# 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](#1-mvp-philosophy) 2. [Core Features](#2-core-features) 3. [Feature Specifications](#3-feature-specifications) 4. [Timeline](#4-timeline) 5. [Success Metrics](#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 | 5,000 | >2,000 | --- ## Sources - [Neobank MVP Guide - Designography](https://designography.ca/how-to-build-a-neobank-in-2025-mvp-cost-compliance-launch-plan/) - [How to Start a Neobank - DashDevs](https://dashdevs.com/blog/how-to-build-a-neobank-using-vendors-platforms-or-apis/) - [Mobile Wallet Features - SDK.finance](https://sdk.finance/blog/must-have-features-of-a-future-ready-mobile-wallet-in-2024/) - [Neobank Development - 4IRE Labs](https://4irelabs.com/articles/how-to-launch-a-neobank/)