Savemates.com business plan

CONFIDENTIALSAVEMATES.COM BUSINESS PLAN, VERSION 1.0 PAGE

S A V E M A T E S

Build savings, make money. With help from your mates.

1

S A V E M A T E S


CONTENTS• Overview

• Market definition

• Background to savings clubs

• Demo

• Our product - Savemates clubs

• The business vision - Positive personal finance

• Marketing plan

• Competitors

• Team

• Financial projections

2

Appendix:

• Company Structure

• Governance - important processes

• User Experience Flow

• User Experience - Handling Defaults

• Anti-Money Laundering and Fraud Prevention Strategies

• Security and Technology Platform Overview

• Technical Architecture Overview

• Pay-in Process / Payment Flow

• Pay-out Process / Payment Flow


OVERVIEW

• Savemates is a peer to peer savings and loan service.

We enable groups of trusted friends to create and

manage ongoing monthly savings clubs that ensure

saving through shared social commitment.

• We think of it as ‘weightwatchers for savings’

• We aim to build Savemates into a large, defendable

consumer finance brand - the consumer champion at

the heart of the P2P finance revolution.

3

• Users pay in a pre-agreed monthly amount to

their Savemates club. Once everyone has paid

in at the start of the month, one member of the

club gets the total balance paid out to them. This

is repeated until everyone has had a payout.

• Payouts can be transferred to your bank

account, or used to take advantage of one of our

P2P Savings deals, typically earning 5%

interest.

WHAT IS SAVEMATES? HOW DOES IT WORK?


CONSUMER FINANCE LANDSCAPE

The consumer finance market in the UK is

completely broken. Relationship between

the big banks and their customers is

characterized by mistrust and hatred.

Customers are routinely mis-sold overly

complex products that get them into further

financial trouble - while bosses and bankers

get ever bigger bonuses and public bailouts.

4

TOTAL PPI MIS-SELLING COMPENSATION PAYOUTS TO

JANUARY 2013 (FURTHER £4BN EARMARKED SO FAR)

Source - FSA

£8.9BNOF CUSTOMERS DON’T TRUST

BANKERS TO ACT IN THEIR INTEREST

Source - Which? consumer survey 2012

89%

£2.8BNTOTAL FINES PAID BY HSBC IN 2012 FOR MIS-SELLING,

MONEY LAUNDERING AND TERRORIST FINANCING

Source - BBC

HSBCMOST VALUABLE BANKING BRAND

Source - WPP Brandz survey 2012


CONSUMER FINANCE LANDSCAPE

To combat fear and uncertainty saving is on the rise . . . and P2P lending firms are growing off the back of it

5

AVERAGE MONTHLY INCOME SAVED Q4

2102 (HIGHEST ON RECORD)

Source - NS&I 2013 survey

8.09%

TOTAL HOUSEHOLD SAVINGS 2012

Source - NS&I 2013 survey

£80Bn

2012 GROWTH IN UK DEPOSITS

Source - Mintel

5%0

300

600

900

2006 2007 2008 2009 2010 2011 2012

TOTAL P2P LOANS FROM U.S STARTUPS ‘LENDING CLUB’ AND ‘PROSPER’

Source - Techcrunch

£12.3BnPREDICTED SIZE OF BUSINESS P2P LENDING MARKET

Source - NESTA report, 2013

AVERAGE MONTHLY SAVINGS AMOUNT

Source - NS&I 2013 SURVEY

£111TYPICAL RETURN FOR ZOPA LENDERS

Source - Zopa

5%


LOCAL NAMES FOR ROSCAS

BACKGROUND TO SAVINGS CLUBS

• Savemates is based on an existing concept called a Rotating Savings

and Credit Association (ROSCA).

