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Embedded banking solution for FinTech Cross-Platform Startup

Tech stack
Android, iOS, Kotlin, Swift, Java, React Native, Node.js, Objective-C
Industry
Fintech, ,
Collaboration
Feb 2021 - Ongoing
Region
Israel
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Client:

Under NDA

About the client:

Our client is a platform revolutionizing banking by seamlessly integrating financial services into customers’ daily routines, providing real-time solutions in their everyday lives. The company aims to transform the traditional industry with innovative technology and a customer-centric approach. It is dedicated to elevating banking experiences and improving customers’ economic well-being.

Banks are battling to remain relevant as they face an unprecedented competitive environment and changing consumer expectations for instantaneous, highly efficient, and seamless financial experiences. In a time when consumers expect to access services from any channel at any time, our client is helping banks improve their user experience and boost their brand engagement by enabling their customers to access financial services from any mobile application.

Scope of work:
Web Development
Mobile App Development
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(01)
Main challenges
(02)
Workflow
(03)
Solution
(04)
Results

Main challenges

01.
Payment and transaction mechanism
Establishing a reliable and efficient system for processing payments and transactions, dealing with issues like latency, reliability, or complexity in handling financial operations.
02.
Fee collection
The issue is that advance withdrawal incurs a service fee, with variations in fee collection methods across countries, banks, and employers (e.g., direct deduction from an Employee’s Bank Account, deduction on payday from an Employer, etc.). This necessitates a flexible solution accommodating diverse fee collection requirements.
03.
Refactor of the advance flow (migration from Zeebe to AWS step functions)
Adapting and optimizing the existing advance flow, facing issues with the previous workflow orchestration tool — Zeebe (causing a server crash and requiring too many computation resources, which resulted in high costs), and migrating to AWS Step Functions for improved performance and scalability.
04.
Integration with the first real customer
Ensuring smooth server-to-server integration with a real customer, addressing challenges in customization, adaptability, or compatibility with specific customer requirements.
05.
New authentication flows
Addressing security issues by implementing new authentication flows, implying challenges in the previous authentication system’s vulnerabilities.
06.
Regular earned wage calculations
The customer needed help dealing with complex payroll systems, manual calculation errors, and time-consuming processes for regular earned wages. The challenge for us included streamlining the calculation process for regular earned wages and providing accurate and precise calculations for customers.
 Regular salary employees rarely updated attendance accurately, rendering HR systems ineffective in providing crucial time and attendance data. Hence, the challenge  connected to employee time management was the development of the mechanism to calculate estimated daily earnings of employees based on regular rate with such requirements as:
07.
Kill switch for mobile application
A kill switch for a mobile application is a mechanism that allows shutting down or disabling the app remotely. The challenge was implementing a secure and reliable kill switch to swiftly address potential issues like security breaches, unauthorized access, or immediate application termination in emergency scenarios.
08.
Bank approval for users
The challenge involved developing a secure and efficient process for user approval within the application, ensuring compliance with regulations, and maintaining user experience as smoothly as possible.

Workflow

In our collaboration with the client, we suggested and implemented some of the essential improvements:

  • proposed a refined release process for the backend;
  • introduced effective solutions for separate feature deployments;
  • recognizing the importance of documentation, we recommended that QA create meeting notes to eliminate redundancies.

We have displayed proactive concern, addressing issues related to priorities, timelines, and the crucial yet unimplemented feature of multi-tenancy.

Besides, there was an urgency in addressing such challenges as integrating with the first real customer and implementing regular earned wage calculations. Yet, KITRUM adeptly works under time constraints, ensuring everything is completed efficiently and on time. We proposed optimal solutions and guided the client through the process, providing a smooth and successful collaboration.

Solution

01.
Business logic implementation
Successfully implemented the business logic by executing the API Contract implementation. This involved building and adjusting the main flow for users, allowing them to withdraw money seamlessly, generate reports, access withdrawal Terms and Conditions (TnC), and retrieve withdrawal summaries, ensuring seamless interaction and providing a foundation for future customer integrations.
02.
Bank approval for users
Developed a feature allowing banks to approve users, which is required by bank regulations and security settings to perform transactions on the user’s behalf. The approval of users by banks ensures enhanced security, compliance with rules, personalized services, and risk mitigation, benefiting both the financial institution and its customers.
03.
Withdrawal process
Implemented the vital feature — the withdrawal process, allowing users to seamlessly withdraw funds, ensuring a critical aspect of financial transactions is executed smoothly.
04.
Refactors of the advance flow
Conducted several refactors of the advanced flow, optimizing the user experience, enhancing efficiency, and ensuring a smoother workflow for users. The refactors of the advanced flow encompassed a thorough restructuring of the user journey, focusing on optimizing interactions, streamlining workflows, and enhancing specific features to create a more intuitive and efficient experience for users engaging with the advanced process. This involved revisiting and improving elements such as form submissions, validation processes, and overall navigation, contributing to a more seamless and user-friendly workflow.
05.
Regular earned wages calculations
To optimize latency, we implemented performance enhancements in the system, minimizing delays in processing financial transactions. Reliability was improved by fortifying the infrastructure, implementing failover mechanisms, and ensuring data integrity. Complexity reduction involved streamlining workflows, improving code efficiency, and introducing clear error-handling protocols.

Results

Through our innovative solutions, the client secured a contract with the bank, marking a pivotal step towards going live. Our comprehensive approach brought the product to life and positioned it for success, ready to attract investors and customers.

Thanks to a great product and its continuous improvement multiplied by a successful marketing strategy, our client got investors, including MasterCard, Santander, Commerz Ventures Gruppe, Magma Venture Partners, SBI Group, Digital Leaders CQ, etc. The financial platform also received the Best FinTech Award at Efma, Best Mobile Banking Experience at the Bank Customer Experience Summit, First Place at Bank Innovation, and more.

This case fits one of KITRUM’s core principles: we at Kitrum provide tech solutions that align with our client’s business goals. This achievement highlights Kitrum’s commitment to delivering impactful results beyond development, empowering our clients to thrive in their ventures.

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