Development of a Secure, High-Performance Cross-Border Payment Platform for Financial Institutions

The client, a financial institution with a growing customer base, faces challenges in processing high volumes of international transactions efficiently and securely. The existing monolithic systems limit scalability, transaction speed, and cross-border capabilities. Additionally, there is a need to ensure compliance with financial regulations and protect sensitive data against fraud and money laundering activities, while supporting multiple payment schemes like SEPA, FPS, and BACS for enhanced market reach.

A mid-sized banking or financial institution aiming to expand its cross-border payment offerings across multiple European markets through an advanced digital platform.

• Design and implement a high-performance payment platform capable of supporting over a million transactions daily with rapid processing speeds.
• Transition from a monolithic architecture to a flexible microservice-based system to improve scalability and maintainability.
• Integrate multiple cross-border payment systems such as SEPA, FPS, and BACS to enable seamless digital transactions across Europe.
• Develop comprehensive anti-money laundering (AML) and compliance modules, including KYC, sanctions screening, and transaction monitoring.
• Ensure platform security with encryption, compliance with financial regulations, and secure integration points.
• Implement cloud-based deployment with autoscaling capabilities to optimize performance and uptime.
• Provide tools for real-time transaction processing, reporting, analytics, and self-service features for end-users and administrators.

• Support for single and recurring P2P (person-to-person) and P2M (person-to-merchant) transactions.
• Integration with international payment schemes such as SEPA credit transfers, instant payments, direct debits, as well as FPS and BACS.
• Real-time processing and confirmation of payments, including instant transfers where applicable.
• Advanced AML modules with KYC verification, sanctions screening, and suspicious activity monitoring.
• Mock service environment to simulate banking responses for testing any scenario 24/7.
• Secure mobile payment processing via SDKs with encryption, tokenization, and PCI DSS compliance.
• Secure API communication with customizable UI components for onboarding, transaction management, and user interaction dashboards.
• Comprehensive reporting and statistical modules for transaction tracking and regulatory compliance.

• Cross-border payment schemes including SEPA (credit transfer, instant transfer, direct debit)
• National payment systems such as FPS and BACS
• AML compliance services including identity verification and sanctions databases
• Banking systems for transaction reconciliation and reporting
• Mock banking environment for testing and simulation

• Support for high transaction volumes exceeding 1 million per day
• Transaction processing times within seconds for instant payments and under a minute for standard transfers
• System uptime of at least 99.9% with cloud-based autoscaling
• Strong data encryption and compliance with financial security standards (e.g., PCI DSS)
• Robust fraud detection and AML monitoring with minimal false positives
• Scalable architecture to accommodate future growth and additional payment schemes

The development of this cross-border payment platform is expected to significantly enhance transaction efficiency, supporting over one million transactions daily with rapid speeds. It will expand the client’s market reach across 36 European countries, increasing the number of active enterprise users from 5 to over 30. The solution aims to improve operational scalability, security, and compliance, positioning the client as a leader in innovative cross-border financial services and resulting in substantial business growth and customer satisfaction.