• ROSCAs are used all over the world, generally by poorer communities

to build savings and financial independence. They have a huge variety

of names - See box

• Indeed, ROSCAs are generally the first step that money based societies

take towards to banking. After ROSCAs comes Credit Unions

(essentially ROSCAs with asymmetric payouts and interest on loans)

6

“Tontine, Tibissiligbi, Pari, Song-taaba, Chilemba, Stockfair, Kutu, Kootu, Kongsi, Tontine, Hui, Main, Kut Kutunderrera, Throw a box, Boxi money, Syndicate, Tanda, Chit Funds, Cheetu, Khatta, Sanduk, Sandook Box, Savemates”


SAVEMATES

“Weightwatchers for saving”

7

Build savings, make money.

With help from your mates.

ELEVATOR PITCH:


DEMO

8

www.savemates.comPLEASE VISIT:


WHY USE SAVEMATES TO SAVE?

SAVING IS HARD.

SAVEMATES IS EASY.

The temptation is always to skip a

payment or use debt to bridge

income gaps.

Savemates helps overcome this

through a shared commitment,

and everything is automagic.

9

SAVING IS BORING.

SAVEMATES IS FUN.

Compared to spending, saving is

dull as ditchwater.

Savemates helps overcome this by

providing fun and engaging social

savings models including vote,

shuffle and bid.

SAVING IS POOR VALUE.

SAVEMATES MAKES YOU MONEY.

Current UK short term savings

accounts will earn you around 1%

interest - and that’s if you managed to

actually save something.

Our Savemates P2P savings deals can

earn you 5%+ on your pay-out.

1 2 3


THE SAVEMATES PRODUCTS

10

‘TURN’.

GREAT FOR FAMILIES

The simplest Savemates

group. Payouts are

ordered by the group

creator.

Fee: 1% on payouts

‘VOTE’.

GREAT FOR COMMUNITY GROUPS

A fun voting mechanic lets

members pitch each other

why they should get the

payout this month

Fee: 1% on payouts

‘SHUFFLE’.

GREAT FOR WORK COLLEAGUES

Payout order is random,

creating a fun shared event

on pay day - but eventually

everyone wins.

Fee: 1% on payouts

‘BID’.

GREAT FOR SMALL BUSINESSES

A more complex product.

Members bid (high or low)

in a monthly auction to

determine payout order.

Fee: 20% on rollover

1 2

43 ?

??

?


THE VISION: POSITIVE PERSONAL FINANCE

• At the heart of the Savemates business lies a simple but powerful

mission - to make money a positive force in our customers lives.

• Savemates customers save together with people they trust and love

who help them reach their goals

• By building their savings can take control of their financial lives, and

reduce their reliance on debt.

• If they choose to make money from their savings through our P2P

savings offers they’re then lending to real people and small

businesses,

11

• We will build the next great internet personal

finance brand.

• Savemates will be the consumer brand of choice at

the heart of the P2P finance revolution, putting

individuals and the people they love in control of

their financial lives.

• Again, ‘weightwatchers for savings’ is a valuable

touchpoint - most the weight loss industry is

characterized as dodgy and suspect claims. In

contrast weightwatchers is a true community, with

a proven weight loss method - and its fun!

OUR BRAND


MARKETING PLAN

Primary segments

• Families

• Colleagues

Secondary segments

• Existing cash ROSCA operators

• Community groups

Channels

• Direct PR

• Content marketing via Savemates brand

• Digital advertising - Google Adwords and Facebook

• Partner marketing - working with trusted partners

12

• Savemates marketing will mainly be done by our primary

users asking their friends and families to join the groups

they have created.

• We will therefore focus our direct marketing efforts on

influencing these primary users, who we believe to be

influencers themselves.

• We will also develop the Savemates brand as the voice of

the consumer in the P2P finance landscape - offering

content and support for savers and people looking to get

back in control of their money.


