Development of an Integrated Core Banking Platform for Secure Business Payment Management

The client needs a robust banking platform that enables secure, reliable, and efficient financial services for businesses, including onboarding, transfer management, AML monitoring, and reporting, while modernizing legacy systems and ensuring a user-friendly interface within tight development timelines.

A mid-sized financial technology firm aiming to provide comprehensive and secure banking and payment solutions for businesses, focusing on cash flow management, transaction security, and regulatory compliance.

• Develop a secure, scalable core banking platform facilitating multi-currency account management and transactions.
• Implement efficient onboarding and KYC processes to streamline client verification.
• Create comprehensive transfer management with customized approval workflows.
• Integrate advanced AML monitoring to detect and flag unusual activities.
• Provide detailed reporting and statement generation for compliance and data insights.
• Modernize legacy codebases with modern programming languages for improved performance and maintainability.
• Deliver user-friendly admin and client interfaces with intuitive navigation and design.
• Ensure seamless integration with third-party payment and verification services within a 9-month timeframe.

• Admin portal for onboarding review, approval/rejection, and user management with role and action-based rights.
• Account creation, management, and editing across multiple currencies.
• Transfer management including retrieval, internal transfers, and customized approval workflows with multi-level signatures.
• Real-time monitoring of transactions with AML mechanisms to flag unusual activities.
• Generation and download of detailed reports and statements at account and company levels.
• Agile beneficiary management system for quick updates and modifications.
• Secure user authentication and role-based access control.

• Payment gateways for transaction processing
• AML and fraud detection services
• Identity verification / KYC services
• Reporting and compliance tools

• System must support high transaction volume with low latency to ensure swift payment processing.
• Scalability to accommodate future growth in user base and transaction volume.
• Strong security measures for data protection, user authentication, and transaction integrity.
• High system availability and reliability to minimize downtime.
• Codebase modernization from legacy systems with clear documentation and maintainability.

The optimized core banking platform aims to enhance operational efficiency, enable secure and compliant payment processing, and provide an intuitive user experience. Expected outcomes include faster onboarding, improved transaction monitoring, and comprehensive reporting, ultimately supporting scale and revenue growth within the financial services industry.