Development of a Secure Mobile Wallet Platform with Open Banking Integration

A fintech startup requires a comprehensive digital wallet solution to support secure onboarding, transaction processing via QR codes, and integration with open banking APIs. The client aims to quickly launch a minimum viable product (MVP) to engage early users and attract investors, while mitigating architectural, security, and performance risks within a tight timeline.

A digital financial technology company seeking to deliver innovative wallet solutions with integrated banking features for a UK-based customer base.

• Achieve rapid development and deployment of a functional MVP for user onboarding and transaction processing.
• Securely onboard users using electronic Know Your Customer (EKYC) protocols.
• Enable transactions via QR code scanning for convenience and security.
• Integrate with third-party open banking services to facilitate financial data access and transactions.
• Support scalability to handle increasing user base and transaction volume.
• Position the product for industry recognition, awards, and further feature expansion including stock trading and income analysis.

• Digital EWallet supporting transactions via QR codes
• Secure user onboarding process utilizing electronic KYC verification
• Open banking API integration for financial data access and transaction capabilities
• Cross-platform mobile application compatible with Android and iOS devices
• Backend REST API developed for transaction processing and system management
• Admin portal for managing user data and system configurations
• Notification messaging functionality using secure messaging services

• Open banking APIs for financial data access and transaction initiation
• Third-party KYC verification services
• Messaging platforms for notifications

• System scalability to accommodate increased transaction and user volume
• Performance optimized for rapid transaction processing
• Security measures compliant with financial data handling standards
• High availability with minimal downtime
• Compliance with relevant data privacy regulations

The implementation of this digital wallet platform is expected to enable rapid market entry, attracting early beta users and investors. It aims to achieve successful MVP deployment within a short timeframe, garner industry awards for financial innovation and technical excellence, and set a foundation for expansive features like stock trading and income analytics, ultimately increasing user engagement and trust in the solution.