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MVP Specification

MVP Feature Specification

Architecture alignment note (2026-02-14): This document is pre-architecture research from the mobilebank-research phase. Drop ultimately chose a PSD2 pass-through model — no wallet, no balance held, no IBAN generation, no top-up. AISP reads bank balances, PISP initiates payments from the user's own bank account. Cards are a FUTURE feature (feature-flagged). This document is retained as research reference — it does NOT reflect the current Drop architecture.

Table of Contents

  1. MVP Philosophy
  2. Core Features
  3. Feature Specifications
  4. Timeline
  5. Success Metrics

1. MVP Philosophy

Focus Areas

  • 89% of user retention comes from 5 key features (Gartner 2025)
  • 3-minute onboarding is critical (74% abandon if >5 minutes)
  • Avoid low-impact features (68% ignore crypto/loans in MVP)

What to Include

  • Account creation and KYC
  • IBAN generation
  • Card issuing (virtual)
  • P2P transfers
  • Basic top-up

What to Exclude (MVP)

  • Crypto trading
  • Loan products
  • Investment features
  • Advanced analytics

2. Core Features

Feature Priority Matrix

Feature Priority Complexity Timeline
User Onboarding P0 Medium Week 1-4
Digital KYC P0 High Week 2-6
Account Creation P0 Medium Week 4-8
IBAN Generation P0 Low Week 6-8
Virtual Card P0 High Week 8-12
P2P Transfers P0 Medium Week 10-14
Top-up (Card) P1 Medium Week 12-16
Bank Transfer P1 Medium Week 14-18
Transaction History P1 Low Week 8-10
Push Notifications P1 Low Week 10-12
Physical Card P2 High Post-MVP

3. Feature Specifications

3.1 User Onboarding

Goal: Complete signup in <3 minutes

Flow:

  1. Download app
  2. Enter phone number
  3. Verify via OTP
  4. Enter email
  5. Set password/PIN
  6. Accept T&C
  7. Start KYC

Requirements:

  • Phone number validation
  • OTP delivery (<30 sec)
  • Email verification
  • Password strength rules
  • Biometric setup (optional)

Acceptance Criteria:

  • 95% OTP delivery rate
  • <3 min completion time

  • 25% activation rate

3.2 Digital KYC (Know Your Customer)

Goal: Verify identity in <5 minutes

Flow:

  1. Select ID document type
  2. Capture front of ID
  3. Capture back of ID (if applicable)
  4. Take selfie (liveness check)
  5. Enter personal details
  6. Verification processing
  7. Result notification

Document Types:

  • Passport
  • National ID card
  • Driving license (select countries)

Requirements:

  • Document OCR
  • Face matching (>98% accuracy)
  • Liveness detection
  • PEP/Sanctions screening
  • Address verification (optional)

Integration: Sumsub or Onfido API

Acceptance Criteria:

  • 85% auto-approval rate

  • <2 min average verification
  • Manual review queue for failures

3.3 Account Creation

Goal: Generate EUR account with IBAN

Flow:

  1. KYC approved
  2. Account type selection (Personal)
  3. IBAN generation
  4. Account activated
  5. Welcome notification

Account Features:

  • Single EUR account (MVP)
  • Real-time balance
  • Account details view
  • Statement generation (PDF)

Integration: BaaS provider (Swan/Treezor)

Acceptance Criteria:

  • Instant IBAN generation
  • Valid SEPA-reachable IBAN
  • Real-time balance updates

3.4 IBAN Generation

Technical Requirements:

  • Named virtual IBAN (user's name)
  • SEPA reachable
  • Target2 compatible (if available)
  • Instant credit notification

Provider Options:

  • BaaS provider native
  • OpenPayd (if separate)
  • Banking Circle

Formats:

  • Display: XX00 0000 0000 0000 0000 00
  • Copy to clipboard
  • Share via QR code

3.5 Virtual Card Issuing

Goal: Instant virtual Mastercard/Visa

Features:

  • Instant generation post-account
  • Add to Apple Pay / Google Pay
  • Card details view (PAN, CVV, expiry)
  • Freeze/unfreeze toggle
  • Spending limits
  • Transaction notifications

