Jacob Baytelman - CTO, founder, blogger

Innovative Banking


Let me tell you a fairy tale about fantastic banking services.

Far far away there’s a bank without branches, well almost - if you wish, you can find a branch and speak to a nice girl there. It takes 20 minutes to open an account and get a MasterCard, you have to install an app for this, take a picture of your ID card and submit it via the app. If you want a plastic card with your name and photo on it, for increased security, you can request it via the same app and it will be sent to you in about 1 week.

Whenever you pay with this card, you get immediately a notification to your phone, thus you know your balance and the history of all your transactions. If you pay online, there’s a confirmation pop up in the app- you have to click it to perform the transaction.

The card is contactless. In London it works as Oyster.

The app allows you to make money transfers in almost no time, funds are sent and received immediately (if both accounts are in this bank) even on weekends and holidays. And all inner transfers are free of charge. So you can send money to your children or wife or husband or parents in minutes, at any time, with no charges.

You can pay with this card in any country. You can withdraw funds and also deposit funds via a wide network of ATMs. You enjoy a free credit for up to 30 days. There’s no monthly fee, only a small annual charge and a small charge for depositing and withdrawals of cash. Salary is deposited to your account with no charges.

You get an IBAN number and if you need to receive money from abroad (eg return for a cancelled flight), you simply send them this number.

You can have additional sub accounts in USD, EUR and GBP, issue virtual cards in these currencies, enjoy better exchange rates and payments online, for example for booking your flights or hotels.

You can block the card via the app, should it be lost or stolen. No annoying calls to the bank and endless hanging on.

You even have a cash back, 1-5 percents on all your purchases are returned to your account monthly if the form of real money, not some strange points or stars or discounts.

Also, you are payed some interest on the positive balance on your account. Short term saving options range from one to 12 months and are managed through the app.

What is really missing is an overdraft. It is not available, sorry. Which is good though, because you learn to manage your finances properly, without getting into bad debts.

Now what if I tell you it’s not a fantasy, but a reality in... Ukraine.

J.Baytelman December, 2018