At Weavr, we’re on a mission to make it easy for you to add powerful fintech features to your applications, without your team needing to become finance and compliance experts. We’re continuously bundling in new features behind the scenes while keeping the Weavr API simple and easy for your developers to work with: it’s what we call Plug-and-Play Finance.
In the latest version of the Weavr embedded finance API, you’ll find some updates designed to provide your users with a better user experience in two-factor authentication, the option to defer full identification checks for new users and still allow them to perform certain lower-risk transactions and the ability to give your users access to downloadable PDF statements securely.
These features are available in the Weavr sandbox and production API as of the start of July 2022. Read on for the key updates…
🔒 Easier strong authentication
- In Europe and the UK, payments and account information access now need to be authorised by the account holder with a second factor: an example of this is a text message to the user’s phone with a one-time passcode to “confirm it’s you”. Since regular security checks can create friction for users, you may want to provide a more convenient way of achieving strong authentication without that manual passcode step.
- The new push authentication feature means that your users can approve or reject transactions, in a convenient instant UX workflow, via a single tap in a secure out-of-band app bound to their identity, instead of having to manually copy or re-type a passcode from an SMS. This is an optional upgrade you can take advantage of wherever you are implementing second-factor authentication in your applications.
- We’ve also added enhancements to secure UI components for password forms including the option to ask new users to re-type their password to confirm it. You can find out more in the documentation on the Passcode UI Component
🎫 Contextual KYC
- When your users want to start working with financial features you’ve embedded in your application, it’s essential that they are properly identified and complete mandatory know-your-customer steps the first time, and thereafter provide the correct digital authentication and authorisation for each future transaction or data access. Weavr works with you to ensure that the detail of checks is, on the one hand, correct for compliance, and on the other hand appropriate for avoiding unnecessary user experience friction.
- For this reason Weavr is introducing a concept we call Contextual Compliance in which we can work with you, within the definitions of your business model, to configure your application to ask for KYC at the correct time it’s needed and with the appropriate level of information gathering.
- By moving away from a one-size-fits all approach which you may experience with generic banking-as-a-service providers, Weavr allows you to work within safe regulatory boundaries to define when KYC is required for your users, and tailor the steps they need to take to complete it.
- For some lower-risk use cases this means that KYC can be performed with fewer and simpler steps, improving conversion and usability, and reducing drop-offs and manual administration. Dependent on your business model, examples of lower-risk financial actions which could be eligible for a simplified path to KYC include: internal account transactions; small value balances in accounts; prepaid mode cards; one-off deposits.
📃 And more useful updates…
- More granular controls on creating and updating spend rules for accounts and payment cards: useful for a wide range of scenarios where you want to empower businesses and users in your platform to make their own transactions but within safe predefined rules.
- Easier ability to move funds out of cancelled/expired prepaid cards so the balance can be re-applied to a new account belonging to the same owner.
- Download account and card statements on demand in PDF format.
🎁 Coming Soon
- Easily add your payment cards into a mobile wallet with “Add to Apple Pay” and “Add to Google Pay” buttons in your application – aka in-app provisioning.
- New, simplified pricing for digital startups built around embedded finance features on the Weavr platform. Stay tuned for updates or ask your Weavr contact for details.
- We continue to apply UI design enhancements in the Weavr Innovator portal (as well as sandbox – try it out here).
- Ideas and feedback: share your thoughts on our portal, API, or anything in the Weavr solution with our product team: we’d love to hear from you. Create ideas or vote on existing suggestions in our public Productboard here