COMPETITOR ANALYSIS

13

Option: Save into a standard saving account Option: Unsecured personal loan Option: Join an existing ROSCAs

Players Big Finance - HSBC, Lloyds, HBOS, Barclays etc Big Finance - HSBC, Lloyds, HBOS, Barclays etcDirect lenders - Credit card co’s - First Capital, Virgin, Barclaycard etc

Various - community level initiatives

Strengths Trusted brands (debatable!)Convenient for existing customers

Brand (debatable!)Ease of accessGet your money tomorrow

Already established

Weaknesses No motivation to ensure savingComplex product portfoliosVery poor interest ratesGeneral consumer hatred

High interest ratesComplex product portfoliosGeneral consumer hatred

Organisational and business models not equipped for scaleCash systems unattractive to busy people

Our advantage Get money quicker (for most users)Results - you will save + its funBetter rates if P2P saving offer taken upNon-Toxic Brand

Low interest rates - essentially free Non-Toxic Brand

ScaleBrandTechnology / Security


TEAM

14

STEF LEWANDOWSKI

Stef is a Director of Savemates

Ltd. and our CTO.

Stef is an experienced software

engineer and technical

architect.

He was previously co-founder

and CTO of Aframe.com, a VC

backed professional video

startup. Prior to this he founded

and ran a digital agency.

NICK MARSH

Nick is a Director of Savemates

Ltd. and our CEO and CCO.

Nick is an experienced digital

product designer and

entrepreneur.

He was previously Managing

Director of Sidekick Studios, a

London based innovation agency,

and has designed products and

services for Aviva and Barclays.

DANIEL MC ALEESE

Daniel is Savemates Skilled Person and Compliance Advisor. He

supports Nick with Savemate’s Compliance monitoring and AML

and Fraud prevention activity. Daniel is an ex-regulator, and now

supports several financial services companies with compliance

issues through his company Robinson Mack Ltd.

MARTIN CAMPBELL

Martin is Savemates marketing advisor. Previously he was head

of media at Zopa Ltd. Before that he designed financial products

for Virgin Direct and Aviva.

SIMON DEANE-JOHNS

Simon is Savemates general counsel. Previously he was chief

legal advisor to Zopa Ltd and now advises several UK based

financial services startups including Savemates.

PAUL BIRCH

Paul is a Director of

Savemates Ltd. and our angel

investor.

Paul is an active angel investor

based in London and sits on

the boards of several high

growth technology businesses.

He was previously co-founder

of Bebo.com which sold to

AOL in 2008 for $850M.


HOW WE MAKE MONEY

• There are four revenue streams in the Savemates business.

• Fees. We charge 1% on all payouts for our simple products.

• Partner fees. We earn commission for referring customers to savings

products and other deals when they collect their payout.

• Data sales. We have unique data about our customers, including who

they trust to advise them about money, when they have money to spend

etc.

15

• Average group saves £1000 per month

• 20% monthly growth rate in group numbers

(softening after first year)

• 5% of payouts convert to partner product,

earning 10% commission.

• Data sales income not included

ASSUMPTIONS USED TO BUILD OUR

PROJECTIONS


PROJECTIONS

16

Year 1 Year 2 Year 3 Year 4 Year 5

Total groups 1392 15,524 74,884 188,600 352,616

Total balance £1.39M £15.52M £74.88M* £188.6M £352.6M

Income(1) £80, 271 £1,270,166 £8,064,677 £25,338,859 £51,688,819

Fixed costs(2) £148,625 £80,221 £509,348 £1,600,349 £3,264,557

Gross Profit -£68,354 £1,189,945 £7,555,329 £23,738,510 £48,424,262

Overheads(3) £211,000 £480,000 £1,500,000 £2,880,000 £3,240,000

Net profit -£279,354 £709,945 £6,055,329 £20,858,510 £45,184,262

Assumptions: Referral income generated from Y1,Q3. Transaction fee reduced to 0.1% Y1,Q4. International expansion end of Y3. * = 1% UK market

(1) Commission fee @1%, Referral fees @ 10% on 5% of payouts / (2) Transaction fees @ 2,9% for first 6M, then 0.1% / (3) Salaries, marketing, development


