When Choosing White Label Crypto Wallet Developer, Creators of BancKED Recommend Businesses “Do their Homework”

Estonia 14/06/21- – – When it comes to choosing a crypto wallet to power a white label program, businesses are wise to carefully research which provider they choose to handle set-up and administration, according to the team behind BancKED.

BancKED is a crypto wallet white label program that provides secure access to cryptocurrencies, FIAT conversion, prepaid cards and interactive functions and features. It was developed by KnowbyLity, a global provider of prepaid card issuing software design and management, that emphasizes security in its set-ups.

“A crypto wallet is the user’s digital identity to the cryptocurrency market and so it is essential to protect that. Not emphasizing security in a crypto white label program opens the door to coin theft, fraudulent transactions and breach of personal information,” explained Steven Foster, Founder, KBL. “In addition to security, there are a number of other important factors that will ensure a successful program for the long-term.”

Foster shared his Top 5 considerations when choosing a partner to setup and manage a branded crypto wallet:

  1. Cybersecurity: Ask for specific detail on fraud protections, privacy and anti-theft features and services as well as information on compliance and regulatory capabilities and dedicated resources
  2. One Size Doesn’t Fit All: Customization allows businesses to work with their provider to design a wallet that fits their marketing goals and integrates with their software and systems. That requires expertise in software and platform development.
  3. Scale It: A meaningful program should allow for scale – whether up or down. The client should be able to add or delete as well as regularly evaluate functions and features to best meet the needs of their users at any moment in time. At the same time, the vendor should be flexible in the resources it allocates to the client as need changes.
  4. Mine the Data: Detailed analytics are an invaluable part of a white label wallet. It allows businesses to monitor user behaviors and activity to improve loyalty.
  5. Service and Support: Financial services are serious business. The client should have ready access to a customer service team as should its branded wallet users. Around the clock, regardless of location.

“Taking the time to really assess different providers based on your company’s specific needs is worth the effort. It really comes down to security, flexibility and fintech expertise,” Foster added.


About KnowByLity:

KBL offers comprehensive mobile and desktop platforms tailored to clients’ varying needs along with customer experience platforms. Its software solutions ensure white label programs are rich in features and functions, simple to use, graphically appealing, and above all else, compliant with all financial services’ regulatory requirements. For more information on KBL and its solutions, please visit www.kblholdings.com and www.bancked.com.