Financial institutions such as Banks and Credit Unions, have millions of small businesses as their customers, but are not able to offer compelling payment acceptance solutions to these businesses.

• Despite holding bank accounts with financial institutions, businesses prefer to use innovative solutions such as Square, Stripe, Shopify, etc., as the main channels through which they accept in-person and online payments.
  
  

• This means that financial institutions miss out on the revenue that could be generated, if they were able to offer compelling payment acceptance solutions to their business clients. Financial institutions also miss out on access to data what would enable them to make better informed decisions when offering services such as business financing.
  
  

•  In todays connected world, a compelling payment acceptance solution has to provide substantial core functionality, while also providing an API based marketplace, using which third party service providers can add value and enhance the ecosystem.  Individually, financial institutions, particularly smaller ones, are not able to build or maintain such an ecosystem.
  
  
• The new FedNow Instant payments, set to be launched in July 2023 by the US Federal bank, will provide a new channel for banks to offer instant payment capabilities to their clients, without having to go through proprietary payment networks such as Visa, MasterCard, etc. Financial institutions will have to deploy compelling end user applications, in order to capitalize on the opportunities available with FedNow instant payments.

Krossroads is:

• A platform that financial institutions can white label, and deploy in-house, to offer payment acceptance solutions to their clients.
  
  
• Includes turnkey functionality to support in-person payments, as well as online ecommerce payments.
  
  
• Has an API that third party organizations can use to build apps that would be relevant to businesses.
  
  
• Is banking core agnostic, and therefore can be deployed regardless of the type of banking core in use at a financial institution.
  
  
• Is not dependent on any banking core functionality, and therefore can be ring fenced to isolate payment processing functionality from existing core banking functionality.
  
  
• If payment processor agnostic. Banks are therefore at liberty to maintain any existing payment processor relationships that they have or forge new relationships

• Payment processing market size in 2021:  $46.81 Billion
  
  
• Compound Annual Growth Rate (2022 – 2030):  13.9%
  
  
• Revenue forecast in 2030: $150.21 Billion
  
  

The krossroads platform can be deployed in any financial jurisdiction, and therefore is not limited to the US market.

Payment Facilitators (Not related to Financial Institutions)

• PayPal
• Square/Block
• Stripe
• Adyen
• Intuit

Payment Processors (Banks can resale their proprietary products)

• Fiserv
• Global Payments
• FIS/WorldPay
• Elavon

• Chase
• Bank of America
• Wells Fargo
• PNC Bank
• US Bank

• We have developed white label payment applications for iOS, Android, Web and Desktop (Windows, MacOS, ChromeOS & Linux) and have signed up 108 US and international businesses to use the applications in their day to day operations . We are using feedback from these businesses to further fine tune the applications.

   

• We have developed technology based on Flutter that enables us to create applications for iOS, Android, web and desktop, based on a single codebase. This significantly reduces the cost, effort and time required to make applications available on the environments that users have expressed preference for.

   

• We are partnering with Independent Sales Organizations (ISO) and Valued added Resellers (VAR), to establish channels for reaching more businesses, whose input is crucial for achieving product-market fit.

We are targeting the following milestones in the next 6 months:

•  2-3 Months to get SOC2 certification for our payment applications. This will put us in better footing to partner with financial institutions which understandably have stringent requirements for applications that they offer to their customers.

   

• Partner with Alloy Labs (https://www.alloylabs.com/concept-lab) to  gain access to sponsor banks and collaborate to build a partnership model, then subsequently pursue partnerships with the  70+ banks that are part of the Alloy Labs program.

   

• Raise funds within the next 6 months to be used for:
  •  Customer/Partnership Development
  • Early marketing efforts
  • Product -Market fit
  • Recruit for key positions in business development and finance