APPENDIX

17

1. Company Structure

2. Governance - Important processes

3. User Experience Flow

4. User Experience - Handling Defaults

5. Anti-Money Laundering and Fraud Prevention Strategies

6. Risk management and Compliance

7. Security and Technology System Overview

8. Technical Architecture Overview

9. Pay-in Process / Payment Flow

10.Pay-out Process / Payment Flow


COMPANY STRUCTURE

18

Board of DirectorsNicholas Marsh, Stef Lewandowski, Paul Birch

Chief Compliance

OfficerNicholas Marsh

Chief Technology

Officer Stef Lewandowski

Developers

Chief Executive

Officer Nicholas Marsh

Advisory CommitteeMartin Campbell, Simon Deane-

Johns

Marketers

Skilled Person / Compliance

AdvisorDaniel Mc Aleese


GOVERNANCE - IMPORTANT PROCESSES

19

Software development processes.

Savemates is a digital business, and our customers access our

service exclusively through our website. That’s why we take

our software development processes very seriously.

We use a mixture of best practice Agile and Scrum project

management methods. The team has daily standup meetings

to raise issues, and every two weeks we review progress as a

whole group (‘sprint review) and decide on which features to

develop next (sprint planning).

We version our software using Git, so all commits are fully

auditable and connected to individual developers GitHub

accounts. No developers have access to production data, and

all changes to the transaction manager must be personally

authorized by the CTO and CCO.

More information:

http://en.wikipedia.org/wiki/Agile_software_development

http://en.wikipedia.org/wiki/Scrum_(development)

http://en.wikipedia.org/wiki/Git_(software)

OTHER

DOCUMENTS

For more details on our internal

processes and governance model please

refer to the following documents:

• Savemates HR manual

• Savemates Compliance Manual

• Savemates software

development internal wiki

Hiring and HR processes.

Our entire engineering team is based in the UK. We

request personal information from all our permanent

staff and contractors and conduct background checks

and request references before they join our team.

We have clear disciplinary procedures in pace in the

event of misconduct which are outlined in our HR

manual, which is required reading for all Savemates

developers and employees.

Compliance processes.

Alongside our software development processes, which

involve our CCO, we also have the following compliance

processes in place:

• Daily payments reconciliation and review

• A monthly compliance meeting with all senior

marketing and engineering staff and our skilled person

• All permanent staff are given Anti-Money-Laundering

training

• Any changes to the transaction manager authorized by

CCO and CTO.

Much more additional information can be found in our

Compliance Manual, which is required reading for all

Savemates developers and employees.








USER EXPERIENCE - OVERVIEW

20

Joining as a first user and creating a group

• First time users join Savemates by clicking the ‘create

group’ button on savemates.com.

• They are then prompted to enter account information

(name, email, profile photo, password) which creates a

user account and allows them to create a group.

• They then choose the type of group (turn based or

shuffle)

• They then specify the pay-in amount for the group

and the number of members

• They then add the people they want to join the group

by providing a name, email and profile photo

• They then customize the invite for the people they

want to join the group

• Finally, to create the group and send their invite they

add their debit card details for the pay-in, their bank

account details for the pay-out and their address.

• At this point the Savemates risk management

application checks their details, and if they have a low

risk score their group is created and invitations sent

Paying-in

• When the pay-in date is reached the Group Manager

Application asks the Transaction Manager Application to

debit the cards of all group members with the correct

amounts

• This is then passed on to our payment gateway Stripe, who

process the transaction and deposit the funds into our

client money account

• If the transaction is successful the user gets an email

notification.

• If it is unsuccessful our default process begins (see page

23)

Paying out

• When the pay-out date is reached the user receiving the

pay-out gets an email notification with a link to the pay-out

page

• On the page they click a button that says ‘get pay-out’

• We will then manually transfer the funds from our client

money account to their bank account within 24 hours

MORE DETAIL

Please see the following slides

for more detail, or review the

process yourself at

savemates.com

• Visual description of UX -

page 22

• How we handle defaults -

page 23 / 24‘

• Our AML process - page

24

• Technical process for pay-

in - page 30/31

• Technical process for pay-

out - page 32/33

Joining as an invited user

• Invited users get an email with a link to the

group page

• On the page they can then see the amounts

and who else has been invited

• They click join, and then add their debit card

details for the pay-in, their bank account

details for the pay-out and their address.

