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Development of a Secure Open Banking Platform for Real-Time Financial Management

mainsoft.org

Financial services

Information technology

Challenge in Implementing Secure Multi-Banking Integration

The client required a robust and secure Third-Party Provider (TPP)-based online banking system to enable real-time direct payments, data aggregation, and banking account management from a single platform, while maintaining compliance with evolving security standards.

About the Client

Provider of open banking solutions connecting businesses and banks through a unified API to enhance financial management capabilities

Strategic Goals for Open Banking System Development

Create a future-proof online banking system
Broaden financial management solution portfolio
Enable seamless real-time data aggregation across multiple banks
Attract new customers through enhanced functionality

Core System Capabilities and Features

Real-time bank account and transaction information dashboard
User-friendly multi-bank account management interface
24/7 secure multi-banking transaction processing
One-click payment execution with audit trail
Multi-method payment support (SEPA, international, periodic, bulk)
Real-time transaction success notifications
End-to-end encryption and compliance framework

Technology Stack Requirements

Java

Spark

Kibana

Dagger

Retrofit

REST

gRPC

OAuth 2.0

Log4j

JUnit

Gradle

System Integration Requirements

European banking institutions' APIs
SEPA payment network
International payment gateways
Compliance monitoring systems

Performance and Security Standards

PCI-DSS compliance
GDPR-compliant data handling
99.99% system uptime SLA
Horizontal scalability for 1M+ transactions/day
Real-time fraud detection integration
Multi-factor authentication framework

Expected Business Outcomes

Implementation of this advanced open banking system is projected to expand market reach by 40%, reduce transaction processing time by 70%, and increase customer retention through enhanced security features and seamless multi-banking integration capabilities.