Bank License – Asset management company, Banking Software, online banking system

Bank License – Asset management company:  Banking Software- Online Banking System

NexorOne

The NexorOne™ Online Banking System is a entirely online account manager for pooled funds. It generates messages to the administrator transmitting the instructions from the users. With a user friendly menu and thoroughly tested, completely self customizable interface the software provides a solid platform allowing your customers to feel confident that they are backed by a stable institution. Making use of every available advantage of the internet and online banking, the system gives the users the ability to execute every kind of transaction and use all the services offered by the financial institution on a cross-browser compatible interface. It makes it the perfect tool to have a low cost interaction with customers, while still able to tend to all their needs. The users are able to transfer money in/out/between accounts and to debit cards (optional). By safely empowering the users to request transactions online, assisted by the system, the administrator has only to accept or cancel operations while viewing on screen all the information needed to take the decision. Since all the transactions are performed through the system only, the accounting and detailed customizable reports are always in real time and up to date. Additionally, the system keeps a detailed trail of all activities, making it very easy to narrow down precisely when those activities occurred. The system can automatically generate revenue by applying customizable transaction fees predefined by the administrator. The system offers the ability to handle accounts in different currencies, as well as a multi-language capable interface to expand to distinct international markets and the multi-region friendliness for defining all the different formats.

Online banking system for account management and secure messaging with customers

Interfaces and Options:

Main features the Administrator is able to access:

  • System messages – Generated when the users request certain transactions, automatically processed and replied to when executed by the administrator. These transactions require individual attention for completion.
  • User messages – secure messaging within the system. Either manually generated by the users when contacting the administrator or by the administrator himself to create messages to an individual user or a general message to all users.
  • System Log – serves as a log of all the activities in the system by keeping records of all the changes made by either the users or the administrator.
  • Profile editor – create or search-view and/or modify users profiles in the system as well as to modify the administrator’s profile.
  • Account manager – create or search-view and/or modify accounts to then activate, inactivate or block them. Also, to associate optional card accounts to enable users to transfer funds to them.
  • Manual transactions – to manually debit or credit any account in required instances. An additional feature is the ability to select the revenue option which will include the transaction as a generated fee (thus appearing in the administrator Revenues Report).
  • Revenue manager – to manage the revenues generated either automatically by the system or manually by the administrator.
  • Portfolio manager – to administrate and manage user’s passive portfolios.
  • Reports
    • Specific User Reports
      • Specific user – Specific account – All transactions
      • Specific user – Specific account – Ranged executed transactions
      • Specific user – All accounts – Executed transactions
      • Specific user – All accounts – Balances
    • Global System Reports
      • All users – All accounts – Balances
      • Manual transactions
      • Revenues generated (Manual, System or Both)
      • Balance sheet
      • System overview
         
  • System configuration settings – where the administrator can customize the system as well as the initial setup of the account types, transfer fees, etc.

Main features the Users are able to access:

  • Account balances – which shows all accounts with current/available balances, including optional associated debit card accounts. Additionally the user may view the last 10 transactions of any account for a quick overview.
  • Messages generated by the system – when any transaction request has been executed (i.e. a requested wire transfer, manual transactions applied to an account or changes in the user profile).
  • Messages sent by the administrator – contacting the user specifically or a group of users for announcements.
  • Incoming wire transfers – to transfer funds from an external bank into any account. The system will guide the user to create a print out of a pre-elaborated page with the needed information such as the correspondent bank information and the user’s personal reference account number. This can then be faxed by the user to his bank.
  • Outgoing wire transfers – to wire transfer funds out of any account. The system will provide an on-line form with the needed details for the wire transfer to be later executed by the system administrator. Includes the option to select which transfer fee to apply (i.e. standard or express).
  • In-house transfers – to transfer funds between accounts of the same user or to transfer funds to an account of a different user.
  • Optional Debit Card funding – this creates a request to the system administrator to execute a debit card funding (only debit card accounts pre-associated to any user). Includes the option to select which transfer fee to apply (i.e. standard or express).
  • Profile editor – to view/modify the user’s profile and password in the system.
  • Reports
    • Specific account transactions
    • All accounts executed transactions

Customized Solutions and Enhanced Support

We offer a complete solution to all our clients’ needs, which means that after NexorOne™ is bought as a stand alone package, we’ll back you up with all the tools you might need.

