Bige uses the Open Banking Platform and effectively eliminates the need to use antiquated traditional payment channels such as cards and SWIFT transfers for effecting payments.
Bige are totally independent from banks and telephone companies, and are able to direct and settle funds instantly from our customers personal accounts to the merchant’s corporate accounts. Bige have effectively removed all third party influences that delay payments and add to the cost of traditional payments.
The companies Vision is to become a world-class financial services company that helps consumers and merchants process and integrate payments seamlessly and securely, whilst giving choice, reducing cost and delivering added value. We will do this by bringing together multiple payment methods including integration into a customers and merchants bank account creating instant movement of funds at any time and from any location. We strive to be the best online and mobile banking solution in Europe
We aim to improve our customers financial well-being by providing high-quality low-cost financial services, banking and payment methods, accessible via Internet and Smartphones, backed by interactive and feature rich tools that are customisable and embody features that give the customers greater control of their money.
By removing third party interference, we are offering immediate payment processing at dramatically reduced costs for merchants and thereby increasing their revenue and cash flow while at the same time allowing merchants and customers to take control of their banking
Bige banking platform provides the customers with instant and full access to their accounts and enables them to check their balance, transfer money and pay bills via their mobile phones, anywhere and at anytime.
Instead of developing – and maintaining an app for the different types of Smartphones – the Bige Ltd has been made available on 99% of all Smartphones as a Web-browser based application.
Bige Ltd account holders are able to make payments via Apps, NFC or closed loop;
The customer, upon entering a Bige enabled retail store, is prompted to open their Bige App on their phone.
Discounts and other customer based incentives to be added
Customer has undertaken their shopping and taken their merchandise to the store’s
cash desk and opens the Bige App on their phone which automatically verifies the
customer via; unique passcode, finger print, face recognition, retina scan, etc!
Customer is then prompted to position their phone over the ‘Bige’ logo that is seen floating in front of them and upon connection of this ‘prompt’, it sends a uniquely generated QR code to the Bige App which details the products to be purchased and the price.
Customer is required to confirm their purchase, as prompted in Step 2, by tapping
their phone on the Bige logo.
Transaction completed and a digital invoice is then sent to both merchant and
customer
If the user has a smartphone with either Apple iOS or Google Android they can use our Bige Ltd mobile app. All needed is to search their App store to find it. Having the app they can instantly transfer money, handle payments and check the balance.
Near field communication (NFC) is also referred to as mobile money transfer. NFC mobile payment is an alternative payment method. Instead of paying with cash, check, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods.
If the user doesn’t have an Apple or Android phone, they can manage their money with their mobile browser. We support 99% of the total mobile market.
When the Merchants/partner is integrated with our platform, and the payment is made with the wallet, the money is taken from the customer, the Merchant/partner receive the payment. Closed loop payment can be available for all Internet and mobile payments.
A closed loop indicates that there are interactions between 2 or more internal elements without interference from the outside. In the financial sector it’s often related to money transfers between accounts in the same financial institute. In the BigeFinancials case, then when issuing virtual accounts to both the merchant and the end-user, it is considered closed loop processing, as the transactions stays in the same closed network.
When the end-user uses the eWallet account the transaction will be routed directly to the Bige platform and the transaction will be cleared and settled directly and instantly. The traditional payment network and card-schemes are not involved and the settlements can be performed instantly. Closed loop payments can be available for all Internet and mobile payments as well as NFC payments.
The primary goal of the PSD2 Directive is to create a single integrated market for payment services through standardising the regulation for banks and for new PSPs, which are coming up due to the digital era. The PSD2 will break down the entry barriers helping to strengthen the system security, enabling new payment services, ensuring transparency and fair competition to the benefit of consumers.
When we buy something online we typically enter our payment details into the merchants website, and the merchant then gets the money from your bank account by way of a few intermediaries, whereas, with PSD2, the Directive will allow retailers to ‘ask’ consumers for permission to use your bank details. Once you give permission, the retailer will receive the payment directly from your bank – no intermediaries!
The direct connection between retailers and banks will be enabled using Application Programming Interface or APIs for short. The use of API’s is exciting because it enables companies (innovative companies) to connect to financial institutions directly.
For those of you that maybe multi-banked – i.e. bank accounts with multiple banks – we currently have to access each bank website separately. With PSD2 they’re introducing Account Information Service Provider or AISP’s, which will allow you to view all of your multi-bank details in 1 portal.
This is interesting stuff because now it means that Bige can consolidate your account information in one place to offer customer focused banking and payment services.