale of x.com bank. We chose not to bid and suggested that they just return the deposit money to customers and shut it down. The deposits were returned, x.com was closed and merged with a refocused PayPal. Paymency and our DFIN, Amazon like platform model is more aligned to unregulated PayPal than a bank. Evans sees this platform model as more exciting and a bigger opportunity than when he Pioneered Internet banking in 1994.

A HISTORY OF SUCCESS AND SOUND RISK MANAGEMENT IN A HIGHLY REGULATED INDUSTRY: Gary Lewis Evans' is not a follower and his successful experience in designing new banking delivery systems, products, technology and process is our secret sauce. Evans is an Internet banking pioneer that brings 40+ years successful banking experience as a CEO, CCO, COO and CFO with a maniacal focus on efficiency and low costs. Now he is bringing FinTech and the open banking concept (API and Apps) to banks and financial services through the Paymency platform (DFIN). Evans knows banking and Internet finance and can help participants avoid errors with a skillset that only experience teaches. In addition to helping banks advance to a digital (Virtual) bank strategy, he is determined to benefit America’s unbanked, the $1.4+ Trillion cash payment market, Millennials, Gen Z, and the millions of non-tech-savvy consumers who also want easy access to low-cost but high-quality banking, payments, and financial services.


 
APPENDIX, NOTES and  DEFINITIONS
 
 

paymencygroovypay




LinkedIn: Gary Lewis Evans

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LINK To BofI History

Digital Finance

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