Banking & Finance – Txend https://txend.com Technology Extended Tue, 31 Oct 2023 10:30:47 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://txend.com/wp-content/uploads/2023/09/cropped-cropped-android-chrome-512x512-1-1-32x32.png Banking & Finance – Txend https://txend.com 32 32 B2B Loan Management Software for a Bank in Asia https://txend.com/b2b-loan-management-software-for-a-bank-in-asia/ Wed, 11 Oct 2023 19:02:12 +0000 https://txend.com/?p=1832

B2B Loan Management Software for a Bank in Asia

In the realm of micro-lending banking across Pakistan and Africa, a remarkable transformation has taken shape through the "Infinity Loan Origination System." Developed in collaboration with Txend, a prominent custom software engineering company, this system is designed to catalyze change. The bank behind this innovation is on a mission to revolutionize the micro-lending landscape, replacing cumbersome paper-based processes with cutting-edge technology. The Infinity Loan Origination System not only automates the loan origination process but also standardizes the decision-making process by eliminating human judgment, thus enhancing operational efficiency and compliance with standard operating procedures.

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Problem

Prior to the implementation of the Infinity Loan Origination System, the micro-lending bank faced a multitude of challenges. The use of traditional paper-based processes not only hindered operational efficiency but also introduced the potential for errors and delays. Field officers played a vital role in the loan origination process but often introduced an element of subjectivity in decision-making. Standardizing loan approvals and ensuring adherence to company checklists was a complex and time-consuming task.
Moreover, the bank sought to scale its operations to reach thousands of people, and the existing manual processes were simply not conducive to achieving this goal. Field officers needed to collect videos, images, and documents during the loan application process, further complicating an already intricate system.

Solution

Enter the “Infinity Loan Origination System.” Txend’s custom software engineering expertise was harnessed to design a comprehensive solution that addressed these challenges head-on. This innovative system streamlined the entire loan origination process, transforming it into an efficient, digital workflow.
The heart of the solution lies in its ability to replace human judgment in the decision-making process with a standardized checklist. Field officers are guided by the system, ensuring that loan applications adhere to company-defined criteria. This not only minimizes subjectivity but also enhances the consistency and fairness of the lending process.
The application’s capability to capture videos, images, and documents during the application process has significantly enhanced data collection and verification. This not only ensures compliance with the bank’s standard operating procedures but also reduces the risk of errors and fraud.
By automating and digitizing the loan origination process, the Infinity Loan Origination System has set the stage for the bank to scale its operations, effectively extending micro-loans to thousands of individuals in Pakistan and Africa. This case study delves deeper into the intricacies of how Txend’s custom software engineering prowess transformed a paper-bound process into a streamlined, technology-driven engine for financial inclusion.

TechStack

AngularJS, ReactNative, NodeJs, GCP, Microservices, Restful

Case Studies

]]> B2B Fintech Application for a Scandinavian Startup https://txend.com/b2b-fintech-application-for-a-scandinavian-startup/ https://txend.com/b2b-fintech-application-for-a-scandinavian-startup/#respond Wed, 11 Oct 2023 19:00:13 +0000 https://txend.com/?p=1834

B2C Fintech Mobile App for a US Startup

OneMoneyWay is one of the leading innovative software solutions company in Europe, targeting to ease SME businesses from their international or national money transfers. It is a highly robust online payment system for the SME businesses in the Europe.

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Problem

When OneMoneyWay was started in 2021 it was with an idea of making business accounts easy and transparent for small businesses. Knowing first hand how hard it is to navigate the different banking products and waiting many months for an account, we decided to fix the problem ourselves.
From when we started we have grown to become a full fledged financial platform and we strive to innovate and better our offering every day, while maintaining our low prices.
We hired Txend to help us achieve the integrations with core banking and EMI license companies with our payments platform.

Solution

Our objective was to develop a groundbreaking instant payment system that facilitates secure peer-to-peer and peer-to-business transactions. The Txend team provided comprehensive services throughout the entire product development lifecycle. Their highly knowledgeable and experienced team supported us in various stages, including idea conceptualization, implementation, and subsequent growth, leading up to the successful launch.
Facing a pressing deadline for our launch, we encountered significant delays with our current team, which was initially responsible for designing the platform. Given our non-technical background, we required assistance from individuals who shared our background and could guide us in understanding the direction we were heading. In this critical situation, Txend stepped in and provided invaluable support by assuming responsibility for writing the entire application and enhancing the product. They took into account security constraints, technical debt, and the substantial cost of maintenance to ensure a successful upgrade.

