The customer was an EU-based provider of FinTech solutions. They approached us with the idea to build a business-oriented platform inspired by the Banking-as-a-Service concept. As such, the resulting product was supposed to be used by business clients operating in the finance industry.
Location:Germany
About the project
Andersen was approached by an EU-based electronic money institution. The customer's idea was to build a business-oriented platform resembling the Banking-as-a-Service concept. As such, the resulting product was supposed to be used by business clients operating in the finance industry.
A typical business user, in this case, was an entity with a huge client base, offering financial services via digital channels.
duration11 months
technologies
Java
Spring
Swagger
React 17
Formik
router 5
Other:
webpack 5, typescript material-ui 4
Screens with the Home, Cards, and Activity tabs
This platform was expected to provide the business clients from various sectors with a reliable basis for their activities, enabling them to offer different services to their end-users via their Front-end software. In other words, it was planned to allow the Front-end solutions of the customer's clients to connect with the core middleware, the development of which was entrusted to Andersen.
Screens displaying money transfer
Project requirements
Data protected with SSL technology;
Seamless payments universally ensured with the failover capability;
Real-time payments;
Bank accounts and digital wallets;
Total compliance, including AML and KYC;
Reliable and safe onboarding processes based on multi-step checks.
Business idea
Andersen’s scope of work was broad and deep. First, our task was to build an enterprise-grade mobile app and an API platform – i.e., middleware software. Second, the customer required reliable integrations with the core banking systems, reference banks, the online banking front-end, and a range of third-party services, software modules, and systems.
IT architecture of the solution
App functionality
Andersen has successfully delivered the software for the customer's entire business cycle, which covers every aspect of their interaction with clients and interactions between these clients and their end-users.
Account creation flow
Onboarding
Client validation;
ID capture and selfie validation;
Confirmation via email;
Confirmation via phone number;
Signature capture and validation;
Policy generation.
Account activation
Possibility to easily open an account via one of the customer's other products;
Generation of KYC-based online banking credentials.
Service activation
Debit card issuance and activation
Client acquisition procedures.
Account opening
Basic client information capture;
ID check and verification;
Ultimate approval for accounts;
Extra compliance features, including typical spending patterns and typical transaction types.
SEPA & SWIFT integration
SEPA payment integration for greater efficiency of cross-border payments in the eurozone;
SWIFT payment integration for inter-currency wire transfers worldwide.
KYC & AML integration
KYC processes to understand clients, monitor transactions, reduce risks, and prevent bribery and corruption;
AML compliance software embedded to report suspicious activity, keep records, track money flows, etc.
Project results
The online native banking app has attracted 31% more clients within the first six months of release;
The client satisfaction rate has increased by 19%;
The developed enterprise-grade mobile app and API platform support the entire business cycle;
Reliable onboarding processes have been implemented by our team, including client validation, ID capture, and policy generation;
The streamlined account activation now enables easy account opening and the issuance and activation of debit cards.
Let's talk about your IT needs
What happens next?
An expert contacts you after having analyzed your requirements;
If needed, we sign an NDA to ensure the highest privacy level;
We submit a comprehensive project proposal with estimates, timelines, CVs, etc.
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