The Client
Our client is a UK fintech start-up with big ambitions to help SME businesses achieve success through its digital-first banking solution for loans, asset finance, savings, and payment services.
Business Challenge
Some of the key challenges were:
- Data Management: Handling and managing vast amounts of data related to financial transactions, customers, and risk assessments required a robust and scalable data ecosystem.
- Integration of Systems: Integrating various systems, including NetReveal for Customer Screening, Transaction Monitoring, and Customer Risk Assessment, and SafeWatch for Payment Screening, posed integration challenges.
- Process Efficiency: Enhancing the efficiency of case management and suspicious activity reporting processes required streamlining the existing workflows.
- Regulatory Compliance: Meeting the stringent regulatory requirements related to Financial Crime, Anti-Money Laundering (AML), and Know Your Customer (KYC) demanded adherence to complex compliance standards.
- Technology Implementation: Implementing data analytics and monitoring tools like Tableau and Appian required expertise in data analytics and business process management.
Coforge Solution
As part of the client’s ‘Build the Bank’ program, Coforge was engaged to design, deliver, and support the integration of its digital web/mobile frontend with backend core banking systems to provide a secure, stable and scalable API led architecture layer. It was supposed to support an aggressive short-term go-to market strategy, as well as long-term service expansion.
We started with our onsite engagement through our scalable ‘lean’ team of integration delivery experts with client’s business users and suppliers.
With the use of design techniques such as domain driven design (DDD) designed a business-focused API-led connectivity model.
We leveraged the full API lifecycle management of MuleSoft’s software suite from API- led design workshops, mock-up of API services to maintain sprint delivery and close integration of MuleSoft with CICD pipelines for rapid delivery.
Result
The integration solutions built on MuleSoft Anypoint platform resulted in the following business value:
- New Architecture: An API-led architecture that supports immediate business needs while forming a foundation for long-term strategic growth where scalability and reusability is central to the design’s success.
- Expedited delivery with lower cost: The onsite presence of Coforge delivery experts in combination with our ability to provide cost-effective delivery from offshore enabled the team to deliver over 300 APIs in a short span of time.
- Hybrid Solution: A hybrid solution that could provide global connectivity while protecting its core assets locally.