  • If you have the IT staff but just need help with the initial setup, installation and integration with your website, we offer an Installation and Integration Support.
  • If you need our IT staff to help you with the software as an ongoing support team, we offer an Active License and Support.
  • If you don’t have the IT team nor the facilities and servers to host the system, we offer a complete Hosting Solution Package which comes with a support contract and the necessary security measures to run your system.

01

Technical Overview

The NexorOne™ online banking system has been developed mainly using PHP. It’s a server side setup that deploys dynamic content that interacts with the MySQL database to supply the information through a user friendly interface. This is a very powerful and scalable solution that is affordable as needs grow. Since the system is fully internet cross-browser interface only, it’s not bound to any specific browser, software or to any operating system, offering total hardware and software flexibility for the administrator and the users of the system.

User Interface Specs

  • User friendly interface with easy navigation menu
  • Export to Excel and Word options throughout the system
  • Print and Email information from different screens
  • Wire Forms developed according to SWIFT format standards
  • Resolution: 800×600 minimum, 1024×768 preferred
  • Fully Cross-browser compatible.

Minimum Suggested Server Requirements

  • PHP Version 4.3.7+
  • MySQL 3.23.54+
  • Linux Operating System 2.2+
  • Web Server with SSL and PHP support (i.e. Apache Web Server 1.3.33+)
  • SSL Certification for Cryptographic Security

02

Usability

  • Multi Currency support
  • Multi Administrator
  • Multi Region Friendly (i.e. formats)
  • Multi Language capable
  • Customization options (i.e. colors, logos, titles)
  • Debit Card Packages integration
  • Detailed real time reporting
  • System has confirmation messages with information showing the requests, before executing them.
  • Accounts have current funds and available funds (i.e. when transfers are requested the funds are no longer available, but stay current until the transaction is executed or denied by the administrator)

Security

  • SSL Security Oriented (128bit or 256bit).
  • The system utilizes a combination of ICSA (International Computer Security Association) and PHPSecurity Consortium approved security technologies to protect data for the Financial Institution and for the Users .
  • The combination of Username and Password is the first layer security to login.
  • The users are forced to change their automatically generated passwords once they login to the system for the first time.
  • The Security Key, acting as a second layer security, is a secret pin code that the user has to input within the system to be able to execute transactions. This Security Key is generate by the system and kept encrypted; shown only once to the user, makes it impossible to break.
  • All sensitive information stored in the Database has MD5 encryption.

Banking Software Macro Bank 4

Macrobank technology is an innovative and reliable financial software platform designed to build bespoke solutions for banks, money service operators and corporate treasuries.  Macrobank-based products support a wide range of functionality in accounting, customer management, product definition, transaction processing, compliance, reporting and other aspects of banking and financial business. Our software solutions meet the needs of today and are capable of addressing the challenges far into the future. 

Macrobank’s power and flexibility provide our clients with a unique opportunity to improve their operating efficiency and document workflow. Advanced system architecture makes it possible to customise solutions without relying on the software supplier and, thus, considerably reduce maintenance costs.

Macrobank-based solutions also come in standart packages for customers with tight implementation timetables. Standard packages may contain any logical combination of available components to cater for the specific needs of each customer  without programming intervention.

Multi-currency Accounting

Multi-currency accounting is the core component of Macrobank financial software platform. It comprises user definable chart of accounts, in-built fully functional multi-currency general ledger, account management module and account classification facility.

Banking transactions are processed in real time with necessary accounting entries, generated from relevant modules, automatically posted to the general ledger. The system’s general ledger supports two types of entries: actual and nominal. Balances are only affected by actual entries whether posted manually or automatically, while nominal are used by the budgeting module for financial projections.

