Comprehensive Digital Banking Platform Development with Open Banking Integration and Advanced Security

The client requires a complete overhaul of their existing mobile banking applications to enhance user convenience, security, and compliance with regional regulations. They face limitations in the current app's functionality, user experience, and integration with open banking APIs. Additionally, as they transition toward becoming a fully digital bank, they need to implement advanced fraud prevention, multi-factor authentication, and real-time transaction monitoring to ensure security and regulatory compliance.

A mid-sized digital banking institution seeking to transform into a full-fledged neobank with robust mobile applications, secure transactions, and open banking capabilities.

• Develop native Android and iOS mobile applications for seamless account management, payments, and transaction tracking.
• Implement advanced security features including biometric authentication, real-time fraud monitoring, and instant notifications.
• Integrate with open banking APIs to enable external financial service providers' communication and compliance with relevant regulations.
• Support multiple card management, including foreign currency cards, with capabilities for card blocking and PIN management.
• Add new features such as cashback, deposits, and user analytics for better financial insights.
• Ensure the solution scales to support a large user base (over 50,000 daily active users) with high performance and reliability.
• Automate testing workflows to accelerate time-to-market and maintain high quality.

• Native mobile applications for Android and iOS devices
• Secure biometric and face ID authentication
• Real-time transaction monitoring and fraud detection systems
• Instant push notifications for account and transaction alerts
• Features for managing multiple cards, including foreign currency options
• PIN request and reset functionalities
• Capabilities for customers to block/unblock cards instantly
• Integration with open banking APIs for external provider access
• Implementation of Strong Customer Authentication (SCA) and two-factor authentication
• Advanced analytics dashboards providing transaction categorization and user spending insights
• Support for new features like cashback, deposits, and internal analytics
• Security compliance measures aligned with regional standards (e.g., PSD2, SCA)

• Open Banking API protocols for external provider connectivity
• Payment gateways for card authorization and settlements
• Fraud detection services (e.g., 3DS 2.0)
• Identity verification platforms for biometric and multi-factor authentication
• Snowdrop or equivalent service for merchant and transaction data
• Financial Regulatory Authority reporting systems

• Support over 50,000 daily active users with minimal latency
• Ensure 99.9% uptime and high availability
• Implement multi-layered security measures including biometric, two-factor authentication, and encryption
• Compliance with regional financial regulations such as PSD2, GDPR, and PCI DSS
• Automated testing framework to enable rapid deployment and regression testing
• Real-time fraud detection and instant notification capabilities
• Secure, scalable cloud hosting environment

The new digital banking platform aims to significantly improve customer experience through seamless mobile access, advanced security, and comprehensive account management features. It is expected to increase user engagement, support over 50,000 daily active users, and enable rapid deployment of new features. Successful implementation will facilitate the client's transition into a fully compliant neobank, reduce fraud-related costs, and enhance their market competitiveness in the digital banking landscape.