By Jason Latham - 22 Feb 2022
Jason Latham is Shaype’s Chief Information Officer. In this role, Jason is responsible for the technical design, development and delivery of the Shaype cloud-native embedded finance platform that enables our clients to accelerate new products.
How Shaype accelerated Nano's speed to market
In December 2021, the Shaype team was delighted to win Best Fintech Non-Bank Partnership at the 2021 FinTECH Awards.
We submitted our entry based on our partnership with non-bank lender Nano Digital Home Loans (“Nano”).
Here are the highlights.
Speeding up the time to “yes”
Nano was established with the belief it could leverage technology to solve pain points in an approval process that has blown out to more than a month with some lenders. In 2020, the Nano team managed to square away the brand and the balance sheet, but still had to build the mobile app product, employing the latest technology, and go-to-market.
And this is precisely where the Shaype platform and our commercial partnership came in.
Enter: Shaype
Shaype’s CEO and co-founder Andrew Laycock says:
At Shaype, we believe the future of finance is not bounded by the concept of first-generation of digital banking. We see an opportunity to provide seamless integration of embedded financial services into any financial company to improve customer experience and add value.
The Shaype value proposition resonated with Nano who needed to deliver a full featured app on iOS and Android.
Partnering with Shaype gave Nano rapid access to the Australian payments network so it could offer homeowners a one-stop-shop for their everyday financial needs not just their loan.
Born in the cloud microservice architecture
Shaype’s serverless, cloud native microservice architecture is hosted across multiple AWS regions and provides complete yet flexible coverage of the payments ecosystem. It can be deployed and tested anywhere within four hours.
Without any friction Nano was able to embed financial journeys within its mortgage product.
Together we created joint IP allowing for the seamless integration of Nano’s lending core with Shaype’s transaction platform. This gives customers a true “one account” for embedding mortgage, savings and transactional activity in a single place.
The flow of data happens in real-time as well as always being available via API.
One-stop-shop for embedded finance via a single API
Shaype provides access to its independently owned and built one-API embedded finance platform which enables Nano to offer a fully transactional solution to complement its credit engine. The services Shaype provides to Nano include:
Bank accounts
Card payments – Visa Platinum Debit Card
Bank transfers – New Payments Platform, Direct Entry, BPAY and HayPay
Financial crime compliance tools - AML/CTF/KYC and anti-fraud monitoring
Dynamic authorisation
Customer onboarding
Apple Pay and Google Pay wallets
Settlement data and reconciliations
Back office management services
Since initial release, Shaype has supported product improvements for Nano such as sub-accounts (or “pots”), Direct Debit, joint accounts, scheduled payments and BPAY. In fact, through its partnership with Shaype, Nano removed upwards of 6 months of build and intricate integration from its critical path and de-risked this vital piece of its app.
From white-boarding to market in record time
Shaype is a cloud-native player, like Nano, which means we both operate with speed and agility.
Shaype provided access to its independently owned and built one-API embedded finance platform which enable Nano to build a fully transactional solution to complement its credit engine.
Partnering with Shaype, Nano was able accelerate its timeline and focus innovation efforts on other areas of the customer journey that created more value and improved the overall home loan experience.
The complete timeframe from white-boarding to market was just 9 months (August 2020 to April 2021) which is less than half the time it would otherwise have taken. From signing the partnership, it was less than 90 days before Nano had its first customer make a payment from their offset account.
Alignment of Values and Vision
Nano was built off the principles of innovation, clarity, and fairness and as Nano’s partner Shaype upstands these values.
Shaype is proud of this partnership as a showcase for the power and speed of its one-stop embedded payments ecosystem and we look forward to the future.
For more information about Shaype please reach out using our contact form to get in touch.