Method Financial Finds Support and Growth with Basis Theory
Method Financial is a startup on a mission: to streamline the way fintech developers integrate key functionalities like real-time financial data, repayment, balance transfers, and bill pay automation into their apps. When fintech products aspire to offer a full suite of consumer finance solutions to customers, the process of connecting to each person’s various financial accounts is complex, and becomes even more complex at scale. Method’s solution serves as the backbone for consumer finance and lending products, with easy connections to banking partners and simplified KYC and AML verifications.
“We work with a range of backend providers, such as mobile network operators, credit bureaus, payment processors, and banking providers to gather sensitive PII and account data, surface it to the user in real time, and provide them payment rails during their financial journey from any fintech app. A user can easily connect any liability data such as their student loans or credit cards to the fintech app in real time and pay it off,” said Mit Shah, Co-Founder and COO of Method Financial.
It is not difficult to see that access to such sensitive information requires a strong security posture from customers and vendors alike. The team understood that tokenization - through a third-party tokenization partner - was a more robust solution, with the ability to secure sensitive data, but also make it usable in a variety of compliant ways.
Finding A Partner to Support Rapid Growth
Shah and his team initially integrated with an alternate provider and had been live for a few months when they experienced a minor support issue. After reaching out to this partner for assistance, the response from customer support took a few weeks.
They sought a partner that could move as quickly as they moved, so this became the driving force for them to consider an alternative tokenization provider. Shah was familiar with Basis Theory as a potential solution, so he reached out to learn more and start the conversation.
From there, the process moved rather quickly.
“I believe from the time we initiated the first conversation to the time we went live, it was all wrapped up in two weeks. It was fast and without any hiccups,” Shah said.
Method Grows with The Basis Theory Method
Since launch, the Method team has been satisfied with the ease of integration and the level of support from Basis Theory. The team’s dedicated Slack support channel has been especially helpful for quick responses.
“We've had a range of requests. Sometimes the AOC is updated or some other change is required. Whenever I send a message to the Basis Theory team, I'd get an answer quickly. Then, the full turnaround time takes less than a day,” Shah said.
This benefits the sales cycle for Method, as well. Upstream vendors like banks and credit unions seeking to partner often demand more “buttoned up” security processes in their information security vendor risk assessments. Working with Basis Theory provides this sophistication needed.
“We continue to grow with Basis Theory and have not looked back since.”
