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Moov

Core Provider

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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

ACH. Processing and origination

Customers. Solves authentic identification of humans who are legally able to hold and transfer currency within the U.S.

Accounts. Dual ledger supporting for-benefit-of deposits. Work continues on savings, time deposit, custodial and DDA accounts.

Watchman. Search functions over numerous trade sanction lists from the United States, European Union governments, agencies and nonprofits for complying with regional laws

FedWire. Supports domestic FedWire transactions, allowing customers to create, review and handle wires.

Image Cash Letter. Record paper check and related payment data as images during the item capture process and transmit them to us for clearing and settlement.

Firm's Response to Core Committee's Key Areas of Focus

  • Moov states that all data is stored in generic SQL databases with APIs that expose all functionality.
  • Customers can additionally integrate to the real-time event stream for unlimited integrations and customization.
  • Moov is an open-source API-to-banking-protocol solution
  • Moov’s CEO is active within FDX and Afinis. Afinis Interoperability Standards work to advance API standardization and other financial services standards that enhance the efficiency and security the modern financial industry
  • Moov states that their solution has been written from scratch to support a cloud-native architecture designed for today’s computing infrastructure.
  • All features are exposed via RESTful services and gRPC endpoints with oAUTH 2 authentication.
  • Entitlements, rights and permissions are at the authentication layer and are not an abstraction layer.
  • Moov was built for the internet, not a branch.

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

Moov states the following: 

  • No exclusivity.
  • All contracts are coterminous.
  • Limitations of Liability: a variable negotiated with customer and sponsor bank.
  • Detailed SLAs and remedies included in all contracts.
  • Customer is responsible for the remainder of the contract.

Quick Facts

Quick Facts
Headquarters LocationGolden, Colorado
Websitemoov.io
Year Established2018
Ownership ModelPrivate
Regionally Focused or NationalNationwide
Number of Cores Offered1
Name of Core SolutionMoov Platform
Number of US Banks on the Core0
If not currently in market, plans to operate in the U.S. by 2021? If not, when? 
Partnering/Implementing with Square Capital, Plaid, Bank Novo, HM Bradley 
FunctionalityACH, Check21, FedWire, FBO, SMB loan, savings
Target Bank Asset SizeFrom digital de novos to the largest money center banks.
Business StrategyMoov states that their solution is a portable, extensible, open-source platform for embedding banking services within any application. Moov is a banking-as-a-service provider delivering a technology stack in which licensed banks offer their chartered capabilities directly into the products of other nonbank businesses or digital-first solutions. This way, a nonbank business can offer their direct customers digital banking services such as fiatbased balances, debit cards, loans and payment services, without needing to acquire a banking license of their own.