Visual Development
Data model
Integrations
Decision Tables
Scorecards
PMML
Version control
Debug and test
Deploy and use
Assignment of risk level and customer category within KYC processes at customer onboarding
Cross-Sell Offer Calculation for the 12M Client BaseeWallet Solution
3.5x faster
2.3x
2.8x more
2x
3x
3.8x less
Issue
The specific challenges faced in implementing the eWallet solution included:
- Technological Integration:
Integrating the eWallet with existing banking systems and third-party payment gateways posed technical challenges due to varying protocols and data formats.
- Regulatory Compliance:
Ensuring compliance with diverse and evolving regulatory frameworks across multiple jurisdictions required extensive legal expertise and meticulous attention to detail.
- Security Concerns:
Addressing security concerns such as data breaches, identity theft, and fraudulent activities demanded robust encryption protocols, authentication mechanisms, and fraud detection algorithms.
- User Adoption:
Encouraging user adoption of the eWallet amidst competition from established banking institutions and emerging fintech startups necessitated effective marketing strategies and incentives to attract and retain customers.
Goal
The main goal was to develop and implement an innovative eWallet solution that would meet the evolving needs of customers while ensuring compliance with regulatory standards and maintaining robust security measures. The eWallet aimed to provide users with a user-friendly interface, seamless integration with various payment methods, real-time transaction processing, and advanced security features such as multi-factor authentication and encryption.
Solution
To address the challenge, our team developed a comprehensive eWallet solution leveraging cutting-edge technology and industry best practices. The solution incorporated the following key components:
- User-Friendly Interface: We have designed an intuitive and user-friendly interface accessible via both web and mobile platforms, enabling users to easily navigate and manage their finances. All primary features are prominently displayed on the main screen for convenient access.
- Seamless Integration: The eWallet seamlessly integrates with multiple payment methods, including credit/debit cards, bank transfers, and mobile wallets, enabling users to conveniently conduct transactions with their preferred payment method.
- Real-Time Transaction Processing: Our solution facilitated real-time transaction processing, ensuring that payments and fund transfers were executed swiftly and efficiently. Clients have visibility into the details and status of their transactions, with notifications sent via email upon transaction completion.
- Advanced Security Features: We implemented robust security measures, including multi-factor authentication, data encryption, and fraud detection algorithms, to safeguard users’ sensitive information and prevent unauthorized access.
- Regulatory Compliance: The eWallet solution adhered to stringent regulatory requirements, including Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, to ensure compliance and mitigate regulatory risks. Clients can configure eWallet access and transaction execution in alignment with regulatory prerequisites, ensuring seamless compliance.
ProcessMIX in action
Let’s look at the main scenarios on the client side of the application, where users can deposit and withdraw funds from their eWallet.
- Some payment methods require linking the user’s bank account or credit/debit card. The application provides an opportunity to add the user’s payment details, which can be done either through the user’s profile or directly from the deposit and withdrawal form.
- After entering all the necessary payment data, users can easily replenish or withdraw funds from their wallet by specifying the desired amount and confirming the transaction after reviewing the payment details. Confirmation is also available via a verification code.
- All confirmed transactions are stored in the database, allowing the administrator to initiate the reconciliation process later to review pending transactions. This process facilitates and accelerates the transfer of funds from the system wallet to the user’s wallet in a single transaction.
- The user can view the history and details of transactions and search for specific ones using customizable filters. Additionally, users can generate a statement of their transactions for the month.
- The user is provided with the opportunity to view a chart of exchange rates, depicting changes over the selected period.
- Users have the ability to manage their profiles, allowing them to update personal information, add photos, and modify associated details such as email, password, and phone number.
- Users also have the option to undergo Know Your Customer (KYC) verification by uploading photos, including a selfie and an identity document. The provided information is securely stored in the database, and users receive notifications upon successful completion of the verification process.
Let’s explore the management capabilities offered by the admin portal.
- Within the admin portal, you can seamlessly manage the statuses and access permissions of both users and employees. Additionally, they have access to comprehensive information about users, including their wallets and detailed payment histories down to individual transaction details.
- It is possible to manage wallets (block, close) and transactions (change status) within the admin portal.
- Administrators can set, modify, and delete various types of limits and fees for specific types of transactions by currency.
- Additionally, the administrative portal allows for the addition of bank accounts and service providers.
Summary
3.5x faster
2.3x
2.8x more
3x
The implementation of the eWallet solution based on ProcessMIX low-code platform successfully addressed the challenge of providing modern digital payment services in a competitive market while ensuring compliance with regulatory standards and prioritizing data security.
The eWallet solution, powered by ProcessMix, offers seamless integration with payment systems and robust management functionalities via an intuitive administrator’s portal.
Alongside user-friendly transaction processes and comprehensive transaction oversight, the system features a recurring payment option and peer-to-peer (P2P) transfer capabilities. Users can conveniently deposit and withdraw funds, access transaction histories, manage profiles, and undergo KYC verification.
Administrators benefit from extensive management tools for user and employee oversight, transaction management, fee and limit configuration, and service provider management.
Overall, the eWallet solution delivers a user-centric experience and efficient administrative control, making it a valuable asset in the digital finance landscape.
