EMPOWER offers a simplified version of these other apps like Earnin and Dave. The user sign up is easy and straightforward. Features include:
Biometric login with native app fingerprint (or face ID).
We only need to collect information from user similar to Empower app. So if they don’t ask for social security number, we don’t need it. They do ask for linking debit card but it’s not forced until later, before user takes the loan.
There’s an API tie in to PLAID that links up with the users back account.
There’s an API with Signal from PLAID that decides how much to lend the user based on banking history (we should be able to see transaction history) and a few pay checks deposited in their account.
There’s an API with Amex merchant that allows for lending the money and returning the loan via ACH. If you’re familiar with another platform instead of Amex, we’re open to using. PLAID has a system called Transfer that we might want to use if it’s better than the others.
We would need all other api tie ins that Empower would be using to facilitate the authentication, authorizing loans, pulling back funds when loan is due, or for example checking users bank account (to make sure there’s enough funds) before pulling the return on the loan.
There’s an admin panel that allows customer service to manually approve, increase or block loans.

Please let us know if you already have previous code and experience for admin panel that you built for another micro lending app, or any ALGOs that you used for decision making for lending and for amount of loan (typical $20 to $150 range that’s usually offered with advanced pay wage apps). Algos are a big plus. Must have experience with PLAID APIs and ACH transfer APIs. Must have experience with bank level protections and best practices, PCI compliancy, strong encryption for all api calls and app interactions, tokenizations, etc.

There’s a feature that allows the user to push off the payment to the next paycheck date from admin or user end.
There’s a feature that allows admin to manually enter what dates the user gets their paycheck.
Loan is issued like Empower, user can select one of 3 methods:  Loan to 3rd party debit card, loan to bank with ACH (slow version) or expedited to bank.

We’re only charging expediting fee like Empower, and option for tip with easy opt out, but NO monthly subscription fee (unless there’s a strong reason to implement a small $1 a month fee like Dave app.)  

(We don’t need api for user "payroll" login.
We don’t currently need to allow the user to use the app as a banking app for deposits (with Evolve).
We don’t need to be able to issue digital or physical debit cards.
Maybe we’ll add all these features in the future. But not now.
We currently don’t need build out for user to track their personal finances and spending (if extra code built already, it’s a small plus and we can use it.)
Basic user profile and settings page for user.

Design should be clean, pleasant and modern like Empower app.

Hourly Range: $25.00-$45.00

Posted On: February 07, 2024 21:29 UTC
Category: Mobile App Development
Skills:Flutter, Smartphone, Android, iOS, Biometrics, Admin Panel Setup, PCI, Mobile App Design

Country: United States

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