The client is an innovative U.S. based provider of online banking and payments technology and services.
To meet rising consumer expectations, the client needed to build a new scalable platform that would enable businesses and financial institutions to deliver better banking and payment services to their consumers via web and mobile.
DataArt helped to create a highly customizable, turnkey system that enables businesses to provide their customers with deposit, saving and payment functionality under their own brand.
The solution includes the following major functional areas:
bank & network management
- BINs and program set-up
- compliance, risk and settlement
- configurable loyalty engine
- real-time reports & analytics
extensive consumer banking services
- instant notifications, virtual checkbook, money deposit and transfer capabilities, savings account, cell phone refill etc.
- web and mobile interfaces
- editorial and marketing tools
The solution is fully compliant with PCI DSS, and it features secure hosting, hardware encryption, an automated fraud detection system, and cardholder identity checks. The developed platform can grow gradually with the size of portfolio thanks to the hybrid cloud configuration that was used.
A SOAP/XML API is available for qualified third parties interested in developing their own user interface for access to card accounts. The API allows the transfer of funds between the spending and saving balances of prepaid accounts, and between two card accounts in the same BIN for third parties wishing to develop their own saving programs, budgeting tools, or financial literacy services.
The developed platform is a one-of-a-kind system that offers great value for multiple business areas. Small banks, religious communities, fitness clubs, insurance companies and airports can use the system to provide personalized banking services with an extended range of loyalty programs. At the same time, registered end-users can easily access their banking services. Customers do not have to visit a bank to get a credit card, take out a loan, or open a deposit account as everything can now be done through the online account. Cash can be loaned 24/7 at leading convenience stores nationwide. The customers do not have to pay any opening, overdraft or overdraft-protection fees.