the latest features and enhancements, software upgrades of our Core Banking

In this post, we are introducing our latest features, integrations, software updates and new apps of our Core Banking platform - Macrobank. 

1. White-label web-banking application

A genuinely customer-centric web banking application provides all essential banking functionalities – current accounts, payments, currency exchange, statements, payment templates and others.

New modern design and user-friendly interface

Smooth built-in onboarding procedure to provide immediate access to your business/personal account after the registration and continue the verification procedure at the later stage 100% manageable, customizable and branded

Can be integrated with any Core Banking back-office system

 

Technology stack

Angular framework

Single Page Application technology to improve UX

2. White-label mobile application

Native mobile application for IOS and Android incorporates a wide range of banking functionalities:

User-friendly modern interface supporting both light/dark themes and different languages

Account and payment operations: make payments, view payment history, create payment templates, display and download statements, etc.

Payment card management

Support for biometric technologies

Built-in communication tool with your customers, e.g., chat with the operator Push-notifications Dynamic management of the application by the operator with no need for a new app release

Technology stack:

Swift (iOS), Kotlin (Android) - platform-native languages to ensure the optimized performance of applications

Instant changes in the app made online from the back office

3. Macrobank Core Banking

The new version of Macrobank`s Digital Core banking engine and back-office offers new integrations and functionalities:

Integration with automated onboarding, KYC and AML platform SumSub

Integration with automated onboarding, KYC and AML platform iSpiral

Integration with iban.com: auto-complete of the recipient's bank details after when entering IBAN.

2-step onboarding: preliminary customer registration with verification at the later stage

Scheduled payments

Payment cancellation with a multi-user signature

Technology stack:

Database: SQL Server

Flexible setup of the business logic using built-in workflow editor

Integrations: C#, Go.

Microservice architecture allows Advapay’s clients to replace or readjust individual components without making an effect on the entire system.

Azure cloud hosting:

• Access to high-quality geo-distributed hosting

• Secured data storage based on Microsoft Security Development Lifecycle

• Less human resources required, e.g., IT specialists and database administrators

• Cost-effectiveness with a pay-as-you-go model

4. RESTful API

• Flexible microservice architecture facilitates setup and readjustment of separate components

• Synchronicity to support bid data load and processing

• Unified standard for the service interaction and increased control over resources distributed for service delivery

• Faster system response

• Transparency and reliability ensured through parallel processing and high security of a single point of interaction

• Built on .NET Сore (using C#)

5. Agent Console

The Agent Console allows Advapay’s clients to create an agent network and onboard their customers in Macrobank’s back office:

• Onboarding and management of customer applications

• Pre-registration of customers with minimum information

• Functionality to tag the specific customer to the agent

• Customer onboarding by agents using external KYC/AML services

• 2-step registration procedure to allow the customer to continue the onboarding process after pre-registration

• Processing of customer applications for further approval by the Operator of the PSP

• View available to check the total of customer payments, invoices, types of payments, and specific transactions and the total of the Agent's commissions by clients, accounts, types of payments, and specific transactions

• Direct communication with customers in the Agent Console

• Generation and management of reports

Want to know more about our Digital Core Banking solution? Contact us to learn more.

About Advapay`s platform: Advapay`s Digital Core Banking platform empowers fintechs to build their digital banks and accelerate digital transformation. The platform provides all essential functionalities, a back-to-front system and a set of tools to customise and bring new integrations. With Advapay, potential and existing customers can connect either to the cloud-based SaaS or on-premise software.

Advapay and DECTA partner to offer fintech clients seamless card issuing solutions

10/11/20 – LONDON, UK – Advapay, a digital core banking platform for fintechs, and DECTA, a provider of modern card issuing platforms, have partnered to deliver a comprehensive card issuing solution to digital banks and fintechs that use Advapay’s platform.

This partnership brings together two providers at the top of the industry to deliver out-of-the-box banking facilities. Advapay is an Estonian technology and fintech advisory company that brings regulated payment service providers inclusive fintech solutions. Advapay’s services cover everything from professional fintech consulting and licensing services to provision and implementation of a customised IT infrastructure — a back-to-front digital core banking platform.

The integration with DECTA will broaden the scope of Advapay’s core banking platform and provide fintechs card issuing solutions. The superior functionality will be available both on cloud and on-premise Advapay`s platforms.

Through the powerful API, fintechs will benefit from the partnership of two companies. Advapay’s clients will be able to issue fully customisable and personalised Mastercard virtual and physical cards. Also, they will have access to smart card management capabilities that include card activation, blocking, reporting, and different rules-setting for each card. “We are excited to partner with DECTA and provide our clients with a one-stop-shop banking solution. With this partnership, our solutions will become even more inclusive, and our clients will get the opportunity to issue and manage cards directly from our platform,” says Andrey Borisenkov, Chief Business Development Officer at Advapay.

