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“Working with solarisBank saves us days of manual processes every month.”

Martin Geldermann, COO fashioncheque and cofounder Germany

fashioncheque

E-money gift card

1,000+

brands

20,000+

retail stores

50,000+

transactions per week

A gift card for every fashion lover

fashioncheque is Europe’s largest open loop fashion and textiles gift card issuer. Holders of a fashioncheque gift card can use it to shop at more than 20,000 partner stores in four countries. Customers can select from over 1,000 internationally recognized fashion brands including such names as Esprit, G-Star, Suitsupply, Vero Moda, and Hunkemöller.
As the gift card space expands, regulation has increased. Today European gift card issuers need to comply with a host of regulations, most notably the EU Payment Services Directive (PSD), which requires them to partner with a licensed financial institution to ensure the integrity of transactions. That’s where solarisBank comes in.

Company overview

Fashioncheque is Europe’s largest gift card issuer in the fashion and textile space

Our challenge

Help fashioncheque ensure regulatory compliance while modernizing their processes and increasing efficiency.

The challenge

E-money is subject to strict regulation, so issuers need to clear several legal, technical, and procedural hurdles. In order to comply with this legislation, gift card issuers need to partner with a bank and segregate customer funds. However, few banks have the necessary technology to automatically trigger, track, settle and clear the thousands of daily transactions modern gift card issuers generate.

Legal

Gift card issuers must partner with a licensed financial institution in order to be compliant with regulations like the Payment Services Directive.

Technical

Implement a powerful and legally compliant e-money solution capable of serving thousands of end customers and transactions per day.

Procedural

fashioncheque must guarantee compliance with equity capital requirements and prescribed transaction procedures, comparable to those at a bank.

The challenge

Use the solarisBank Escrow and E-Money API to create an intelligent layer between fashioncheque, their card distributors, and their settlement partners to automate transactions and balances in real-time, eliminating the labor-intensive step of manually submitting weekly batch file updates for settlements and clearing.

POST /v1/escrow/items/7d35cb20123482bbe1068482b2a637988eitm/transactions
{
    "reference": “3157019",
    "type": "payin",
    "amount": {
    "value": 10000,
    "currency": "EUR",
unit": "cents
},
    "charges": [
{
    "reference": “3010348",
    "type": "payout",
    "amount": {
    "value": 200,
    "currency": "EUR",
unit": "cents
}
}
],
entity_id": “a12b338b1b2a5fc27b0459224ef8dffdevnd
}
POST /entities

{
"reference": "",
"name": "Gucci Milan",
iban": "DE84110101001000001130
}

Introducing the all-new fashioncheque

fashioncheque’s customers

Use their gift cards as seamlessly and effortlessly as they would any other at diverse retailers and points-of-sale

fashioncheque

Integrates with solarisBank’s RESTful API to manage thousands of daily transactions

solarisBank

Performs PSD I and II-compliant banking procedures and transaction processing, settlements, and clearing in near real-time

Gift cards and e-money: 100% compliant and easy to implement

solarisBank Escrow and E-money's modular features allowed fashioncheque to craft the perfect gift card solution for its business model.

Accounts

Accounts integrated via RESTful API to settle and clear transactions in near real-time.

E-money license

Issuers of E-money must be covered by the appropriate license and comply with PSD II.

Transactions

Perform compliant transactions in near real-time.

  • Accounts

    Accounts integrated via RESTful API to settle and clear transactions in near real-time.

  • E-money license

    Issuers of E-money must be covered by the appropriate license and comply with PSD II.

  • Transactions

    Perform compliant transactions in near real-time.

“We were impressed by solarisBank’s exclusive focus on empowering other digital businesses. That’s hard to find in the banking world.”

Martin Gelderman, COO

Results and next steps

In 2017, fashioncheque will expand its operations to three more countries. The EU’s “passporting” directive allows solarisBank to quickly extend operations into new markets. In a few years, half of all EU countries will be able to give and use fashioncheque gift cards. fashioncheque gift vouchers will be usable in any country, regardless of the currency and country in which they were purchased.

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