The payment solution is at the heart of Yieldstreet, serving as the critical link between investors and their investments. Faced with challenges from our current KYC and payments provider, Synapse, we needed a way to effectively communicate the switch to a new banking provider and guide our investors through the migration process from Synapse to Plaid. This required transitioning all investors to the new systems within a very tight deadline.
Yieldstreet bank accounts page.
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Our objective was to efficiently migrate our current investors to the new KYC and payment provider while ensuring they had sufficient information to maintain their trust. Additionally, we needed to update our new user onboarding flow to integrate the new providers seamlessly.
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To swiftly implement the new provider, Plaid, we needed to leverage our existing component library and minimize the creation of new components to avoid expanding the project's scope and duration. This required delivering an optimal user experience using our current components without compromising user satisfaction.
Additionally, transitioning to the new provider necessitated the removal of our wallet feature, which the new Plaid doesn’t support. The wallet was a crucial aspect of our platform, allowing Yieldstreet to pay investment distributions to investors' wallets, who could then withdraw or reinvest these funds. This change prompted several communication challenges:
How might we notify investors about the removal of the wallet feature?
How might we inform investors with funds in their wallets about the removal process and ensure they receive their money?
How might we communicate the new method for paying investment distributions once the wallet is no longer available?
Addressing these questions effectively was essential to maintaining investor trust and ensuring a smooth transition.
Detailing the steps for our current investors to migrate their accounts to Plaid.
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Comparison of the old KYC process via Synapse vs. the new KYC process through Plaid.
Connecting a bank with Synapse vs. connecting a bank through Plaid.
Single investor account modal on login.
Multiple investor accounts modal on login.
Replacing the wallet
With the removal of the wallet feature, new and migrating investors are now required to select a default bank account for receiving distributions. By default, the first bank linked is automatically set as the default. To choose a new default bank, investors must link an additional bank account (up to three accounts allowed) and designate their preferred account for receiving distributions. To support these changes, updates were made to the bank account section, including the addition of a "Default" tag and a "Change Default Bank" feature.
Default bank confirmation screen.
Feedback modal displayed upon successful migration completion by investors.
Comparison of our bank account screens before and after updates were applied to accommodate the new default bank account feature.
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