10 December 2021

The Private Whitelabel Neobank is born

Interview with Paolo Bernardini, CEO of IRETH, published in the Il Sole 24 Ore newspaper concerning the birth of Smart Bank 800.

Some people call it Neobank and some others choose the name of Challenger Bank. Within the continuous development of Fintech (supply of financial products and services through the most advanced information and communication technologies), the Neobanks have assumed a very interesting role. In fact, they appear as new-concept credit institutions, capable of offering smart and innovative solutions that are more interesting than those of traditional banks. IRETH, a company with twenty years of experience in the cybersecurity industry, has launched the Smart Bank 800 Neobanking platform, designed to give companies or organizations the opportunity to create their own private bank. It is a white label platform which allows companies to have a neobank with their own brand.

The benefits of Smart Bank 800 are numerous, both for the company and its customers. Companies can offer their communities banking services that allow them to increase loyalty, expand their customer base and reduce costs. The customer, in turn, will have a cheaper, smarter and safer service. In fact, Ireth uses an infrastructure based on a private blockchain architecture capable of guaranteeing maximum security.

To better understand what exactly this service is, we asked Paolo Bernardini a few questions, CEO of IRETH, a company belonging to ITIGROUP, an international holding operating in various sectors whose mission is the development of promising startups and investments in companies with high technological potential.

Why did IRETH decide to study and offer a product like Smart Bank 800?

We decided to invest in this Fintech solution because in our lenghtly experience in the strong authentication sector, especially for Home banking, we were able to observe what the needs and requirements of modern banking services are today. Today, in fact, we expect to be able to use services that are less and less bureaucratic and increasingly smart, digital and secure, as the name of our solution suggests. Our proposal is designed with this in mind.

To whom the Smart Bank 800 service is addressed?

To all those companies that have a widespread clientele and that intend to expand the offer of their retail services through an advantageous, immediate and easy-to-implement banking service. For example, large-scale retail trade, Telcos, industrial districts, insurance companies, the banks themselves, marketplaces, sports clubs or various associations may be interested. Customers will be able to take advantage of a practical, agile and effective service, when compared to conventional banking services, while the company will derive economic and image benefits, relying on greater loyalty of its customer base and various marketing initiatives.

What are the saving opportunities in the management of banks and financial costs of collections and payments for a company that uses Smart Bank 800?

The very interesting aspect is that transactions have no cost within the community. For outgoing transactions, when the limit of operations is exceeded, a cost may be applied, which will in any case be lower than that of traditional banking operations.

How can we use Smart Bank 800 as a marketing and loyalty tool?

The characteristics of SB800, in addition to guaranteeing a complete solution for digital banking, naturally lead to loyalty. Services such as wallets for free peer-to-peer transactions within the community, cashback and microcredit are in themselves tools that lead to user loyalty. One of our goals is in fact to use the services provided by the same platform to create a network through which companies and organizations can improve their branding and enhance the sense of belonging in their communities.

Smart Bank 800 is a safe system: which partners are behind the service offered?

Smart Bank is the most advanced digital banking solution on the market today. It is built on solid foundations by cybersecurity experts. The data management infrastructure is decentralized with very high security, built in partnership with Optherium Lab, based on the private Hyperledger Fabric blockchain. SB800 also includes KYC – Know Your Customer – features through the best digital technologies for on-boarding and user control, such as AI – Artificial Intelligence and Biometrics. Furthermore, the agreement with European partners such as PFS and Omnibek allows them to operate with EMI licenses of electronic money.
In this way, the company will be able to offer banking services in compliance with all EU community standards, including the protection of user funds, governance, control mechanisms, anti-money laundering, etc.