Cashoff Service of Internet banks for individuals

The cloud service from CASHOFF which is built in the graphical interface of Internet and mobile banks for individuals allows to collect and in a complex to analyze financial data of clients of banks, including on the basis of information from other banks, e-wallets and providers of cellular communication. Results of the intellectual analysis of cash flows based on mathematical algorithms CASHOFF allow banks to predict behavior of the clients and to timely offer them relevant products.

2019: Technology of proof of income in electronic form

On August 15, 2019 the company Cashoff presented the technological solution which considerably simplifies work of banks in the conditions of CENTRAL BANK RUSSIAN FEDERATION decree No. 4892-U which becomes effective since October 1, 2019. According to the decree, banks will have to receive without fail documentary proof of income of clients before issue credits. Otherwise, banks will be obliged to increase the reserves that can complicate considerably their work in the market of unsecured consumer lending.

The solution Cashoff offers banks an opportunity in electronic form to receive account statements, to cards, deposits and the credits from the systems of online and mobile service of third-party banks, and to use data retrieveds for the purpose of confirmation of income of clients, according to point 7 of application 9 of the decree of the Central Bank of the Russian Federation No. 4892-U. Besides, the technology can be applied to acceleration of decision making at issuance of credits, increases in accuracy of scoring and profiling of users at the expense of the additional information about income and expenses.

Banks are our primary clients therefore for us it is especially important to be aware of the policy of the Central Bank. Need of check of a debt load of borrowers noticeably changes a landscape of all banking sector, at the same time all market participants understand inevitability of such requirements. We aimed at that our technological solution allowed banks to conform completely to requirements of the Central Bank without any ghost effects – such as increase in reserves under credit risks or deceleration of the credit pipeline, commented Mikhail Medvedev, the CEO of Cashoff

2018: Start of mobile version of "Cashback from Producers to Clients of Banks" service

On May 21, 2018 the Cashoff company announced start of mobile version of "Cashback from Producers to Clients of Banks" service. The application is available to downloading in Google Play and App Store.

In the Cashback system from Cashoff of payment for a cashback are provided not with banks, but producers of goods. At the same time banks have an additional source of income - the commission from the producer for everyone a cashback offer. For producers – it is the digital-channel of target interaction with consumers, and for buyers – notable economy and the fascinating digital experience opening an era of digital-of banking consider in Cashoff.

According to information provided by the developer, service is integrated into interfaces mobile and web versions of banks as cloud white label of service. Additional innovation tools provide the active involvement of consumers (gamification: "smart councils" from the intellectual assistant and the financial purposes with remuneration on achievement). Advantage of service is automatic loading of the check when using cards of loyalty during payment of purchases. Also the consumer can receive the increased payments for a cashback – to 50% of purchase, noted in Cashoff.

Intermediate processing of data is of interest to banks and producers, according to the developer. They allow to create the innovation business model:

• enrichment of the financial flows of clients of banks given through the analysis – formation of the database for further information processing;
• detailing of electronic checks to goods items – recognition of goods on a cashback action in the check;
• verification of purchase through reconciliation of the amount of the check with bank transaction – an exception of duplicates of payment of a cashback;
• creation of consumer patterns on the basis of the history of purchases – the forecast of emergence of future requirements and the timely, personalized offer to the consumer.

In plans of the company – training of the CASHOFF system in comparison of consumer baskets and to formation of recommendations for commission of more profitable purchases.

2015

Start of service in 15+ banks

For 2015 the company achieved impressive success, as regarding development of functionality of a product, and its market promotion. The CASHOFF service is started in 15+ banks among which there are Rosgosstrakh Bank, Loco-Bank, Russian Regional Development Bank (bank of Rosneft), Bank of Innovations and Development. Clients of CASHOFF also steel three of the largest Russian both European Bank and two telecommunication holdings which became interested in the analytical engine of service. In commercial operation at these clients the CASHOFF is going to announce start of service in 2016, after end of pilot projects.

Besides, in 2015 the command of CASHOFF implemented mobile version of service and embedded it in packaged AndroidiOS applications / companies BSS - participant of the market of the Russian Federation of systems remote banking. The used technology of embedding allows to implement CASHOFF in any mobile banks within several weeks, and mobile banks on the iDa Mobile platform only during few weeks. In mobile version new functionality based on features of mobile devices is implemented. These are first of all reports of expenses on location and also accounting of geographical coordinates when forming personal recommendations to clients of banks.

Appointment and functionality

Screenshot of application window 2015

According to information for September, 2015 the CASHOFF service is intended for collecting and processing of financial flows of clients with detailing of purchases to goods items in the electronic check.

The products implemented based on service provide additional sources of income and increase in activity of clients in Digital channels of Bank:

• Cashback from the producer for purchase of goods in any shop according to the card of Bank
• Multibank - all finance from different banks in the mode of one window, as Open API alternative
• PFM/BFM is management tools personal finance and finance of the enterprise, the recommendation, cross-sale
• Enrichment of bank transactions - determination: categories, names/logos of merchants, geolocation and so forth.

Functionality

• automatic distribution of operations on categories
• automatic formation of the budget
• financial plan:
  • month,
  • quarter
  • year

• itemized statements on expenses:
  • shops,
  • geography,
  • categories

• intellectual analysis of cash flows
• personal councils:
  • cost reduction,
  • increase in income