Key Features

  • In-built fully functional multi-currency general ledger
  • Real time transaction processing
  • Real time updating of account balances
  • Transaction reversal capability
  • Back and forward-valued entry processing
  • Multi-currency customer accounts
  • Account statements with drilldown capability
  • Account classification facility
  • Balance sheet and profit & loss reporting
  • Classification-based reporting
  • Consolidation engine
  • Budget monitoring

Customer Relationship Management

Macrobank’s in-built CRM subsystem is designed to enhance the bank’s practices in finding new and serving the existing customers and covers operational, collaborative and analytical aspects of customer relationship management. The subsystem comprises the customer record module, document data bank, customer grouping facility and web-enabled front-office.

Customers of the financial institution will benefit from the ability to be served across the internet, without the need to go to the physical office, from the “expression of interest” stage and submitting required documents through to account opening, ordering banking products and services, communicating with the institution’s customer service staff and receiving targeted marketing information.

Each instance of interaction with the customer is added to the customer’s contact history so that customers can interact with different bank employees, authorised to access customer data, without having to describe the history of their relationship every time they contact customer service.

Macrobank’s CRM provides the bank with a single consolidated view of the customer’s finacial standing with the bank at any given time and enables finacial forecasting and customer profitability analysis.

Macrobank’s CRM is an invaluable tool which eliminates unnecessary paper flow and improves the quality of customer service in your financial institution.

Key Features

  • KYC management   
  • Document storage and retrieval 
  • Account (product) application processing
  • Account holder/signatory relationship management
  • Financial forecasting
  • Customer profitability analysis
  • Customer grouping
  • Mailing lists/bulk-mailing facility
  • Internal communication system
  • Parameter searches
  • Advice rule definition

Anti-money Laundering

Financial institutions and other regulated entities are legally required to have special controls in place to prevent and report money laundering activities.  Macrobank’s AML subsystem will enable financial institutions to detect, investigate and report transactions of suspicious nature to relevant authorities. The subsystem provides automated monitoring of accounts, customers, and correspondents in search of suspicious activities and possible money laundering. 

Macrobank’s AML subsystem covers all major areas of AML compliance and streamlines AML processes in the financial institution. It comprises the transaction reporting module, customer identity management module, which is part of Macrobank’s KYC management, and transaction monitoring module, designed to identify suspicious transactions or patterns of transactions, which may qualify for suspicious activity reporting.

Key Features

  • Currency transaction reporting (for transfers exceeding a specified amount)   
  • Customer profile setup 
  • Transaction patterns setup
  • Monitoring customer transactions against their recorded profile, account history and industry average
  • Alert rules setup
  • Generating alerts where unusual activity is suspected
  • Exercising due diligence processes for suspicious transactions
  • Verification of the customer’s identity
  • Identification of blacklisted individuals, entities and countries
  • Document validity period checking
  • Dormant account tracking

Correspondent Banking

Correspondent banking facility enables the message exchange between the financial institution and its correspondent banks, automated incoming message processing and account reconciliation. It comprises Outgoing Message Processing, Incoming Message Processing and Reconciliation modules.

The sub-system fully supports SEPA, SWIFT and other XML-based formats. Outgoing messages are generated and released for uploading to the SWIFT interface at a specific processing stage defined in the workflow engine.

Incoming Message Processing module handles advice notes and statements received from the correspondent bank. The module automatically identifies payees on the advice note and creates a work queue of required credits to be made to respective accounts upon the receipt of confirmation. Internal accounting records and statements are reconciled in real time. Unmatched items are moved into a suspense account until their proper disposition is determined.

Key Features

  • Real time operation
  • SEPA, SWIFT and other XML-based formats supported
  • STP-based incoming message processing
  • Mismatch reporting

Report Generator

Report generator is a powerful and flexible reporting tool that provides comprehensive reporting functions. It enables the production of reports to comply with requirements of different regulatory authorities and meet information needs of the institution’s management. 

