The Platform for Payment Operations

About

The platform is online banking for individual, small, and medium enterprises. It exists in the web version format and with the potential of mobile. This platform allows a user to:

• carry out currency exchange;
• make transfers all over the world (30+ countries) with different types of payments (local, swift);
• open bank accounts – IBAN (plans call for adding the option to create virtual wallets).

Challenges

The key challenge was to harness our skills and knowledge to the specifics of the financial industry in general and to its specificities in a particular country.

A particular technical challenge was to develop the system as quickly as possible and launch it from almost the first week. To complete the task, we spent a week of continuous work on the project to release POC (Proof of concept) in Live.

Upcoming challenges

• Configure the correct UX (user experience) to make the system user-friendly;
• Features to customize and sell the system (SaaS or SaaP);
• Valuate system scalability potential and improve if necessary;
• Add bank cards – at the moment we are working on the Proof of concept;
• Implement the KYC procedure (user identification according to the submitted documents).

Solutions

We developed the platform from scratch, focusing on a high-level understanding of the product by the customer and using the solution provided by the customer’s CTO. Based on the existing core, the New Line Technologies team implemented all the features, including onboarding, compliances, and blacklists/anti-money laundering checks. The project contains the functionality of internal audit and internal accounting (classic double-entry accounting).

• The system is core-based on .NET, .NET Core;
• Authentication implemented through OAuth 2.0;
• The entire Azure cloud-based system: the distributed cloud-based microservices, App services.

New Line Technologies team implemented integration with:

• external suppliers for anti-money laundering checks;
• currency conversion and money transfer service;
• the online bank that provides payments and accounts with a limited set of currencies.

Results

The platform for payment operates successfully, combining several complex services and functionality at once:

• client onboarding;
• AML/Blacklist checks;
• bank accounts creation;
• currency exchange at the current rate;
• accounting;
• tariffs and fees.