TechStack

ReactJS, NodeJS, AWS, Restful, Microservices, Core banking Integrations

Case Studies

]]> https://txend.com/b2b-fintech-application-for-a-scandinavian-startup/feed/ 0 B2C Fintech Mobile Wallet System for a US/Africa https://txend.com/b2c-fintech-mobile-wallet-system-for-a-us-africa-origin-startup/ https://txend.com/b2c-fintech-mobile-wallet-system-for-a-us-africa-origin-startup/#respond Wed, 11 Oct 2023 18:58:10 +0000 https://txend.com/?p=1833

B2C Fintech Mobile Wallet System for a US/Africa Origin Startup

In an era where financial services are rapidly evolving, blockchain-based fintech applications are paving the way for seamless international money transfers. This case study delves into the collaboration between Txend, a leading custom software engineering company, and the groundbreaking "Krill Pay" fintech application. Krill Pay has been instrumental in simplifying the process of sending and receiving money for residents of Nigeria and the USA. Operating on a white-labeled backend system, this case study explores how Txend's expertise in custom software engineering has propelled Krill Pay to the forefront of the fintech industry.

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Problem

Krill Pay set out with a mission to revolutionize cross-border money transfers between Nigeria and the USA. The challenge was evident from the outset, as it involved addressing the complexities of international transactions in two diverse financial ecosystems. Nigeria’s financial infrastructure is often fragmented, and remittances are encumbered by high costs and intermediaries. In the USA, residents faced difficulties accessing affordable and efficient international money transfer services. Krill Pay needed to navigate these obstacles to make cross-border transactions more accessible and cost-effective.
 
Creating a secure, blockchain-based infrastructure to handle international money transfers was a fundamental challenge. This required a deep understanding of blockchain technology, coupled with compliance to regulatory frameworks in both countries. Additionally, Krill Pay needed to ensure that its application was user-friendly, catering to individuals with varying levels of familiarity with blockchain technology.
 
The project also necessitated integration with various financial institutions and payment gateways, adding another layer of complexity. Protecting user data was of utmost importance, given the sensitivity of financial transactions.

Solution

Txend embraced these challenges by leveraging its expertise in custom software engineering. The project commenced with an in-depth analysis of the unique requirements and regulatory environments in Nigeria and the USA. This groundwork laid the foundation for a blockchain-based solution that could navigate the intricacies of cross-border remittances.
 
Txend’s custom software engineering team designed Krill Pay’s user interface to be user-friendly, making it accessible to individuals with varying levels of technical proficiency. The application allowed users to effortlessly send and receive money through a secure and intuitive platform, demystifying the complexities typically associated with blockchain technology.
 
Furthermore, Txend engineered a robust backend system that securely handled transactions and ensured compliance with regulatory guidelines in both countries. By integrating with financial institutions and payment gateways, the application streamlined the process, reducing costs and transfer times.
 
Security and data privacy were given paramount importance. Krill Pay implemented advanced encryption techniques to safeguard user data, ensuring compliance with the highest standards of data protection.
 
This case study will further explore how Txend’s custom software engineering approach transformed Krill Pay into a fintech powerhouse, reshaping cross-border money transfers in Nigeria and the USA. The project underscores the significant impact that technology, innovation, and a steadfast commitment to improving financial services can have on international money transfers.

TechStack

ReactNative, NodeJS, AWS, MongoDB, API Gateway, PHP, OWASP top guidelines, PCIDSS

Case Studies

]]> https://txend.com/b2c-fintech-mobile-wallet-system-for-a-us-africa-origin-startup/feed/ 0 B2C Fintech Mobile App for a US Startup https://txend.com/b2c-fintech-mobile-app-for-a-us-startup/ https://txend.com/b2c-fintech-mobile-app-for-a-us-startup/#respond Wed, 11 Oct 2023 18:20:27 +0000 https://txend.com/?p=1798

B2C Fintech Mobile App for a US Startup

CHIP is a secure and convenient payment provider that offers an online and contactless payment system. With the CHIP e-wallet, users can make quick and hassle-free payments to merchants, family, and friends without the need for physical cash or cards. It is the fastest, safest, and easiest payment platform available in Curacao, ensuring that users can make payments securely and efficiently.

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Problem

CHIP is a product by Avant Garde Technologies B.V., dedicated to giving its customers the very best
products, with a focus on innovation, simplicity, and efficiency. CHIP is a revolutionary instant payment
system that enables peer to peer and peer to business payments securely. CHIP Mobile application has
been developed using Swift for iOS and Java for Android based operating systems. The basic version was written in earlier versions of above technologies and now it is time to upgrade keeping in the view security constraints, technical debt and heavy maintenance on maintaining two different versions of the code base and tech stack.

Solution

During the discovery phase of our review of the documentation, we identified several obstacles to growth and maintaining low costs which are typical challenges faced by startups and mid-sized organizations. To address these challenges, upgrading to React Native technology stack can greatly contribute by reducing maintenance costs through producing hybrid builds for both iOS and Android operating systems, and establishing a solid foundation for adding more app features to ultimately expand the customer base.
 
Additionally, we found that the backend server followed a monolithic approach where business functions were not separated into microservices. We recommend transitioning to a microservices-based architecture which enables clustering and user load management as the customer base grows. We assisted in creating a production environment with high availability, consisting of multiple production servers and a load balancer for failover management and zero downtime.

TechStack

ReactNative, NodeJS, AWS, MongoDB, API Gateway, PHP, OWASP top guidelines, PCIDSS

Case Studies

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