Technological Challenges

Today, with the spread of embedded finance trends and the entry of non-financial institutions into the financial services market, banks are experiencing increased competition. One way to support and increase sales is to open your APIs and integrate them into business customer solutions. Statistics show that the embedded finance market is very successful, as revenues from its use will increase from 7 495,9 million US dollars in 2022 to 28 735,7 million US dollars by 2029. In other words, investing in embedded finance will be extremely promising, and only those who properly integrate embedded finance into their business processes will become market leaders.

Our Solutions

Our company helped the client with several important technical solutions, namely: creating a progressive embedded finance platform, updating the legacy system and bringing it to modern standards, and creating a user-friendly portal that gave technical IT professionals access to all necessary production resources. More details and additional information about each of our solutions are presented below.


Our Embedded Finance Platform

We created an embedded finance platform for the bank that allowed retailers and other businesses to embed our client’s banking solutions to sell their products and services. Having such a platform today is not just a possible option, but also an absolute necessity for banks that want to operate successfully in the financial market and have a competitive position among other financial institutions. It enables customers to get the necessary convenient management of their finances, speed up the number of transactions, increase competitiveness, and have an intuitive interface.

As part of our embedded finance platform, we have developed the AIS functionality that allows service providers to securely access accounts and customer data. We have also implemented PIS functionality, which enables service providers to create new payment solutions that will allow them to make payments and financial transactions more optimally. The introduction of AIS and PIS allows reducing the cost of payments, increases convenience, and provides better targeting solutions for banking services.


New Legacy System

When the customer came to us, he had an outdated legacy system that was not competitive in the market. We have speeded up and simplified the Legacy API so that our client can work in a modern JSON format. The introduction of a new legacy system allowed the bank to gradually move to new, better standards of work, without interrupting the period of integration. In addition, the new system allowed to introduce innovations and increase competition as soon as possible, which in turn was very useful for the customer.


Portal for Developers

As part of cooperation with the client bank, our company has also created a portal for developers. Thanks to it, programmers gained access to aa personal account, where they had the opportunity to get acquainted with production resources, find the necessary documentation, and test the API in the sandbox. This portal also helped IT technicians set up and manage the connection between the API and internal and external systems. In addition, thanks to the developer portal, technical IT specialists had the opportunity to work faster and more efficiently.


Technological Specifics of Our Embedded Finance Platform

Main technologies that we have used: Node-RED, Pong, Node JS., and microservice architecture. The procedure and processes of realization of our solution are presented below.

procedure and processes of realization_Embedded Finance Platform

Main Benefits of Embedded Finance Platform for Our Client (for the Bank)

Thanks to our embedded finance platform, our client has got the following benefits:

    • Clear and convenient use of the payment and transfer system using the API.
    • Increased transactions and commissions and consequently accelerated cash flows as customer funds become available faster.
    • Reduction of the payment lifecycle by providing a smoother transfer experience.
    • An updated legacy system that allows the bank to work in a modern JSON format.

Main Benefits of Embedded Finance Platform for the Clients of the Bank (for the business)

Our embedded finance platform has provided the bank’s business customers with a comfortable, secure, and efficient financial solution to meet their financial needs. So, the main advantages for the business of our client were:

    • Speed of solution development. You do not need to invent your own payment platform, you can just use it.
    • Speed of market entry. By using ready-made banking solutions, you can speed up the time to enter the market.
    • Lower price. It is cheaper to use a ready-made MVP solution than to start from scratch.
    • Productivity, speed, simplicity, security, and reliability of financial services for customers.

Business Results of Our Solution

Thanks to the implementation of our solution, the client received a convenient embedded finance platform based on banking as a service and open API. Our solution has improved customer engagement and retention, as well as contributed to the expansion of the list of additional services. We have also helped to increase commissions and transactions and, as a result, accelerate cash flow. In addition, by creating a portal for developers, we have provided programmers with access to production resources, required documentation, and testing of sandbox APIs, which are so necessary for modern financial institutions.


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