Digital Disbursement

This product is designed for a top fintech company in US.
Merchant would initiate bulk transactions to their consumer by email, and consumer will have choice to select payout method of his/her choice like ACH, RTP, Visa/Mastercard Debit Cards, gift card, PayPal wallet, Crypto wallet.

Problem Statement

Many businesses need to send high volumes of payments to their customers, clients or business partners. These includes mass payouts such as insurance claim payments, merchant refunds and rebates, and payouts for digital economies. Several of these payments are still sent via check, but printing, mailing and tracking check payments takes time and money. Most digital solutions are costly, slow and do not have broad reach.

Product goals

Easy & flexible - Multiple payment options and rails for payment delivery
Fast - Instant, same day or next day settlement
Cost efficient - Less paper and mail costs
Easy to track - Track payment activity and perform automated reconsiciliation and reduce manual effort
Simple - Integrates into your existing processes using APIs or file transfer
Bank-trusted security - Proven risk management and security measures

Solution

Fast, Instant digital payouts
Instant insights on payment status
Is ubiquitous (with respect to account type, network)
Integrates easily
Offers a secure solution for storing/sending card information
Is mobile friendly

Process

Series of meetings and small workshops with Product Managers, Architects to understand the requirement
Did Competitors Analysis of entities in the domain
Created user persona and Task flows
Eventually, presented our findings to product iterated it further based on the feedback generated through this exercise.
created a low fidelity wireframe to validate our understanding and validated it through group of sudo users.
Based on the feedback received created high fidelity wireframes. The feedback process is repeated to further refine the solution.
Created style guide and design handoff document

Users and Audience

Instant payments are relevant to many of use cases such as Gig Economy, Marketplaces, Merchants, Consumer lending etc. It can replace check payouts from Government, Insurance companies, Investment Firms etc.
The persona I choose for this application is of a uber cab driver. He drives car for Uber and sometimes Lyft.

Persona