• At this point the Savemates risk

management application checks their details,

and if they have a low risk score they join the

group

Activating a group

• When enough approved users have joined

the group the first user receives an email

asking them to activate the group

• On the page they can click ‘activate’

• This then sends emails to all group members

and begins the first pay-in process.


USER EXPERIENCE - FLOW

21

Create account -

name, email, address, debit

card, bank details

Invite friends

Get invite

Create account -

name, email, address, debit

card, bank details

Activate group

Pay-in via Debit card or Direct Debit

Pay-out via bank

transfer or Direct Debit

Email Notification

EmailNotification

EmailNotification

Visit page to get payout

Create group

EmailNotification

Create group and join Activate Pay-in Pay-out

Group Admin

Standard User

System AML / Fraud check

AML / Fraud check

ID request (in some

cases)

Get pay-out

Internal check - Risk ScoreExternal check - Credit check, Sanctions list


USER EXPERIENCE - HANDLING DEFAULTS

22

We expect the default rate to be very low for several reasons:

• Trust between group members. Customers cannot join groups with people they don’t

know, and equally they cannot invite members they don’t know. This means that all group

members should know what they are getting into, and our messaging will be very clear that

they should not join groups they cannot afford.

• Social pressure. The whole Savemates concept relies on social pressure from people you

know and love to ensure that saving is prioritised!

• Forgiveness. However, because group members know each other, if there is a legitimate

reason for the default (say, loosing a job) the group members will forgive the default, as

they understand the personal circumstances.

When a user does default we will first notify the user, and try and re-debit the account after

72 hours. If this second attempt fails we will notify the group of the late payment. After 72

hours we will try and debit again. If this fails, we will eject the user, blacklist their account and

send the remaining group members a message with their options (see box).

Once a user has been ejected from a group and their account blacklisted Savemates

simply reduces the number of members in the group by one, and the pay-out amount

goes down by the value of one users pay-in. At this point we send each member of

the group an email with a message outlining their options.

• If the defaulting user has not had a payout and the user we are emailing has

not had a payout. We send a message that explains how much their pay-out

amount will be reduced by.

• If the defaulting user has had not a payout and the user we are emailing has

had a payout. We send a message that explains how much they should pay back

to the defaulting user if they so wish.

• If the defaulting user has had a payout and the user we are emailing has not

had a payout. We send a message that explains how much their pay-out amount

will be reduced by, and how much they should request from the defaulting user if

they so wish.

• If the defaulting user has had a payout and the user we are emailing has

had a payout. We send a message that explains how much everyone elses pay-

out amount will be reduced by.

DEFAULT MESSAGING / OPTIONS


USER EXPERIENCE FLOW - DEFAULTS

23

User contacted via email

Group contacted via email

Debit failsDebit

attemptedDebit

attemptedDebit fails

Debit attempted

Debit fails User removed

from group and

blacklisted

72 hours 72 hours

Individual members sent email with

optionsUser

System

Group pay-out reduced


ANTI-MONEY LAUNDERING AND FRAUD PREVENTION STRATEGIES

24

To prevent Savemates being used for fraudulent activity we have the following controls in place:

• Automatic checking of all accounts against HM Treasury sanctions list

• Separate Risk Management Application reviews each new user and new group and monitors activity for non-standard behavior using a proprietary algorithm which assigns a

risk score to each user and group. Example factors we monitor include users joining multiple groups with the same debit card, new groups with high pay-in and pay-out

amounts, groups with suspicious social profile data, etc. This algorithm is continually refined, and actively developed by our engineers and CCO.

