Frequently asked questions about our Digital Core Banking

As we all know, clients are more interested in overcoming their problems or challenges than in the product itself. Usually, when we start discussions or a project with any new client, we receive many different questions about our solution, project duration, options to grow the business and even about the possibility to change the business strategy. Our goal is to satisfy clients and try to help them solve their most complex problems and answer all questions honestly, precisely and accurately - up to the smallest detail.

In this article, we have gathered the most frequently asked questions from our customers. It is the go-to destination to find the right answers to specific questions about our product or business operations. If you have any questions, concerns and objections in your mind – we are happy to hear from you to help you understand from A to Z.

Which solution options do you offer?

We offer both a SaaS solution and a full software license (on-premise). Based on your needs, you can choose the most functional solution for your business. SaaS is a pay-as-you-go model and best suited for market newcomers and a usual business offering. In contrast, for companies with experience in the fintech market or with a unique business idea, we recommend a software license. When our customers set up the SaaS solution, they can always transit to the software license at any time.

What is the difference between a SaaS and software license (on-premise)?

We recommend evaluating several parameters (see below) to select the model that suits your business model the best.

1-Pricing model.

When implementing the SaaS solution, you need to pay a setup fee and monthly fee for the use of the system. The SaaS model is more cost-effective at the very beginning and includes the most popular functionalities and integrations within one setup fee. In case of a software license, you are free to customise the solution as you want and make additional integrations that you need – nothing less and nothing more. The price for the setup is higher than for the SaaS solution, but you get a unique solution, deployed on your servers. In this case, Advapay also provides support services to manage the platform.

2-Market entry

The SaaS solution provides fast-to-market capabilities – you can start your operations in two weeks or up to two months. The implementation and customisation of the on-premise solution can take more time and effort. In this case we advise you to start with basic functionality and make additional customisations step-by-step.

3-Customisation and additional integrations

The on-premise solution allows our clients to make different modifications and customisations, including new integrations. This kind of solution enables you to create a unique platform. You don’t need to wait for a financial services license to start customisation. You can do it in parallel and have a ready-to-operate and tested solution on the day when you receive the license.

In case a standard solution is sufficient for your business, and you believe that there is no need for any additional integration, then the SaaS would be the right option.

Can I develop my mobile and web-banking app for end-users and connect it to Core banking?

Yes, it is possible! If our customers have a unique idea about a mobile or web-banking app and they prefer to develop these apps on their own, we will make sure to carry out all the necessary integrations with our Digital Core banking system. For some of our customers, it is vital to have exclusive mobile app design. It explains why new customers usually ask whether their own applications can be integrated with our Core Banking platform. Customers can make their own decision - either to use our complete solution, including back-end and front-end systems or connect the Core Banking engine to their exclusively designed apps.

What is more? For example, for one of our clients, we made integration with the mobile banking app that was developed by another Core Banking software provider. This client was satisfied with the design of the front office. But still, the functionality of the Core Banking engine from the same provider was very limited - inflexible when it comes to customisation and a personal touch.

What kind of inbuilt integrations do you have?

We offer inbuilt integrations with SWIFT, SEPA payment systems, remittance providers, different banks, KYC/AML providers, card issuers, and currency exchange providers, etc. Our development team constantly works on making new integrations with the most popular service providers. We think that it is important that our customers can choose from a huge array of integrations.

Can I connect a new payment or any third-party provider to the Core Banking solution?

Yes, you can connect any new provider that seems important for your business, e.g., new payment or KYC/AML provider, card issuer, bank, CRM platform, marketing software or any other software or solution provider. Usually, it takes about one to two months. Here comes Macrobank, a flexible system that enables different customisations and new services to meet current and evolving customer business needs.

Can I make additional integrations by my internal staff without involving the team of Advapay?

Yes, you can do it internally under the condition that you have a relatively advanced IT department and have purchased a software license. This option is not available for customers using the SaaS solution. To enable this process and make new integrations a success, we grant our customers access to the necessary code pieces.

Is it possible to make changes in the workflow process without asking the experienced specialists of Advapay for assistance?

Yes, you can make changes in workflow processes without assistance from our team. We provide training for the internal IT team of our customers to enable them to make any minor changes without involving the team of Advapay.

Why doesn’t your company offer an inbuilt CRM system or marketing software?

First, CRM is a quite complex solution that includes functionalities not only necessary to manage customers through the onboarding process but also sales, marketing, HR and partner relations. When choosing a CRM system, the company takes into consideration the company’s size, a number of users, necessary functionality and many other factors. This is why it is best to have very professional, long-established software to enable a broad range of functionalities and manage different processes within the company.

Advapay is a provider of Digital banking solutions. In other words, we aren’t able to deliver all functionalities our clients may have in mind for their businesses. That is why we do not provide our own inbuilt CRM system but make integrations with the most reliable and widely used third-party CRMs in the market.

How secure is your Digital Core banking solution?

You have purchased the software license. The database will be stored on your servers and access to the database and operations will be granted according to access right levels that you can set up for your staff accordingly.

You have picked the SaaS solution. The database will be stored on the servers of Advapay, but the specialists of Advapay staff won’t have any access to the database. The access to the database and client data will be only given to the specific employees through the access right panel in the back-office. Your employees will be the only ones who will be able to grant access rights to certain people to make designated operations.

The admin panel works using the IPsec protocol. Interactions between components take place over a highly secured channel.

For customer identification and payment confirmation, we require to carry out a two-factor authentication application. This way, our solution is compliant with a new European regulatory requirement - Strong Customer Authentication (SCA) and Dynamic Linking.

If you still can't find the answer to your question, 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. Contact us today to learn how Advapay can help you to build your Digital bank.