The Client
Our client, a full licensed and regulated electronic money institution based in Malta, is at the forefront of enabling clients and individuals to manage international transactions.
The Challenge
With the client’s vision of enabling global transactions, it embarked on a journey to set up an agile, secure, and reliable digital wallet solution. This involved complex third-party integrations and rule-based business processes to streamline Know Your Customer (KYC), fraud detection, and integration with third-party payment gateways. Moreover, the solution must comply with applicable regulations across different geographical jurisdictions, necessitating an in-depth view of banking business processes and compliance requirements.
The client turned to Persistent for our deep banking and financial services domain knowledge, strong foothold in third-party ecosystems, expertise in setting up technology-based solutions for leading banks, and ability to operationalize them with best-fit SaaS integrations.
The Solution
A Greenfield Platform-Based Digital Payments Solution
The client’s singular focus on a technology-first, customer-centric payment gateway to facilitate hassle-free, multi-currency, and cross-border transactions required Persistent to utilize a domain-led approach to create a solution. We collaborated with the client’s business teams to understand their objectives and aligned our approach accordingly.
We recommended a highly scalable, high-performing, and reliable platform powered by webMethods.io, a cloud-based integration platform that enables businesses to connect their applications, data, and processes across different environments. We integrated six new SaaS providers, including Mambu, Noto, Banking Circle, and Twilio to expand the platform’s capabilities, making the digital banking experience more comprehensive.
We also configured the platform with rule-based automation for 10 critical banking processes, streamlining customer onboarding for individual and corporate accounts, deposits and withdrawals, and peer-to-peer payments. This configurable, rule-based solution set guardrails for other futuristic products the client may launch.
The solution prioritized compliance with banking and security regulations, offering built-in mechanisms to create audit trails and track financial activities from a security and anti-money laundering standpoint.
The Outcome
With our domain knowledge and engineering expertise, we delivered a platform-native digital wallet solution that:
- Supports multi-currency and cross-border payment transactions
- Improved the client’s customer satisfaction score by 95%
- Experienced zero downtime since go-live
- Furthers the client’s brand reputation as a technology-first digital banking provider
Technology Used
- webMethods.io
- AWS Services
- API.io