Card Controls:

  • Online payments: ON/OFF
  • ATM withdrawals: ON/OFF (N/A virtual)
  • Contactless: ON/OFF
  • Geographic restrictions

Security:

  • PCI DSS compliant display
  • 3D Secure enabled
  • Real-time fraud monitoring

Integration: Marqeta or Stripe Issuing

Acceptance Criteria:

  • <10 sec card generation
  • Successful wallet provisioning
  • Real-time transaction auth

3.6 P2P Transfers

Goal: Send money to other users instantly

Transfer Types:

A) Internal (App-to-App)

  • By phone number
  • By username
  • By QR code
  • Instant settlement

B) SEPA Transfer

  • By IBAN
  • Standard SEPA (D+1)
  • SEPA Instant (if available)

Flow:

  1. Select recipient method
  2. Enter/select recipient
  3. Enter amount
  4. Review details
  5. Authenticate (biometric/PIN)
  6. Confirmation

Requirements:

  • Amount validation (balance check)
  • Transaction limits
  • Confirmation of Payee (name match)
  • Audit trail

Limits (MVP):

Type Daily Monthly
Internal EUR 5,000 EUR 20,000
SEPA EUR 2,000 EUR 10,000

3.7 Top-up Methods

A) Card Top-up

  • Visa/Mastercard debit/credit
  • 3D Secure required
  • Instant credit
  • Fee: 1-2% (or included in premium)

B) Bank Transfer

  • SEPA inbound to IBAN
  • Auto-reconciliation
  • Credit on receipt

C) Future: Apple Pay / Google Pay top-up

Integration: Stripe or Adyen for card payments

3.8 Transaction History

Features:

  • Real-time updates
  • Filter by type/date/amount
  • Search functionality
  • Transaction details
  • Receipt/proof generation
  • Export (CSV, PDF)

Categories:

  • Card payments
  • Transfers (in/out)
  • Top-ups
  • Fees

3.9 Push Notifications

Mandatory Notifications:

  • Transaction alerts (all)
  • Login from new device
  • Card frozen/unfrozen
  • KYC status updates
  • Security alerts

Optional Notifications:

  • Marketing
  • Product updates
  • Weekly spending summary

4. Timeline

Phase 1: Foundation (Months 1-2)

Week 1-4:

  • Project setup, CI/CD
  • BaaS integration start
  • Auth service
  • User onboarding flow

Week 5-8:

  • KYC integration
  • Account creation
  • IBAN generation
  • Basic app UI

Phase 2: Core Features (Months 3-4)

Week 9-12:

  • Virtual card issuing
  • Wallet provisioning
  • Transaction history
  • Push notifications

Week 13-16:

  • P2P transfers (internal)
  • Card top-up
  • Basic card controls

Phase 3: Launch Prep (Months 5-6)

Week 17-20:

  • SEPA transfers
  • Bank transfer top-up
  • Security hardening
  • Compliance audit

Week 21-24:

  • Beta testing (500 users)
  • Bug fixes
  • Performance optimization
  • Soft launch

Milestones

Milestone Target Date Deliverable
Alpha Month 3 Core features working
Beta Month 5 500 beta users
Soft Launch Month 6 Public availability
GA Month 7-8 Marketing push

5. Success Metrics

Activation Metrics

Metric Target Threshold
Signup completion >80% >60%
KYC pass rate >85% >70%
First transaction >50% in 7 days >30%
Card activation >70% >50%

Engagement Metrics

Metric Target Threshold
MAU/DAU >30% >20%
Transactions/user/month >10 >5
App opens/week >3 >1

Quality Metrics

Metric Target Threshold
App crash rate <0.5% <1%
API latency (p95) <500ms <1000ms
Uptime >99.9% >99.5%
App store rating >4.5 >4.0

Business Metrics

Metric Target Threshold
CAC <EUR 30 <EUR 50
Monthly burn <EUR 50K <EUR 75K
Active users (6 months) >5,000 >2,000

Sources

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