“We see DECTA as a reliable technology partner and greatly value the vast experience the company brings, having deployed advanced card issuing solutions for European-level digital banks and fintech companies!” “We are happy to complement Advapay`s Core Banking platform with our Card Issuing engine. We are confident that the alliance with Advapay and the inbuilt card module will help fintech startups to speed up time-to-market and enter new markets without a hitch,” says Mark Andreev, CEO at DECTA.

About Advapay

Advapay is a technology company providing the Digital Core Banking platform to empower fintech clients or digital banks to start their businesses and accelerate digital transformation. The platform delivers all essential functionalities, a back-to-front system and a set of tools to customise and bring new integrations. With Advapay, potential and existing customers can connect either to the cloud-based SaaS or on-premise software. Besides the technical infrastructure, the company provides business advisory and fintech licensing services. More: www.advapay.eu

Contacts

Kristine Jakovleva

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Julija Litvinova

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Advapay and Sumsub to deliver an automatic KYC/AML solution to financial service clients

13/10/20 – LONDON, UK - Advapay, a digital core banking platform for fintechs, and Sumsub, an identity verification platform that covers KYC/KYB/AML needs, have partnered to deliver a smart KYC and AML solution to digital banks and fintechs.

Advapay is an Estonian technology and fintech advisory company that facilitates regulated payment service providers with all the necessary fintech solutions. Advapay’s services cover everything from the professional fintech advisory and licensing services to the provision and implementation of the necessary customised IT infrastructure — a back-to-front digital core banking platform. The integration with Sumsub will broaden the scope of Advapay’s core banking platform and provide automated onboarding and KYC/AML functionalities. From now on, this new integration will be available and accessible for all Advapay’s clients from the list of ready-to-use integrations.

Identity verification is a mandatory requirement for all fintech businesses and is still a point of confusion for many of them. Sumsub is going to benefit all the businesses that use Advapay with an effortless and people-friendly identity verification solution powered with face recognition and matching technology for biometric identity proofing and liveness check, document screening and background checks. The company will ensure the verification of 6500+ types of local documents from 220+ countries and territories. It will help Advapay’s fintech clients to comply with regulators and their requirements, provide a 100% digital experience for their end-users and cut the time spent on identity verification to just a couple of minutes.

“We are pleased to announce that we have formed a strategic partnership with Sumsub.”, says Gustav Korobov, Senior Sales Executive at Advapay. “Sumsub’s solution will enable us to fully automate AML/KYC processes for our clients, providing a superior level of security. This means that we will embrace an entirely new value proposition and recreate exceptional customer experience.”

“We are really excited to work with Advapay and by connecting our solution to their smart banking ecosystem to help their clients achieve effortless and secure identity verification.”, says Jacob Sever, Co-founder of Sumsub. “From our experience, we can say that Advapay is a committed and reliable partner in providing a highly configurable Core Banking platform. It is the partner of choice to deliver end-to-end and fast-to-market solutions.”

About Sumsub

Sumsub is an identity verification platform that provides an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs. The company focuses on accelerated ID verification, digital fraud detection and compliance for over 200 markets. Sumsub employs top market technologies combined with legal expertise, and assistance with financial requirements (FCA, CySec, MAS, FINMA, BAFIN, etc). Clients include BlaBlaCar, Gett, ESL Gaming, JobToday, Wheely, Vk.com, Decta, Exness, Bank Dobrobyt, HRS Group. Awards: Benzinga Global Fintech Awards 2018, The UK Startups 100 2020, PwC nomination for ‘The best use of tech award’. More: www.sumsub.com

About Advapay

Advapay is a technology company providing the Digital Core Banking platform to empower fintech clients or digital banks to start their businesses and accelerate digital transformation. The platform delivers all essential functionalities, a back-to-front system and a set of tools to customise and bring new integrations. With Advapay, potential and existing customers can connect either to the cloud-based SaaS or on-premise software. Besides the technical infrastructure, the company provides business advisory and fintech licensing services. More: www.advapay.eu

Contacts:

Olya Laktyushina This email address is being protected from spambots. You need JavaScript enabled to view it.

Kristine Jakovleva This email address is being protected from spambots. You need JavaScript enabled to view it.

 

What makes Cloud Banking solutions trustful?

Even though Cloud solutions aren't a new technology, there are quite many sceptics, and there are people who still can`t trust this technology. Cloud Banking is no exception. Cloud Core Banking solutions have brought immense benefits to financial institutions.

The Cloud means that you can cut out high infrastructure costs and provide on-demand scaling and agility. Even though the benefits seem very tangible, financial services companies see several potential threats. The primary concern of IT professionals and business owners related to the Core Banking technology in the cloud is its security level and technological maturity.

