TechBulls SoftTech

Open Banking API

Core Business

Payments and Fraud Detection Solutions

Location

Europe (UK)

Duration

4 years (on going)

The Digital Transformation of Financial Services

Our client has pioneered the practical application of Artificial Intelligence in the FinTech space for over twenty years. Their solutions help banks and financial institutions enhance, streamline and secure their payments life-cycle.

They have enabled outstanding efficiency benefits and increased speed to market for their end-customers in over 55 countries, processing more than one billion transactions worth over US$5 trillion.

As changes within the financial landscape in the EU got triggered, our client was looking to capitalize on them by building a platform that allowed their customers to connect with multiple banks.

This need required standardized API's to be provided via the client's product in order to connect to multiple banks. The product needed to be deployed as a gateway to which multiple banking systems could connect and talk to each other, as well as be a translator and communicator during this process.

What were the problem faced?

Organizations today use multiple banking partners. These companies integrate with banking partners electronically to efficiently manage some of their most complex finance processes including managing transactions, cash position-ing, forecasting etc. Additionally, all this information needs to be available on a real-time basis. It is expensive for organizations to build and maintain such systems which integrate with all of their banking partners.

The complexity increases as most of them have proprie-tary APIs and there are also some instances where they do not even provide an API.

When you bring in the additional component of retail customers, who have accounts with multiple banks, this further compounds the challenge. Retail customers may have to connect with each banking portal or at times, use their proprietary apps to manage finances or initiate payments.

What were the challenges?

Lenders assessing for credit often involved retail customers pulling together different documents from different banks and institutions.

Retail customers managing subscriptions – this could be anything from a streaming service or a fitness membership to a utility bill or a monthly mortgage.

Absence of standardized APIs

API integration across thousands of banks and institutions

Ability to comply to multiple standards set by the banks

Creating a normalized API to ensure consistent API across different banks

Speed of integration needed to be as quick as possible irrespective of the volumes

Ability to ensure future scalability of the product in view of future complexities

Ability to maintain stringent data security.

How did we solve it?

Created an automated functional testing rig

To overcome the challenges of reducing time required for individual bank integration, we architected a solution based on a generic pipeline which comprised of a generic workflow involving validation, transformation, request to bank and response from bank. The generic pipeline had the ability to create custom hooks to develop any logic which was bank specific.

Shared-Nothing Architecture

The product was architected on Shared-Nothing architecture which allows creating multiple instances of servers and allowing unlimited horizontal scalability. The architecture also helps the system to be highly available as single instance going down does not take down the entire system.

Validation & Transformation Framework

We developed a Validation Framework which allowed writing JSON based validation rules. Additionally we developed a Transformation Framework based on XSLT which allowed translating to and fro from product specific to bank specific format. Both these frameworks allowed integrations to be written quickly and also allowed integrations to be developed by non-technical and functional users.

Normalized Interface

Normalized interface was provided to customers by presenting them a REST API and standardizing various API endpoints and their request / response structure.

How did the client benefit?

Generic workflows enabled standardized process of integration across multiple banks as well as the ability to add custom hooks that provided the client to make specific customizations

Validation framework dropped the time required to create additional integrations by a whooping 70-80%

Used Technologies

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