Online rotating savings platform
Budget: $3,000 – $5,000 AUD
Business Model Overview
The business model involves creation of an online platform that manages savings groups called “Tables” for Australian market. A successfully registered member can create a Table (and invite others to join) or can join an existing Table.
The business model will allow members to contribute money to a common account periodically with one member selected to receive the contributed funds for each period. The business model also involves automating the movement of funds between members through direct debit. Similar to a chit fund where money contributed to a common pool is invested in a project, in this case it is invested in one of the members.
Critical Processes
Registration
Platform should allow smooth registration of members by accepting personal data and verifying the information in compliance with Australian KYC\AML Rules. The platform will accept the following information as part of registration:
● Name
● Physical Address
● Email address
● Two forms of ID (either Licence, Medicare Card or Australian Passport)
● Bank Account Details
● Mobile Number
● Financial Data (Income + Expenses)
Platform should verify ID information through an API link to a third party and also calculate Net Disposable Income using Financial Data provided by the applicant. There are also limitations that the platform should apply based on provided financial information.
Creating Tables
A successfully registered member can either join an existing Table (after receiving invitation) or they can create their own. A member should be able to enter the following information as part of creating a Table:
● Table Name
● Table Number (auto-generate)
● Contribution Amount
● Contribution Frequency
● Set Receiving Order
● Table Start Date
● Invite Members
● Table Rules
● Table End Date (set based on number of members + Frequency
There are limitations that should apply to members based on membership type (Table Leader or general member)
Accepting Invitation to Join Table
Platform should allow a member to accept invitation by either clicking on a unique link or entering Table Number
If accepting person is not an existing member, link should take to registration page. If existing, should take to log in page.
Link should also allow member to accept table rules by ticking a box confirming that they accept and have discussed with other members and another box to accept pot receiving order
Participating in Tables
The platform should allow for the processing of direct debit through payment gateway provider or by uploading processed direct debit files. The platform should also allow for the following:
● Send payment reminders to members (email)
● Updating member accounts using processed direct debit information and send communication to members based on that information
● Deduct Service Fee from linked from the contributed pool of money before sending the member who is scheduled to receive
● Show reports on customer dashboard – Total funds saved, member receiving position, member’s credit score derived from a third party through linked API
Managing Members
The platform should allow for the following:
● Members to update profile – contact details, bank details, personal details
● Add or Remove members
● Apply penalties applicable based on circumstances
● Suspend or remove member accounts
● Pause Tables
● Display administrative reports – total number of members, critical dates, service fees paid and other relevant reports
Critical APIs Linked to Platform and Third-Party Software Providers
● KYC\AML – Frankie One or Rapid ID or Stripe
● Two factor authentication systems
● Hubspot – Customer Relationship Management System
● Xero – Accounting and Payroll
● Payment Gateway Provider – Stripe or Pay Advantage
● Amazon Web Services – to host platform and Back-Up services
● Integration with cybersecurity systems such as Anti-Viral and encryption software in compliance with Australian laws
● Social media integration on website – Facebook Messenger
The business model involves creation of an online platform that manages savings groups called “Tables” for Australian market. A successfully registered member can create a Table (and invite others to join) or can join an existing Table.
The business model will allow members to contribute money to a common account periodically with one member selected to receive the contributed funds for each period. The business model also involves automating the movement of funds between members through direct debit. Similar to a chit fund where money contributed to a common pool is invested in a project, in this case it is invested in one of the members.
Critical Processes
Registration
Platform should allow smooth registration of members by accepting personal data and verifying the information in compliance with Australian KYC\AML Rules. The platform will accept the following information as part of registration:
● Name
● Physical Address
● Email address
● Two forms of ID (either Licence, Medicare Card or Australian Passport)
● Bank Account Details
● Mobile Number
● Financial Data (Income + Expenses)
Platform should verify ID information through an API link to a third party and also calculate Net Disposable Income using Financial Data provided by the applicant. There are also limitations that the platform should apply based on provided financial information.
Creating Tables
A successfully registered member can either join an existing Table (after receiving invitation) or they can create their own. A member should be able to enter the following information as part of creating a Table:
● Table Name
● Table Number (auto-generate)
● Contribution Amount
● Contribution Frequency
● Set Receiving Order
● Table Start Date
● Invite Members
● Table Rules
● Table End Date (set based on number of members + Frequency
There are limitations that should apply to members based on membership type (Table Leader or general member)
Accepting Invitation to Join Table
Platform should allow a member to accept invitation by either clicking on a unique link or entering Table Number
If accepting person is not an existing member, link should take to registration page. If existing, should take to log in page.
Link should also allow member to accept table rules by ticking a box confirming that they accept and have discussed with other members and another box to accept pot receiving order
Participating in Tables
The platform should allow for the processing of direct debit through payment gateway provider or by uploading processed direct debit files. The platform should also allow for the following:
● Send payment reminders to members (email)
● Updating member accounts using processed direct debit information and send communication to members based on that information
● Deduct Service Fee from linked from the contributed pool of money before sending the member who is scheduled to receive
● Show reports on customer dashboard – Total funds saved, member receiving position, member’s credit score derived from a third party through linked API
Managing Members
The platform should allow for the following:
● Members to update profile – contact details, bank details, personal details
● Add or Remove members
● Apply penalties applicable based on circumstances
● Suspend or remove member accounts
● Pause Tables
● Display administrative reports – total number of members, critical dates, service fees paid and other relevant reports
Critical APIs Linked to Platform and Third-Party Software Providers
● KYC\AML – Frankie One or Rapid ID or Stripe
● Two factor authentication systems
● Hubspot – Customer Relationship Management System
● Xero – Accounting and Payroll
● Payment Gateway Provider – Stripe or Pay Advantage
● Amazon Web Services – to host platform and Back-Up services
● Integration with cybersecurity systems such as Anti-Viral and encryption software in compliance with Australian laws
● Social media integration on website – Facebook Messenger