There is a lack of knowledge about cloud technologies. As a result, people fear to take the first step to connect to the Cloud technologies.

We have analysed the most significant misgivings that our customers face when they think of how reliable Cloud technology is. Followed by this research, we have come up with a list of parameters, which explains that the Cloud-based Core Banking has very high security and reliability level.

Secure and Certified IT Infrastructure: Servers, Data Centres, Networks

To securely transfer data in the Cloud and prevent unauthorized access, it is essential to ensure high-level security, when managing servers and networks. According to regulations, fintech and banks must know the physical location of their data and how different customers' data in the Cloud are separated. Modern data centres have a variety of widely recognized certifications in IT security – the most stringent industry standards verify their systems. For example, the Azure platform, which is used for our Cloud banking solutions, has developed a strong foundation based on world-class global infrastructure. It meets international, regional or industry-related standards and offers a variety of certifications. Azure cloud platforms are compliant with global fintech service standards: Payment Card Industry Data Security Standards (PCI DSS), different ISO standards, the General Data Protection Regulation (GDPR) and others. Besides global standards, platforms are compliant with fintech regulatory standards, for example, EBA (EU), AFM and DNB (Netherlands), AMF and ACPR (France), FCA and PRA (UK), FINMA (Switzerland), KNF (Poland), MAS and ABS (Singapore), NBB and FSMA (Belgium) and others.

Usually, recently established fintech companies do not have IT resources, knowledge, expertise to build the same-level infrastructure. But if it does, it will be too expensive, and definitely, it will not be a solution to build an extensive infrastructure cost-effectively.

Geo-Distributed Architecture

One of the significant benefits of cloud-based solutions is that microservices architecture powers them. Applications and solutions run using a flexible cloud infrastructure, such as serverless frameworks and containers. It enables us to develop a geo-distributed architecture and smoothly distribute the load on servers and control the distribution of service resources.

The microservice infrastructure enables fintech to easily and fast make any additional modifications or developments in the future without having an impact on other parts of the system. To build such architecture for new, small or medium-sized companies, it will be costly and will rather never pay off. Additionally, it requires a highly professional IT personnel to develop and build this type of ecosystem.

Compliance and Regulations

Alongside secure server configuration, regulatory and security expertise must be taken into account when evaluating cloud providers for Core Banking software.

Most cloud core banking platforms meet all industry-specific guidelines and are developed following specific region-wide regulations (e.g., the European Union). In fact, any new platform must be verified and confirmed by financial services regulators. They issue the legal consent and requirements for risk management, technical management of IT systems and information security, outsourcing requirements for external cloud service providers.

Identity and Access Management

An Identity and Access Management (IAM) system is a crucial requirement to manage information access rights. Usually, providers offer direct integration with your proprietary IAM system or implement their already built-in functionality. The system puts multi-factor authentication and user access measures in place to ensure that only authorized users can access and operate with specific data and applications. It includes a role-based authorization system, audit logs to keep track of different actions performed by admins and operators, and logging of administrative and operational changes for auditing at the later stage. This kind of solution ensures that nobody except the designated person has access to applications and data.

Extensive Encryptions – Additional Security Layer

Encryption is the key to keep cloud banking services safe. Therefore, banks and fintech store and process sensitive data using different encryption tools provided either by cloud technology companies or third parties. The main idea behind encryption is that once the data is moved to the Cloud, encryption keys are directly generated by the data owner to ensure that no one else can access the data.

When cloud technologies are in use, data is stored somewhere within the infrastructure to send back and forth on the Cloud's platform. When information is in the transit stage or not used, encryption is necessary to encode them and add additional security layers and protect all the assets. It means without a decryption key; there is no chance that anyone can decode data.

Threat Intelligence, Monitoring, and Prevention

Threat Intelligence, Intrusion Detection Systems (IDS), and Intrusion Prevention Systems (IPS) are the foundation of cloud security and reliability in cloud banking. Threat Intelligence and IDS provide the necessary functionality to detect and prevent any attacks automatically. Whereas, IPS is created to detect and stop an attack or possible incident from happening in the first place. Summing up all the previously mentioned parameters, we can see that out-off box cloud banking solutions are reliable, and there shouldn't be any doubts regarding safety and security. Keep in mind that even though the highest security standards are in place for cloud solutions, fintech companies must ensure the highest level of protection on-site for staff working with applications to eliminate malicious attacks and security breaches internally.

Want to know more about our Digital Core Banking solution? Contact us to learn more.

About Advapay`s platform: Advapay`s Digital Core Banking platform empowers fintechs to build their digital banks and accelerate digital transformation. The platform provides all essential functionalities, a back-to-front system and a set of tools to customise and bring new integrations. With Advapay, potential and existing customers can connect either to the cloud-based SaaS or on-premise software.

