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Core Banking Platform Development - Payabl. MVP Launch

kindgeek.com

Financial services

Challenges

Payabl. faces challenges in delivering a robust and scalable core banking platform within a tight 7.5-month timeframe. Key issues include modernizing a legacy codebase, integrating with third-party services, ensuring a user-friendly interface, and managing development time constraints for MVP delivery.

About the Client

Payabl. is a FinTech company providing a comprehensive platform for businesses to manage their accounts payable, streamline financial operations, and improve cash flow.

Objectives

Develop a Minimum Viable Product (MVP) of the core banking platform within 7.5 months.
Modernize the existing codebase from PHP to Python for improved scalability and performance.
Provide a user-friendly and intuitive interface for both administrative and client users.
Enable secure and reliable financial services, including account management, transfers, reporting, and beneficiary management.
Integrate with key third-party services to enhance the platform's value proposition.

Functional Requirements

User onboarding and KYC verification
Transfer management (internal & external, with approval workflows)
General ledger functionality for transaction tracking
Reporting and statement generation (account & company level)
Beneficiary management
User management (roles & permissions)
Multi-currency account support

Technology Stack

Python

Kafka

Jenkins

SonarQube

Next.js

React

TypeScript

Third-Party Integrations

Payment gateways
Banking APIs
AML compliance services

Non-Functional Requirements

Scalability to handle increasing transaction volumes
High performance and low latency
Robust security to protect financial data
Reliability and availability
User-friendly interface (intuitive design)

Expected Business Impact

The successful development and launch of the core banking platform will enable Payabl. to offer a comprehensive and efficient financial solution to its merchant customers. This will lead to improved customer satisfaction, increased transaction volume, enhanced cash flow management for merchants, and a stronger competitive position in the FinTech market. The platform's focus on security and compliance will also build trust and confidence among users.