The Transmitta service is a modern technology used for banking as a service (BaaS) solution by fintech businesses and e-commerce platforms. This tool allows you as a fintech offering some sort of digital financial service to seamlessly generate an account for the end user to make payments with.
Categorically, there are two (3) layers of user interaction when using the Transmitta service.
- The Service Bank Interface
- The Fintech or Business Interface
- The End-User Interface
The Servicing Bank Interface
The service bank interface can also be considered as the sponsoring bank. This bank has a direct connection to the Nigerian interbank payment system and they use the Pooler as an alternative channel to enable smaller and sometimes, unlicensed businesses to process and receive payment by leveraging on their bank's connection to NIBSS
This service bank can be a
- Microfinance Bank
- Commercial Bank
- Organizations with a Regulatory Banking License.
In summary, the service bank is the institution that provides the BAAS service to the fintech and business users using Pooler by Woodcore.
Assumption: The services Bank is Abraka Microfinance Bank
The Fintech or Business Interface
Think of a Piggyvest, Crowdyvest, Cowrywise, or Konga stores, consider these to be the Fintech and business interfaces using "Pay by Wema, Providus, UBA etc" providing multi channels of payment to their customers while using these network of options.
Using the above description, when this Fintech or businesses integrates Pooler into their web or mobile app, their customers will be faced with an option to "Pay by Abraka Microfinance Bank."
Assumption: The service Bank is PiggyMoney
It is also important to note that PiggyMoney will have an operational account with Abraka Microfinance Bank to manage settlements and payment processing effectively.
System Process & Overview
Let's give a bit more technical context on what the Pooler is. The diagram below gives a classic illustration of how the pool account works.
Illustration 1: Displays the Service provider, the bank, or the MFB using this system to power BAAS.
Illustration 2: Displays the organization utilizing the BAAS offering to end users. offering pay by "Bank Name", etc
Illustration 3: End users utilize illustration 2 to pay for goods and services.
Posting Operations [Collections]
Other Core Banking Systems
Transmitta can also be used by Non-Woodcore customers and our documentation will be updated to reflect this. However, for now, send an email to [email protected] if you'd like us to understand your core banking system and how Transmitta can be deployed for your FI.