According to experts’ calculations in 2024, the turnover in the payment solutions market will exceed 16 billion USD. But this is not the limit because the forecast shows that by 2029, this figure will double. Unfortunately, where there is a lot of money, fraud thrives. Online payments will result in the loss of more than 360 billion U.S. dollars over the same period from 2024 to 2029. Such predictions indicate that providers need to work hard to ensure the security of the White Label payment solutions they have developed.
White Label payment solutions: what are they?
A White Label card issuing solution is a suite of software tools developed by a provider to issue cards and manage the entire card program. This suite is sold to clients or leased for personal use or further resale.
To develop such a program on your own, you need to have a staff of highly qualified IT specialists and deal with a lot of legal and administrative problems. Most companies cannot do this and cannot afford it. It is much easier to use a ready-made solution that can be adapted to specific business needs. In addition to developing such a set of programs, the provider is responsible for further supporting and maintaining the infrastructure. Security is one of the most important aspects for which it is also responsible.
Scope of White Label solutions
White Label solutions allow you to quickly establish card issuing and bring your card product to the market in a matter of weeks. It can be done in a short period and with minimal costs. Companies from different spheres are interested in this approach:
- banking institutions;
- e-commerce businesses;
- travel companies;
- marketplaces;
- FinTech startups;
- credit providers;
- insurance companies, etc.
While large businesses have the opportunity to create their software products, small and medium-sized businesses are only sometimes financially capable of completing such a project. It is much easier and more profitable for these companies to use a reliable and secure Wallester platform instead of investing money and time in their development.
Advantages of White Label payment solutions
White Label payment solutions have the following advantages for the user:
- The card product reaches the market in a short period. The client gets access to the platform, learns how to work with it, and, in a few days, can independently launch the card program and process transactions;
- Economic benefit. The platform users do not spend money to pay for the labor of high-class IT personnel; they do not bear the costs associated with the maintenance of infrastructure, the development and modernization of the system and ensuring its reliable protection. He only needs to pay a monthly subscription fee for the use of the platform;
- Easy and fast customization. Ready-made solutions can be customized to meet the needs of any business. They have a lot of useful tools for all areas of activity;
- Additional income. In White Label payment solutions, you can set a fee for using services. It can be a fee for withdrawing funds from the card, for its reissuance and other services.
One of the main advantages of ready-made White Label payment solutions is their security. Not every company developing its card product can utilize modern security protocols for risk management and fraud prevention. Providers developing such solutions strictly comply with legislation and use innovative developments to fight cybercrime.
Security tools
Let us list the most popular security protocols used by White Label payment solutions:
- PCI DSS. It is a standard protocol that regulates the main points in managing credit card transactions. The network is monitored, accesses are controlled, vulnerabilities are detected, and cardholder information is secured;
- E2EE. This protocol encrypts payment data during its transmission from the buyer’s device to the merchant’s device;
- SSL and TNS. These are protocols that protect sensitive information in browsers and applications. The first protocol is an older version, so it is considered less secure;
- 3D Secure. The protocol involves additional steps to authenticate payment cardholders. A one-time password or payment confirmation via online banking may be requested before each transaction.
The Wallester platform utilizes an automated fraud-monitoring system that detects and prevents fraudulent activities. It provides full security for all money transactions made within the framework of the card program created on the platform. In addition, Wallester identifies individuals and legal entities by international anti-money laundering rules. It allows timely detection of unreliable clients and the card program’s safe registration of new users.
The use of all these tools to ensure the security of payment transactions rests with the provider who has developed and provided the White Label solution to the client. At the same time, users must also improve their cybersecurity literacy, as no protocol will protect against irresponsibility or negligence.
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