• In the event of an edge case being detected by the Risk Management Application we request a scan of UK passport which is reviewed manually before before we payout

• Pay-in limited to £250 per month per user per group

• Groups limited to 10 members, thus limiting monthly payout to £2500 maximum

• Average 30 days delay from pay-in to pay-out (funds held in Client Monies Account)

• Users cannot sign up without a UK debit card and its registered UK address

• Users can only receive pay-outs into UK bank accounts

• We keep complete, encrypted records of every user interaction and transaction with the system

• Our CCO works closely with our CTO to actively update our AML and fraud prevention strategies


RISK MANAGEMENT AND COMPLIANCE

25

Risk: Loss/change of clearing bank

• Response: Our service oriented architecture makes it easy for us to

change providers

Risk: Loss of top clients

• Response: While Savemates may lose some important clients at any

time, it is Savemates strategy to gather a large number of clients so that

its revenue generation is evenly spread out, whereby it will not be

materially reliant on a small number of clients for the majority of its

income and thus being adversely affected should it lose some clients.

Risk: Managing Client Risk

• Response: As we will not be giving clients any investment advice, the

clients will need to effectively manage their own risk.

Risk: Counter-Party Risk

• Response: There is no transactional counter-party risk as Savemates is

just providing the online faclity.

Risk: Credit Risk

• Response:There is no credit risk as no credit or financing will be offered

by Savemates. All clients will need to have cleared funds on deposit.

Risk: Liquidity risk

• Response: With minimum overheads, the firm will have little liquidity

risk should revenues decrease substantially

Risk: Operational Risk

• Response: As all services are provided online and bank accounts are

held separately, there is minimum operational risk save for I.T problems

(see disaster recovery plan)

Risk: Key Person Risk

• Response: As Savemates will be providing online services only, clients

can continue to trade should anything happen to key individuals at

Savemates. Savemates will endeavour to replace any key staff as quickly

as possible.

Risk: Systems Risk/Disaster Recovery Plan

• Response: The business can operate from any location providing there

is secure internet access and access to printing facilities. Savemates has

produced a disaster recovery plan.

Risk: Compliance Risk

• Response: Savemates will ensure full compliance with the rules and

regulations of the appropriate regulatory authorities. Savemates has

retained the services of Robinson Mack Ltd; regulatory consultants, to

advise on all regulatory issues and provide training on an ongoing basis.

Risk: Conflict of Interest

• Response: Savemates does not envisage any potential conflicts with its

clients. Employees of Savemates may open a Savemates account but no

conflict arise that may disadvantage other clients in any way.

Notwithstanding the above, Savemates has an independence policy of

disclosing any material conflicts of interest to clients and any other third

party.


SECURITY AND TECHNOLOGY SYSTEM OVERVIEW - 3RD PARTY SERVICES

26

Heroku.com

Savemates applications are hosted on the Heroku web

platform. Heroku is a cloud application platform owned by

salesforce.com

The Heroku platform inherently protects customers from

threats by applying security controls at every layer from

physical to application, isolating customer applications and

data, and with its ability to rapidly deploy security updates

without customer interaction or service interruption.

Stripe.com

Savemates uses Stripe.com to process debit card

transactions.

Stripe uses a form of tokenized encryption and embedded

forms that means Savemates never stores or handles

actual debit card data. Stripe is a certified PCI Level 1

service provider with US and UK operations.

FURTHER READING

For more information on AWS security

please visit:

https://aws.amazon.com/security

For more information on Heroku

security please visit:

https://policy.heroku.com/security

For more information on Stripe security

please visit:

https://stripe.com/help/security

Amazon Web Services

Heroku is built on Amazon Web Services (AWS) EU

based infrastructure.

