Rehive and Wyre make it easy to launch a fully compliant fintech app in a matter of days
San Francisco, April 20, 2022 — We are excited to announce that our integration with Wyre is live!
Rehive is the easiest way for marketplaces to add financial services to their ecosystem or for new fintechs to get started. There is a lot of fintech infrastructure available, but it is still expensive and complex to build your own app on top of these providers. Rehive has created a no-code fintech app builder that makes it easy to go to market with your own branded iOS, Android, and web app.
Wyre solves all the heavy lifting around compliance, on-off-ramps, money services licenses, and custody of user funds. We are excited about this integration because it is a first of its kind for no-code fintech app development. It’s a game-changer if you want to leverage embedded finance in your business.
The key use case for marketplaces is doing payouts and payments within their ecosystems. Instead of doing payouts to Paypal, Cash App, or bank accounts, marketplaces can now launch their own branded payment solutions. It is an opportunity to save on payout fees, open new revenue streams and retain customers better.
Businesses can create a sandbox account on Rehive and follow the step-by-step onboarding process to configure their fintech application with their own branding. Clients have the option to build on Rehive’s API, re-use frontend modules, or simply leverage the standalone application.
The integration also supports USDC — a dollar stablecoin — powered on the Stellar network. Stellar enables seamless, near-instant, low-cost cross-border payments.
What features are supported?
With Rehive and Wyre, you’ll be able to offer your users a range of amazing features right out of the box. Rehive specializes in the application layer of the fintech stack, while Wyre provides the essential infrastructure and compliance services. The end product includes:
- Streamlined customer onboarding and verification
- Deposit USD via ACH and card payments
- Withdraw USD to a bank account
- Create and send a payment request
- Send USD or crypto to an email address, mobile number, or username
- In-app purchases
- Merchant marketplace
- Buy and sell cryptocurrency via the app (to be rolled out in a second phase)
- Businesses can accept a point-of-sale payment via scan to pay
- Businesses can integrate online checkout with log in to pay
In addition to the consumer and merchant features, you also get an administration portal to manage your customers and transactions in one place.
What is an example use case?
The answer is payouts! If you are doing payouts to end-users, why do it via PayPal or banking rails if you could do it with your own app?
Marketplaces are aggressively looking into embedded finance, but not really finding a grip on how to incorporate finance features in their apps. In our opinion, the best starting point is a standalone application for doing payouts and offering “PayPal”-like features under your own branding. It forms a base to expand into more advanced finance capabilities, while not slowing down rollouts in the short term.
The use case is especially a great fit for marketplaces. Payouts are expensive and the opportunity cost of not “banking” your own customer leaves money on the table.
There is no industry limitation, whether you’re focused on transportation, freelancing, coworking spaces, healthcare, shared economy, universities, clubs, malls, or resorts.
How much does it cost?
Unpacking Rehive’s fees
You can find exact details of our pricing on our website.
Rehive charges a usage fee based on active monthly users and transactions. Active user fees vary from $0.25 to $0.50 per user, depending on which extensions applications are activated. Transaction fees are set at $0.001/transaction. Usage fees will be deducted from credits on a monthly basis.
Successful applicants will get $7,500 in Premium subscription credits which expire within 3 months of issuance if not used. The subscription usually costs $2,500/month which includes a fully white-labeled web, iOS, and Android app.
If you decide not to continue with your subscription after the credits have expired, you can either cancel the subscription or downgrade to the Standard or Starter plan. These plans do not include access to the frontend codebase license.
Unpacking Wyre’s fees
Wyre’s fees might change. At the time of writing their fees are:
- Card processing fees for loading a balance with USD: Between 2.9% + 30 cents and 3.9% + 30 cents.
- ACH processing fees for loading a balance with USD: 0.2% fees
- Paying from one bank account to another: 0.2%
- Conversions between any currencies: 0.75%
- Wallet transfers between users in the same currency: 0%
- Standard on-chain network fees apply for the various blockchains
What currencies are supported?
Rehive’s system supports any currency format, whether fiat, crypto, tokens, stablecoins, or even points. However, for the pilot program, only Wyre-supported currency will be available.
At the time of writing, the following funding currencies are available through the Wyre dashboard. For the debit card and ACH services, USD is the only supported funding currency.
- BTC — Bitcoin
- DAI — DAI
- ETH — Ethereum
- USDC — USDC
- AUD — Australian Dollar
- EUR — Euro
- XLM — Stellar Lumens
- USD — US Dollar
Wyre has a more extensive list of tradable currency pairs documented on their website.
How long does it take to go live and what is required?
If everything is in order you can be up and running in a matter of days. What we need in order to help you get started is:
- Follow these steps to open a Wyre Business account and take these tips into consideration.
- Prepare your branding, app store accounts, terms of service, etc. Review the full checklist here.
- Familiarize yourself with Rehive’s go-live review process.
Once your application has been accepted, we will reach out to schedule a training and handover session to get you started.
How do on/off ramps, compliance, custody, and licensing work?
This is where Wyre comes in. They take care of compliance, cash-in/out, and custody of end-user funds behind the scenes.
We recommend learning more about Wyre’s services on their website and help center.
What if Wyre is not supported in my region?
Currently, you need a Wyre account to apply to this program. If you are not eligible for a Wyre account, you can still use Rehive. However, you will need to do your own integrations with a bank partner that can support your use case in your region.
Contact our sales team for more information.
