Regarding
The Client
The client owns a huge chain of businesses that lies in the Fintech Industry.
The requirement
For Client
The client contacted us through the idea of having a solution for neobanking for the market of people that are largely untapped – Foreigners. It was vital for our clients to have a company with a background in Fin tech along with a person that has the crucial experience in working to set a regulatory business environment over banking.
Due to our experience and skills regarding the regulatory issue and its impact on Fin Tech industry we have the upper hand. Moreover, our experience team with the years of work that are the ideal fit for this work.
Engagement model
Time & Materials
Solution
Android & iOS apps with web-based
management panel
Revenue Streams
Credit card interchange and transaction fees
Effort and Duration
Time & Materials
Project Team
CTO (in consultation capacity), Solution architect, Snr. Dev Ops Engineer, Sys Ops consultant, Snr. iOS engineer, Snr. Android Engineer, 4 iOS developers, 4 Android developers, 3 backend developers, 1 Software Quality Assurance Engineer, 1 Business Analyst, Project Coordinator, Snr Project Manager
Target Audience
The target audience for the application are foreigners that are visiting the United States and have to spend the money accordingly. Every year millions of foreigners visit America to travel around and spend their vacations. As travelers they won’t be looking for banks to cater to their needs due to their limited stay.
Until recently, America did not have a product specific to this niche that can be able meet the need the foreigners’ requirements. The application that we have made intends to support this sizeable section seamlessly.
Third-Party Service Providers
Due to the fact that several online banking services available in the app are tied to the cloud-based banking platform and the solution to it directly depends upon the third-party provider. The challenge for us is that the platforms update its API frequently. So we need to have a track for the changes that make sure a staggering and stylish performance for the application.
Regulated Business Environment
For Fin techs, meeting multiple regulatory standards is a must for operating within a regulatory framework. The app we delivered to our client is fully compliant with required standards.
For the Fintech industry it is a must to meet multiple regulatory standards for operating in a certain regulatory framework. The application that we deliver is fully compliant with CFT (Combating the Financing of Terrorism), AML (Anti-Money Laundering), PCI DSS (Payment Card Industry Data Security Standards), and a number of other regulations and guidelines.
Security Issues
When it comes to neobank solutions, it is vital for us to make sure the security of the users’ data. We have equipped the app with the premium products and services that the Azure cloud platform has to offer:
- • Amazon Elastic Kubernetes Services (EKS)
- • AWS conpute optimizer
- • AWS Fargate
- • AWS wavelength
- • Amazon Neptune
- • Amazon RDS
- • AWS Identity & Access Management (IAM)
- • Amazon Cognito
- • Amazon GuardDuty
- • Amazon Inspector
- • AWS CloudTrail
- • AWS Config
- • AWS Network Firewall
- • AWS Shield
- • Amazon Route 53 Resolver DNS Firewall
- • AWS Firewall Manager
- • Amazon Macie
- • AWS Secrets Manager
- • Amazon Detective
- • AWS Elastic Disaster Recovery
- • AWS Audit Manager
- • Transport Layer Security 1.2
- • AWS KMS (key management services
The app has passed a security audit and penetration test confirming that it poses no/minutest risks to its users and their data.
The Overview Solution
When the application is downloaded the users need to sign up and through the process of KYC that rolls out through the system. In the process you can provide us with social security number/passport or ID number, personal details like first and last name, phone number, date of birth and address. Once your identity is verified from the third party service, after this user receives a message of confirmation and sets a password.
By that moment, a personal virtual card is created so the user can use it immediately. The physical card, issued by a banking partner, is delivered to the user’s physical address within a few business days or user to receive physically from dedicated nearby service centers.
Important Features
Through our conversations with clients to handle some ideation sessions to build a specific user persona that will define the journey of the user. These sessions are dedicated to design thinking. This process helps us gain a deeper understanding of the needs and motivations for the user. These processes help us have a clear vision for the features that will meet the needs for the users. Following are the important modules and features of this solution.
Family Mode
Traveling can be an up hauling task as travelers can require money at any possible time to spend with their family. So we have set up family mode so that travelers can send or receive money to their families with ease.
Early Paycheck
Users can receive their salaries before their payday and to do this, they need to ask their employers to process payroll through the app’s banking partner and their wish will be granted. In early paycheck authentication services integrated which involves the users’ employers and the paycheck verification.
Money Transfer
The transactions that can be provided to you will eventually divided to a couple of parts. The first one being the direct money transfer towards another user account and the second one being the non-user through the means of ACH transactions.
Due to this P2P payments are enabled on the application along and it allows money transfer from bank accounts from other banks. Through this the users can top up their application accounts with cards from several different international banks. Moreover, users can also use top ups with cash from any bank account directly.
Microloan
Our user will have an option to accept micro loans through the application of the banking partner without any delay. The application access will be according to the worthiness of credit based on transaction amounts and a loan grant that will be equal to a certain percentage of the sum of the transfer. The credit limit evaluation algorithm calculates and allocate the loans’ limit according to different credit checks and transactional parameters.
Apple Wallet & Google Pay
Integration
CTO (in consultation capacity), Solution architect, Snr. Dev Ops Engineer, Sys Ops consultant, Snr. iOS engineer, Snr. Android Engineer, 4 iOS developers, 4 Android developers, 3 backend developers, 1 Software Quality Assurance Engineer, 1 Business Analyst, Project Coordinator, Snr Project Manager
Third Part Integration
- • TransUnion checks transactions for AML purposes.
- • Alloy will allow automatic KYC decisions during the process of over boarding. Due to this all users have their data checked and as a result of this it is easy to make a decision. Even if a user is eligible for registration in the application or not.
- • Mbanq is a Banking-as-a-Service solution. It is used to open current and savings accounts, process payments, issue virtual and physical or virtual credit/debit cards, etc. Its integrated to enable the app for multi-channel payment processing.
- • Through Mitek, users have a chance to get a check and the amount will be deposited to their account via check.
- • Uniteller is used for payments made internationally from one bank account to another.
- • Uniteller is used for payments made internationally from one bank account to another.
- • For sending emails AWS email automation service is used
Process for Development
We have used the Scrum framework to execute this project. In the project the one iteration lasts likely to be 3 weeks. From two of which will be spent on implementing the requirements for the iteration backlog. Meanwhile, the third week was used for debugging and testing.
We’ve made few tweaks in Scrum process as per agile framework, technical-analysis and code-freeze retrospective is something assist the scrum team to keep intact the approach and product owner’s requirements with correct prioritization.
Technical Solution Highlights
There are several integrations with third party services that are entitled to multiple dependencies. Any potential technical issue from the service provider can generate an issue that will be beyond our control and this can affect the performance for the application. For such cases we can develop a fallback plan using cloud based auto-backups, Neptune and CDN.
Moreover, we have implemented graphQL based chats that allow users to notify the application support for error alerts. In case of any critical error, the auto backup restores the latest working build to the cloud, for worst case the mitigation tools we’ve implemented automatically upgrade the apps to maintenance mode to stop any transaction related flaws, and our recovery team spot the issue and fix it within the minutest time.
Results with Future Plan
We have taken about 12 months to deliver a MVP (minimum viable product) for the solution. These applications are implemented with required SSL and security protocols, also DSS PCI compliant and released to the application stores. With our SOA (service oriented architecture) and scalable model, Android and Apple applications are expected to cover several more than million users that need a solution that is custom based for our goals, and our clients expect these people become customers for banking partners through the time frame. Our near-term plans include integrating the check cashing feature, which allows users to deposit checks into their savings accounts online. Our goal is to maintain and support the applications to help the business of our clients to grow sufficiently, and we’ve planned and working on POST MVP releases and future releases including advance features and modules are in discovery.
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