Each system module is supplied with a wide range of pre-defined module-specific reports which can be extended with custom reports set up by the user. Report generator gives the user the ability to design and programme any conceivable report, whether simple or complex, module-specific or system-wide.

Key Features

  • Comprehensive reporting functions
  • Powerful generation of professional reports
  • A wide range of standard reports available
  • User definable custom reports
  • Statistical and analytical reporting
  • Ability to define reporting logic
  • Ability to define database queries
  • Ability to design query dialogues
  • Export to spreadsheets
  • User access level controls

Provision of Financial Services – Formation of a Bank – Bank License

We form companies with a bank for our clients – and/or financial services license, i.e. asset management companies, primarily in the following countries:

General Information with regard to Bank Licensing, Provision of Financial Services, Asset Management Companies

The licensing prerequisites differ greatly from country to country, in particular with regard to required capital stock of the bank and/or asset management company. The basis is, as a rule, the installation of a stock corporation according the respective laws of the country in which the company is registered, in addition the installation of an ordinary company seat in the country in which the company is registered. This stock corporation applies for a financial service provider and/or bank license. An excellent alternative can be a New Zealand Bank. A New Zealand Online Bank (correct term: New Zealand financial service provider with a banking license) both private persons and companies can offer bank services via the Internet without any restriction on customer numbers, deposit amounts or the number of currencies.

The fees for the foundation of a bank and/or asset management company are based on the country in which the entity is registered and the type of services. To learn more please refer to the individual web pages.

Tax Structure

In addition, in the formation of a bank or asset management company tax structuring plays an important role. We take over tax structuring within the scope of the “affiliated companies”, for example foreign parent company and domestic subsidiary, formation of a foreign holding to collect domestic dividends exempt from taxes and many more.

The Correspondent Bank (Correspondent Bank Account)

We are the only provider in Europe to provide a connection to correspondent banks in Liechtenstein, Switzerland, Singapore or UAE.

Banking Software Online Banking

We offer our clients NexorOne online banking software for example: within the scope of the formation of a New Zealand financial services provider company with a license for banking services, installation of an asset management company and/or Swedish Credit Union. The full version of the software provides complete online banking services, it is however only available in English.

-Bank License USA and Switzerland:

License fees, attorney fees: approx. 150,000.00 Euro/ USD

Capital Stock: approx. 5 Mil USD/CHF, depending on the country in which the company is registered. USA: 10 Mil. USD at the FED.

The formation of a US INC and/or Swiss AG as the bank company with the capital stock of the bank is required.

The directors/general manager must have an education in banking  (for example: banker) and experience in the management of a bank. A nominee director is not possible, accordingly the client would have to move his principal residence to the country in which the company is registered and/or hire a Director who resides in the country in which the company is registered. Further license requirements are similar to those in Germany, this includes among other things a viable business plan, profit and loss calculation for the first three years, General Terms and Conditions of the bank according to the statutory provisions, becoming a member of the investment guarantee funds, required insurances etc.

In addition to the basic foundation and license fees, the following costs can also be relevant:

  • Preparation of the General Terms and Conditions (T&Cs), agreements between customers and bank, credit agreements
  • Homepage of the bank, Online-Banking-System
  • SWIFT Code, IBAN, international payment transactions, electronic communication channels and interfaces
  • Connection to credit card providers, Visa-MasterCard etc.

-Securities Brokerage Bank/Investment Bank/ Full Service Bank Germany:

The basis is the German Banking Act Section 32 Article. 1 et seqq. [KWG, German Banking Act]. We accompany our clients from conception to the licensing of the bank (Federal Financial Supervisory Authority, Bafin). The fees are based on the “type of financial services” and the required services we provide. Accordingly we provide the formation of “the company of the bank”, as a rule a German AG [Inc.], the provision of banking software and “tax optimization” measures.

In addition to the basic foundation and license fees, the following costs can also be relevant:

  • Preparation of the General Terms and Conditions (T&Cs), agreements between customers and bank, credit agreements
  • Homepage of the bank, Online-Banking-System
  • SWIFT Code, IBAN, international payment transactions, electronic communication channels and interfaces
  • Connection to credit card providers, Visa-MasterCard etc.

