Mandarin

# BaaS

# Introduction

BaaS (Bank as a Service) is a service provided by Mandarin (formerly the Routing service), based on Electronic Payment Instruments (electronic wallet, hereinafter referred to as EPI or account), personal virtual accounts that are created by the platform for a specific individual based on their identification data. The EPI belongs to the user, but is managed by the platform: the individual does not have direct access to the account, and all operations are performed by the business.

Mandarin's BaaS allows the following types of operations via API:

  • Identifying individuals based on passport data, full name, and phone number in accordance with Federal Law 115-FZ.
  • Opening EPIs online with limits of 100,000 rubles per transaction and 200,000 rubles in monthly account turnover.
  • Performing EPI top-up operations using an individual's bank card (including via AFT terminal with preferential rates), as well as via the Faster Payments System (FPS). Performing operations to withdraw funds from the EPI balance to an individual's bank card or to an account via FPS.
  • Topping up a client's EPI from a legal entity (loan disbursement).
  • Debiting funds from the EPI in favor of one or more legal entities (loan repayment, payment for additional services).
  • Obtaining information about the EPI balance, as well as account transactions, in order to, among other things, provide transparency to the borrower.

Commission is charged for any of the above-mentioned operations with EPIs - without VAT in accordance with the updated Tax Code of the Russian Federation.

Before starting work, the client links a card or FPS account that will be used for subsequent transactions: payment or receipt. After that, a virtual account is created for them, which becomes an intermediate, legally correct link between the platform and the user. Any payments are first credited to this identified account, and then the platform transfers the funds to the client's linked card/SBP details or to the account of one or more companies. Thanks to this, the business knows exactly that the money is being sent to the person for whom the wallet was created, and does not face the risks of data substitution.

The platform accesses the wallet via API to check its status and ensure that it is fully ready for transactions. If necessary, the platform requests the account balance to correctly process payments. Additionally, the business can receive a list of created wallets to use this information within its internal operational processes. All deposits and subsequent transfers are performed automatically, without human intervention.

The e-wallet is also used in scenarios where fund distribution is required. After the money is credited to the platform's virtual account, full control over the further movement of funds is available: part can be sent to the platform or the main service, another part can be transferred to third-party legal entities, and the remainder can be returned to the client's card or via SBP. This mechanism allows the platform to implement more complex financial processes, including refinancing, settlements with partners, or multilateral transactions, without the need to work with different details directly. Thus, the electronic wallet becomes the standard point for all financial transactions between the platform and individuals. It provides a single payment route, guarantees the correct identification of the recipient, gives the business control over the movement of funds, and allows for the implementation of both simple payments and complex distribution scenarios.

# Use Cases

# 1. Payment with identification

The platform offers the user to link a card or SBP details, which will subsequently be used to receive funds. After that, an e-wallet is created for the client, linked to their identification data. When the platform needs to make a payment, the funds are transferred to this e-wallet, which ensures an exact match between the payment transaction and the identified recipient. After the funds are credited, they are fixed on the account balance, and the platform transfers them to the client using the previously linked details - card or SBP (Faster Payments System). Thus, the requirements for controlling the matching of borrower and recipient data are met (Part 5, Article 9 of Federal Law No. 9-FZ and Order OD-1897 dated August 28, 2025).

# 2. Payment acceptance

The use of AFT terminals without restrictions and in combination with other terminals for replenishing electronic payment systems and subsequent debiting in favor of MFIs or other legal entities reduces acquiring costs by 2-5 times.

# 3. Distribution of funds among different recipients

Allows you to distribute funds among several recipients or automatically debit funds for additional services after issuing a loan with the highest conversion rate.

# 4. Refinancing

The platform begins the process by linking the payment instrument and creating a virtual account for a specific individual. When it becomes necessary to redistribute funds within the product (for example, to close one service, pay for an additional one, or return the balance to the client), the platform transfers the amount to the virtual the user's account. After the funds are credited to the account, the platform distributes them according to the specified logic: one part is transferred to the platform or the main service, another part is transferred to a third-party legal entity if necessary, and the remainder is returned to the client's linked account via card or the Faster Payments System (FPS). All operations are performed automatically, in a clearly defined sequence: top-up → balance fixation → distribution → final payment. This gives the platform complete control over the movement of funds and allows it to implement mechanics of any complexity level without the risk of errors or manipulation by the user.

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