Imagine a situation where on a Sunday you need a new account to send or receive wire transfer because your existing account won’t work. What will you do? Well, there is a solution. You can create a working payment account from scratch that is a complete alternative to traditional bank account, load funds into the account and start making payments—all this within the same day! Worldcore, a Prague-based (Czech Republic) startup plans to provide all this with an intuitive user interface that requires you to provide an email address to sign up and some documents to verify the account. They back it up with advanced verification techniques in the background to make sure everything is legit.
Financial services incumbents are facing a lot of heat from FinTech startups. FinTech has been seeing disruptive ideas and products in every segment, and incumbents are merely able to manage to heal their injuries (reactive approach). Worldcore, which has global ambitions, is another startup from a less talked-about place in FinTech—the Czech Republic.
So what does Worldcore offer to you?
- Ability to get paid through bank wire
- Load any Visa/MasterCard credit or debit card
- Online payments
- Ability to make withdrawals to Worldcore prepaid debit card
- Bill payments or buying goods
The company provides a prepaid debit card within 24 hours of submitting the required documents. The card has the ability to load funds from any bank account instantaneously and can be used as a payout solution for wages, incentives, salaries, etc. They also provide a mobile app for the cardholder.
Some of the coolest features we found about the company: availability, user interface and *transparent fees.
Availability: The onboarding process is really quick. The company promises to work round-the-clock to provide the fastest possible turnaround time for people signing up to the payment account via the website. Upon submission of the application with required documents, an operational account is provided within six hours on a weekday and within 12 hours on the weekend.
User interface: The complete process of signing up and creating an account is hassle-free. The process runs smoothly with the dashboard having a contemporary look and feel. The process was fast & smooth and created an unverified account for me within seconds. The next step is KYC and AML verification and that seems to be pretty straightforward as well. Overall, a lot of attention has been paid to the design/UX/UI.
Worldcore has made inroads into FinTech by developing an interesting value proposition where they plan to target both business and individual customers. The company was formed in 2014 by a team of experts, each with around 10 years of experience in financial markets, banking services, electronic finances and IT. The business was initially known as Swifthub which was rebranded as Worldcore in October 2015, and operates under the legal entity EUPSProvider s.r.o. The company works with a group of partners from the financial world such as banks and largest payment networks around the world.
Worldcore offers an online platform that makes both local and international wire transfers available to any business without limitation but in compliance with international regulations.
Authentication & Verification: For individual accounts or debit cards, the verification process requires digital copies of the individual’s passport and an address proof. The company utilizes Thomson Reuters World Check for financial institutions as the back-end verification tool. I tried checking this by signing up with a genuine email id and with a bot (generated via harakirimail). The verification mail was generated to the genuine email within seconds while the bot was rightly ignored. For business account verification, a further proof of business activities—like contracts, invoices, etc. is required.
Though valuable payment options are available for verified accounts, the following payments options are available for all unverified account holders:
- Account funding through SWIFT/ SEPA in over 10 currencies from own bank account of third party
- Withdrawals to bank account and credit/debit cards around he World in over 10 currencies
- Mass payments to bank accounts and Visa/MasterCard payment cards issued by any bank of any country
- Order Worldcore prepaid debit card
Apart from these, the company is also planning to launch Voice biometrics authentication system to further strengthen its security system.
As you know, B2B payments has been the dark horse within the payments sector which has seen a lower number of startups (relative to the consumer side of payments) exploring it but has now been entrusted by many experts as the “next big thing.”
Keeping this in mind, Worldcore also offers B2B payment services. For businesses that switch their financial flow to Worldcore, internal accounts are automatically pre-created in over 10 currencies and incoming payments are credited accordingly. Some of the services they provide are:
- Round-the-clock payment processing
- Send and receive multi-currency bank transfers worldwide
- Convert Worldcore balance into cash with prepaid debit card issued by Worldcore
- Issue prepaid debit cards for your clients and employees
- Send money transfers to any Visa/MasterCard credit and debit cards in the world
- Automated payouts
*Fees: They provide a detailed description of fees for various transactions in order to be completely transparent. The wire transfer fees and ATM charges are clearly described on their website. In addition, all the Worldcore account-to-account transfers are free of cost.
The team behind Worldcore has spent close to one year in understanding various global payment solutions to identify the gaps in existing systems. This research has led to the development of a new global electronic payment system for both individuals and businesses. They also intend to further innovate and enhance their offerings by adding multiple features like Voice Biometrics authentication (as stated in authentication and verification section), virtual debit cards, etc.
The company states that its goal is “to cover the most possible number of global payment services to provide the ability to send and receive any type of payments through a single account at Worldcore payment service.”