-Financial Service Panama:

We offer you the company form of a Panama S.A. with a license to collect and administer (invest) customer assets.
With this servicewe make it possible for you to offer classic asset management or financial services without banking hours and teller’s windows, with all licenses for trustee management of client moneys.

-Swiss Credit Union:

A Swedish Credit Union can legally offer services in the EU, which can normally only be offered by fully licensed banks, such as accepting deposits, making loans, etc., as long as these services are provided exclusively to members of the Credit Union. A potential customer can become a member automatically, if he/she wants to open an account, applies for a loan or take advantage of any other service provided by the Credit Union. However the legal situation has changed in Sweden due to EU level provisions: Members of a Swedish Credit Union must now belong to one specific profession / group of professions and may only be natural persons.

-New Zealand Financial Service Company with Bank Services License

A New Zealand financial services company with license for bank services can offer services to private persons and companies globally without restrictions on the number of clients, the deposit amounts or the number of currencies. However the laws of countries, in particular the German Banking Act [Kreditwesengesetz (KWG)], must be observed under this constellation.

The New Zealand Bank can provide almost all services, which can be offered by banks with A License, however the word „Bank“ may not be apart of the name. The service activities of a financial company are as follows, but are not restricted to the same:

  • Deposits and Loans
  • Debit Cards and Credit Cards Services
  • Issuance of Financial Guarantees and Financial Instruments
  • Service in the Area of Cash Management
  • Bank Accounts
  • Check Accounts
  • Saving Accounts
  • Time Deposit Account
  • Issuance of CDs
  • Bank Transfers
  • Payment Processing
  • Fund Management
  • Investment Marketing

The company is not subject to the provisions regarding the creation of capital reserves. Directors and shareholders can have any nationality their residence can be in any country.

-Offshore-Banks Belize and Cayman Islands

Offshore Bank Cayman Islands

In particular, the Cayman Island is an interesting location for the formation of a bank with an A license. The stock capital is approx. 500,000.00 USD. The bank acts as a Universal Bank with its own IBAN, SWIFT Code etc. and may offer all bank services. First a stock corporation is formed on the Cayman Islands as a company of the bank. This stock corporation then applies for a bank license from the government agency. A qualified business operation is required on the Cayman Islands, a fully furnished office with at least one employee. An office building with “Teller Windows” can be opened. It is true that the bank cannot act as a bank in Germany in terms of a German bank (compare German Banking Act [KWG]), however such bank is very attractive for international transactions with natural persons or legal entities from other countries. Clients, that form this type of bank, usually have clients/investors from Middle America, Russia etc. With regard to the management of the bank one person is required, with a recognized banking education and experience in the banking field. A Nominee solution is not possible. The general manager of the bank must be a resident of the Cayman Islands. Such that either the client or a representative moves his/her primary residence to the Cayman Islands or hires a General Manager who resides in the Cayman Islands. The licensing process takes approx. 3 months. The fees are based on the services and are at least 120,000.00 Euro plus state fees. We can create an Internet presence with online banking software for the bank. The banking software costs between 14,000.00 and 65,000.00 Euro, depending on functionality. We will provide a corresponding provider. Office space can be selected in advance; we will provide you with a Cayman Islands real estate agent. Our German attorney can accompany you to the Cayman Islands in exchange for commensurate fees.

Offshore Bank Formation Belize 

We can realize bank formation (A-License) in Belize by means of our cooperation law firm in Belize. Information can be requested from the competent government agencies / central bank:

BELIZE

Central Bank of Belize
http://www.centralbank.org.bz/

Attorney General Ministry
http://www.belizelaw.org/

In this case a stock corporation with a place of business in Belize is formed as the company of the bank. The formation fees are based on the services, they amount to approx. 70,000.00 Euro plus government fees. Upon request we can provide full services in collaboration with the cooperation law firm located in the country in which the company is registered: