UNIPaaS Enables XPO to Build a Bank for the Creator Economy and Pay Influencers Instantly
XPO required a fintech infrastructure solution that would allow them to pay multiple creators and influencers instantly (from 15 minutes up to 2 hours to see the money in the bank). In addition, as an invoice factoring and banking app for influencers, they needed a flexible solution to deploy banking as a service without the associated complexities, regulatory risks and costs.
Since XPO offers their clients instant payment by funding the influencers’ postponed invoices, they needed a TOP-UP solution that would support their vision.
It was important to them to get an "all in one” unified solution that would allow them to grow as a fintech company and to support end-to-end abilities.
Beyond these two core capabilities, XPO looked for a solution that could be implemented quickly and easily with exceptional customer service. After conducting its due diligence, the XPO team concluded that many prominent, more traditional providers could not meet these requirements.
The UNIPaaS solution enables XPO to deliver on its core value proposition and puts the company at the forefront of innovation in the influencer community.
XPO, can now make payments through UNIPaaS’ backend payment processes and automate payment reconciliations; maximizing efficiency and payment speed to pay instantly.
XPO can also view all the eWallet balances in real-time and gain control over its entire funds flow. The solution also provides the flexible infrastructure needed for XPO to quickly and easily embed banking as a service into its application.
Building a bank for influencers
In 2020, XPO’s founding team, led by CEO Lotanna Ezeike, identified a critical challenge faced by creators and influencers. Thousands of independent creators worked with companies on content and marketing products, but they had to wait weeks or even months for payment. On the other hand, the banks failed to recognize creators and influencers as businesses, thus preventing them from building the tools and services they needed.
XPO’s goal has always been to develop an entire financial services ecosystem for the creator economy. To do this, XPO found in UNIPaaS a team with an aligned vision and a solution with the capabilities to achieve this longer-term vision.
Partnering with UNIPaaS
To overcome these challenges, XPO needed a payment solution that would allow instant payouts and enable them to easily embed other financial services into their application as required. Although XPO evaluated several payment service providers, it discovered that most were only able to handle payouts slowly, from 4 days up to several weeks. Furthermore, they found that these solutions were too complex and expensive for early-stage startups to implement and had limited customer service.
XPO looked for a solution that would unify all its financial infrastructure into one system, so that they would have it all in one place.
Commenting on the collaboration with UNIPaaS, Lotanna Ezeike, CEO of XPO App, said:
As a native app that offers actual digital banking with invoice factoring for influencers and content creators, XPO chose to use the API integration.
It enables a seamless customer experience (CX) within the XPO app that covers all aspects of individuals, sole traders verification (KYC) while complying with all regulatory requirements and paying the influencers instantly.
With UNIPaaS’ multi-vendor eWallet system, the XPO team can manage balances and automate payout processes to optimise their financial operations and support their business as it scales.
XPO understood that as a company dealing with trend-setters, their infrastructure must support rapid growth and quick changes in order to scale, so automatic reconciliation was a mandatory requirement from day one.
By doing so, XPO can facilitate instant payouts to multiple parties in near real-time and deliver on its core offering. Equally critical for XPO is the support provided by UNIPaaS’ team of experts, who assist them to adjust the most suitable solution and to support them every step of the way to achieve their results.
XPO has implemented UNIPaaS' fintech infrastructure, allowing faster payments and banking as a service (BaaS). By taking care of the verification within the XPO brand experience and providing ongoing regulatory monitoring, XPO can move fast and confidently to offer value-added financial services in the future.