Development of a License-Free Digital Banking Platform for Early Wage Access in Emerging Markets

The client faces significant challenges with payment delays and limited financial flexibility for users in markets lacking traditional banking infrastructure. There is a need for a digital banking solution that offers early wage access, seamless account management, and integration with existing bank accounts, without relying on traditional banking licenses.

A fintech startup aiming to provide flexible wage management solutions to users without traditional banking licenses, targeting markets with addressing payment delays and financial inclusion.

• Develop a scalable, web-based digital banking platform capable of supporting 40,000 to 50,000 simultaneous user sessions.
• Implement high-speed transaction processing to ensure a smooth user experience.
• Enable users to link existing bank accounts and manage funds effectively.
• Provide features for early wage access, allowing users to access a portion of their earnings two days ahead of scheduled paydays.
• Include functionalities for money transfers within local banking networks and external accounts.
• Build an administrative backend for user management, transaction oversight, and virtual card control.
• Ensure the solution is secure, reliable, and able to handle peak loads during salary withdrawal periods.

• User account creation and management with seamless onboarding process.
• Early paycheck access allowing users to access earned wages two days in advance.
• Funds transfer capabilities between users and linked bank accounts with transaction history visibility.
• Integration with third-party banking APIs to link and manage external bank accounts.
• Virtual card creation, management, and instant activation for flexible transactions.
• Secure admin panel for user oversight, transaction management, and virtual card control.
• Robust open banking API integration supporting secure, seamless transactions.

• Open banking APIs for linking and managing external bank accounts
• Payment processing APIs for fund transfers and virtual card transactions
• SMS and verification services (e.g., Twilio Verify) for user authentication and notifications

• Support for at least 40,000 to 50,000 concurrent user sessions
• High transaction throughput and low latency in processing payments and updates
• Secure handling of sensitive user data and financial transactions
• Availability and fault tolerance through autoscaling and load balancing
• Compliance with relevant financial regulations and standards

The new platform is expected to significantly reduce payment delays and enhance financial flexibility for users. It aims to support up to 50,000 concurrent sessions with high transaction speeds, enabling users to access their earned wages early and efficiently manage their finances. The solution will foster financial inclusion, improve user satisfaction, and provide the client with a scalable, secure infrastructure for future growth in emerging markets.