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Implementation of P2P and ACH Payment Processing for a Neobank Platform

yalantis

Financial services

Limited Payment Options & User Demand

The neobank's initial MVP lacked essential payment functionalities like P2P and ACH transfers. Beta users requested interbank transfer capabilities, highlighting a critical gap in the user experience and hindering the platform's ability to meet evolving customer needs. Reliance on third-party solutions like Venmo and PayPal created a fragmented user experience.

About the Client

A recently launched digital banking application aiming to provide comprehensive financial services to its customers.

Enhance Payment Capabilities & Customer Experience

Implement seamless and secure P2P payment functionality.
Implement ACH payment processing for interbank transfers.
Increase user engagement and platform adoption.
Expand the customer base by offering comprehensive payment options.
Improve the overall user experience with convenient and efficient payment flows.
Reduce fraudulent activity related to payment transactions.

Core Payment Functionality

P2P payments: Send and receive money to other users within the platform.
ACH payments: Initiate and receive interbank transfers.
Split payments: Facilitate group payments for shared expenses.
User authentication and authorization for payment transactions.
Transaction history and reporting.
Fraud detection and prevention mechanisms.
Admin panel for managing transaction rules and user permissions.

BaaS & Third-Party Integrations

Backend as a Service (BaaS) for P2P payments (e.g., Unit)

Plaid for ACH payment processing

Custom UI library (Yalantis UI library)

API integrations

External Payment Platforms & Fraud Detection

Unit (for P2P payments)
Plaid (for ACH payments)
Fraud detection service API

Security, Scalability & Performance

High security to protect user financial data.
Scalability to handle a growing number of transactions and users.
Reliable and performant payment processing.
Compliance with relevant regulatory requirements (e.g., KYC/AML).

Increased User Engagement & Revenue Growth

Implementing P2P and ACH functionality is expected to significantly increase user engagement by providing a more comprehensive and convenient banking experience. This will lead to a larger customer base and increased revenue through transaction fees and potentially other value-added services. The projected reduction in fraudulent activity will also contribute to a more secure platform and enhanced customer trust.