Oct 12, 2022
No image
Completed
Floid — KYC and Income Verification Service Fintech solution for Latin America market
$50,000+
more 1 year
Chile
2-5
Service categories
Service Lines
Cloud Consulting
DevOps
QA and Testing
Web Development
Domain focus
Banking & Financial Services
Programming language
JavaScript
Frameworks
Node.js
React.js
Challenge
Our Customer asked us to take part in the creation of a truly innovative Fintech solution. It should be one of the first Open Banking platforms in Latin America with tremendous prospects for changing the market for financial services.
The Customer requested the development of a software solution that will provide a range of KYC services such as identification and income verification. This tool should be useful for a variety of businesses that have to control their customers' reliability, such as credit bureaus, wholesale suppliers, landlords. Providing comprehensive information about contractors' financial status, the software solution should dramatically reduce risks of losses due to late or missed payments and frauds.
Our Customer asked us to take part in the creation of a truly innovative Fintech solution. It should be one of the first Open Banking platforms in Latin America with tremendous prospects for changing the market for financial services.
The Customer requested the development of a software solution that will provide a range of KYC services such as identification and income verification. This tool should be useful for a variety of businesses that have to control their customers' reliability, such as credit bureaus, wholesale suppliers, landlords. Providing comprehensive information about contractors' financial status, the software solution should dramatically reduce risks of losses due to late or missed payments and frauds.
Solution
The solution was developed as an API with three functions:
Identification (BankID & KYC, ClaveUnica & KYC)
Financial Information Products (income verification, asset report, Full Debt, Fraud check)
Payment Products
All of them are performed by a simple request that returns structured and easy-to-process data from the customer's bank. It is an important point for the creditor companies, because all the data is 100% correct and reliable whilst there are no additional steps between the bank and the user. For persons to be verified, it's also an easy and clear process. It's only required to do a few clicks in UI instead of tons of paperwork, and all the needed data may emerge in one report without any risks of old-fashioned online banking.
The solution was developed as an API with three functions:
Identification (BankID & KYC, ClaveUnica & KYC)
Financial Information Products (income verification, asset report, Full Debt, Fraud check)
Payment Products
All of them are performed by a simple request that returns structured and easy-to-process data from the customer's bank. It is an important point for the creditor companies, because all the data is 100% correct and reliable whilst there are no additional steps between the bank and the user. For persons to be verified, it's also an easy and clear process. It's only required to do a few clicks in UI instead of tons of paperwork, and all the needed data may emerge in one report without any risks of old-fashioned online banking.
Results
While working on this solution, we designed a dashboard that allows getting the vast information without any special skills or developer's involvement. It is designed to be more useful for a wide range of users among financial institutions, banks, and so on, which aren't necessarily proficient in programming, moreover commonly has no such skills.
The next important point of this system is an approach to data storage. All the user data is collected and stored anonymously, so it's suitable for governmental services as well as meets the strictest requirements like GDPR.
While working on this solution, we designed a dashboard that allows getting the vast information without any special skills or developer's involvement. It is designed to be more useful for a wide range of users among financial institutions, banks, and so on, which aren't necessarily proficient in programming, moreover commonly has no such skills.
The next important point of this system is an approach to data storage. All the user data is collected and stored anonymously, so it's suitable for governmental services as well as meets the strictest requirements like GDPR.
No image
