BaaS Platform – PayLater Module

Background

One of the leading financial institutions headquartered in UK is launching its “Banking as a Service” platform. Through this platform, the bank is able offer to digital platforms and ecosystems like e-commerce, retail shops, ride-hailing companies the technical capabilities to offers financial services like wallet account, loans, credit cards and savings accounts etc. The bank reached out to OpenFactor via the Apache Software Community.

Implementation a light weight, fit for purpose core banking system to support the operations of the subsidiary locally in line with the central bank’s directives.

Key objectives

Implementation of FinSys Core Banking System

Data Migration from the centrally managed CBS to FinSys

Real-time Integration of the FinSys with the centrally managed CBS

Deliver all operational reports

Training of the bank’s staff

Support

Scope of engagement

FinSys Core Banking built on Apache Fineract Core

Database - MySQL

Pentaho reporting tool

Applications Servers (Tomcat Application Server, Apache Web Server )

Technologies used

FinSys Core Banking System

FinSys User Guide / Manual

FinSys API Specification Document

Integration Specification Document

Deliverables

Summary

Clients’ Benefits

· The bank was able to launched a completely new “BuyNow PayLater” service on the BaaS platform

· OpenFactor engagement fast tracked the go-live process

· The bank was able to innovate in the most cost effective manner by the adoption of Apache Fineract.

· Our client BaaS is the fast growing and most profitable in the South East Asia Market.

· Our client was able to increase. Its business agility by working with OpenFactor based on our level of domain expertise in financial systems.

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BaaS Platform – PayLater Module

Background

Key objectives

Scope of engagement

Technologies used

Deliverables

Summary

Clients’ Benefits

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BaaS Platform for a Tier-1 Bank