Your Checklist to pick a Digital Core Banking provider

There are many different Digital Core Banking providers in the market. They differ from one to another. Some of them offer only front-end applications, for example, web and mobile banking for end-users, but some of them offer only back-end. When choosing the same product categories, such as Digital Banking and Core Banking, it may mean completely different functions.

If you plan to start or are in the process of finding your Digital Core Banking solution provider, then we would recommend to come up with a checklist to identify the must-have features and move forward with the evaluation process.

With this article, we have already done half of your job. This checklist covers the most critical parameters of Core Banking solutions and will help you better understand your options and opportunities.

1. Front-end – white-label web-banking and mobile application for end-users

Does your provider offer white-label front-end applications?

Some core banking providers offer only one part of the full Core Banking system – a Core Banking engine with a back-office only. It means that you need to find another provider for front-end applications or develop them internally. As a result, you will need extra time for developing applications and integrating them with the Core Banking system. All this may sound inconvenient for you and actually – you may come across some serious problems in the integration phase.

2. Back-office

This is another side of the first question. Does your provider offer back-office?

At first, you may think that it is not worth evaluating, but some vendors only provide Digital Banking solutions. For you, it means that they offer only applications for end-users. You will again come across an inconvenient implementation, as you need to find another provider of the Core Banking engine and be sure that these systems are compatible with each other for integrations.

3. General ledger and reporting

Besides all the primary banking and payment functionalities like accounts, IBAN generation, payment processing, there are also other important functions you need to consider. For example, does your Digital and Core Banking system provide general ledger (accounting) and reporting for both financial and regulatory needs?

Ask your provider about reporting and accountancy. Does it support daily accountancy or generation of specific reports? In order to create reports for your accounting department, your future Core Banking system must provide integrated reporting or at least data export capabilities.

4. Solution customisation

Many Digital or Core Banking providers offer solution customisation. But what exactly will you be able to do?

Having in mind the business continuity and growth, the solution must support customisation at any stage of the business lifecycle – when you start your operations and when you need to make changes in the system to support your growth. Adding a new provider or branding an application is only one single part of customisation. Also, you must be able to modify business processes, add additional fields for end-user applications or customise back-office interfaces.

5. Technology

There is a list of technological parameters that are worth knowing when you pick a provider. From technologies and a structure to a programming language and how open the solution is – these are a few essential things that will influence your decision and further operations.

This is why, we would recommend you to ask your provider the following questions:

• How open is the technology to integrate efficiently with third parties?

• Is it possible to expand to the on-premise solution in case you start with the SaaS solution?

• Is the solution fully modular and built on a microservice architecture? Do the components operate independently or interface seamlessly between one another?

• Will the provider’s technology be able to support your future needs? Make sure that the embedded technology is neither novel nor old-fashioned.

• What programming language was used to write a code for the technology? How popular is the language? Does it support changes?

• How simple or complex is the full system and back-office? On the one hand, the back-office must have a user-friendly interface. On the other hand, the system with a straight-forward and easy-to-use interface may mean weak functionality. Do not seek only an easy-to-use system but also make sure to analyse its functionality.

6. Price

Budgets and prices for solutions may differ significantly. For example, prices for the SaaS setup range between €40k and €500k. Some providers charge additional fees for each integration, but others for customisation. Ask your provider what expenses you can expect:

• Setup fee

• Integrations, which are already offered by your provider. Some providers offer integrations for free, but others charge a fixed rate for each integration.

• Customisations – does your provider offer free staff-hours for customisation?

• Prices for additional integrations with new providers or customisations. Usually, providers charge a fixed fee per hour.

• Monthly fee for the SaaS solution or a maintenance fee for a software purchase

• In case you want to transit from the SaaS solution to the on-premise solution, does your provider offer any financial privileges, for example, discounts for a setup fee?

7. Support

What support level does your provider offer? Depending on your IT resources or plans to expand your business, you may need different levels of support. You will need 24/7 support when your business becomes successful — scaling up beyond its initial audiences and markets. In today’s digital-first world, customers expect instant service day and night, therefore response time is critical. Therefore, 24/7 support will also be useful not only for established financial companies but also for recently-founded fintechs with limited IT resources.

Another point to consider, when it comes to support, is solution updates – how often does your provider make updates on functionality and security of the system? Software updates are important because they often include critical patches to security holes and remove outdated features to integrate new, improved functionality. Besides, they are necessary to improve software stability and ensure compatibility with different applications and solutions by third-party providers.

Want to know more about our Digital Core Banking solution? Contact us to learn more and watch the demo. 

About Advapay`s platform: Advapay`s Digital Core Banking platform empowers fintechs to build their digital banks and accelerate digital transformation. The platform provides all essential functionalities, a back-to-front system and a set of tools to customise and bring new integrations. With Advapay, potential and existing customers can connect either to the cloud-based SaaS or on-premise software.