AWS data centre operations have been accredited

under:

• ISO 27001

• SOC 1 and SOC 2/SSAE 16/ISAE 3402 (Previously

SAS 70 Type II)

• PCI Level 1

• ISMA Moderate

DISASTER RECOVERY PROCEDURE

We use the above web-scale services for a reason. The Platform as a Service architectures used by AWS and Heroku means that we cannot experience an unrecoverable

disaster, with the exception of a simultaneous total physical attack on both availability zones of AWS EU data centers, which are in two different locations within Europe. With

that exception excluded, we will always have complete records in our databases of every transaction and group stored on the AWS / Heroku infrastructure, and we keep a full

version history of every commit/ change to the application on Github.com (a $100M backed version control system) which also runs on AWS infrastructure.








SECURITY AND TECHNOLOGY SYSTEM OVERVIEW

27

The Savemates system architecture pattern conforms to industry best practice of Service Oriented Architecture and clear

separation of concerns and data. See the following slide for a technical architecture diagram.

Our system has the following characteristics:

• We conform to PCI design principles

• We use only a small number of well managed 3rd party services (see previous slide)

• We conduct regular penetration testing of our application by third party services

• We operate a need to know information policy, with only our CTO and CCO having access to production data via SSH keys

provided by Heroku and admin interfaces via secure passwords and white listed IPs

• All data is securely transmitted over SSL

• All data in transaction manager database encrypted with AES 256Bit encryption

• We keep full, encrypted records of every transaction, including full transaction history, and logs of all actions during admin user

session against admin accounts for five years.

• We only use simulation data on staging and development services and there is no developer access to production database


TECHNICAL ARCHITECTURE OVERVIEW

28

Group ManagerApplication

Transaction ManagerApplication

Sales website

• Groups and payment

schedules

• Basic user info/ID,

group membership

• Stripe Tokens

• Pay-out bank account details

• Audit-able transaction history of

all pay-ins and pay-outs

Token

auth.

over SSL

Encrypted

Version 1 - First

6-12 monthsUser bank

account

Savemates Client Monies

Account

Savemates online

banking

£SSLSSL

AdminApp

User debit card

Stripe

£

Pay-in

Pay-outToken auth.

over SSL

Token

auth. over

SSL

ManualRiskApp

SSL


TECHNICAL ARCHITECTURE OVERVIEW

29

Version 2 - 6 months +

(requires bank API access)

User bank account


Account

Bank API /

Direct Debits

Unknown?

£Group Manager

ApplicationTransaction Manager

ApplicationSales

website

• Groups and payment

schedules

• Basic user info/ID,

group membership

• Stripe Tokens

• Pay-out bank account details

• Audit-able transaction history of

all pay-ins and pay-outs

Token

auth.

over SSL

Encrypted

SSLSSL

RiskApp

SSL


PAY IN PROCESS / PAYMENT FLOW

30

User debit card


Account

Savemates

user IDs +

amounts



Stripe £

Transaction

status

Version 1 - First 6-12 months

Debit

card

charge

Stripe user

tokens

+ amounts

Transaction

status

Token

auth.

over SSL

Token

auth. over

SSL


PAY IN PROCESS / PAYMENT FLOW

31

User bank account


Account



Bank API

£ChargeDirect Debit

Charge

Version 2 - 6 months + (requires bank API access)

Savemates

user IDs +

amounts

Transaction

status

Transaction

status

Token

auth.

over SSL

Unknown

auth?


Online banking for Savemates Client Monies Account

PAY OUT PROCESS / PAYMENT FLOW

32

User bank account



£

AdminApp

Version 1 - First 6-12 months

Savemates

user IDs +

amounts

Transaction

status

Token

auth.

over SSL

Barclays data

services

Token

auth.

over SSL

Account number,

sort code +

amount

Manual process

over SLL / bank

website


PAY OUT PROCESS / PAYMENT FLOW

33

User bank account


Account



Bank API

£

ChargeDirect Debit

Charge

Transaction

Status

Version 2 - 6 months + (requires bank API access)

Savemates

user IDs +

amounts

Token

auth.

over SSL

Transaction

status

Unknown

auth?

Savemates.com business plan

Business

Transcript of Savemates.com business plan