Advapay has delivered its fast-to-market Core Banking Solution – one that’s designed to allow small to medium-sized financial service companies to accelerate their entry into the market.

About Payver

Payver is a UK-based small e-money institution and payment service provider that provides multi-currency business accounts, as well as a processing gateway for a variety of different payment methods. It’s a company that has created solid partnerships with world-leading banks and payment networks, something that has allowed Payver to create competitive tech-forward solutions for businesses.

Challenges Faced

When planning to offer banking services, Payver needed a core banking system capable of building all-important banking products in a cost-effective way to meet specific budgets.

The company also wanted to design its own web banking and mobile banking applications, to connect them to the banking core and be able to manage applications through this core banking platform.

Payver was looking for a flexible solution so the platform could cope with further changes in the future and be customised when business or regulatory requirements called for it.

The Solution:

Advapay delivered a cloud-based core banking SaaS solution that includes a banking engine with inbuilt integrations with services providers and banks.

The solution includes the following functionality:

  • Customer onboarding and AML module
  • Generation of IBANs and payment accounts
  • Payments & transfers module
  • Currencies & rates
  • Tariffs & fees
  • Financial accounting

The solution allows for operator and administrator interfaces that enables easy management of customer data, as well as payment, account and other information.

To provide fully-automated onboarding of end-users, iSpiral`s RegTek+ solution was integrated. This integration provides Payver with a comprehensive AML/KYC solution: AML screening for client registration and international payments, including sanctions lists & PEP checks and transaction monitoring.

Macrobank will be also integrated with Payver’s end-user application PayApp. It will help to meet both of Payver’s requirements; to deliver an individual design of apps for end-users and a highly secure and functional Macrobank’s back-office suite.

Results:

Via Advapay’s platform, Payver is now able to offer modern banking products to their end-users. Customers are able to create a new account in minutes and enjoy a variety of different banking operations on their accounts.

“Payver was looking for the solution that delivers all-important banking functionalities: opening current accounts, making payments, currency exchange transactions, daily financial management and reporting.

 It was aimed at implementing a core Banking solution in a predefined time frame and with a specific budget. Advapay has delivered a solution that’s able to not only meet these needs, but also to evolve in line with future changes – offering the best products for their customers’ individual future needs.” says Andrey Borisenkov, CBDO at Advapay.

“Advapay’s solution will help us to build specialised banking products and make a variety of customisations we may need to in the future. We are also happy with a financial accounting module that provides end-to-end functionality for our management, accountancy and regulatory needs.

This module allows the creation of different reports and simplifies different processes in the company. Another feature we value is the Business Processes Manager that allows us to change workflow processes in minutes without hard-coding.”, says Dmitrij Kozelkin, CEO at Payver.

Advapay delivered this solution in just 6 months and helped Payver to get off the ground quickly.


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. Interested to learn more, please drop us a message

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