Client
Belitsoft was contacted by the founders of a startup from one of the EU Member States. They wanted to create a mobile app that would support SEPA Instant Credit Transfer (SCT Inst) scheme to make real-time payments.
Challenge
The global trend is the increased third-party demand to connect to the Open Bank API. As this technology allows the banks to increase the number of transactions, it serves as an incentive to comply with SEPA requirements and make their APIs better.
SEPA scheme cover 36 countries and territories, including 28 EU Member States, as well as Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra, and Vatican City State/Holy See. Today 2079 payment service providers (PSPs) have already joined the scheme (51% of European PSPs).
According to the PSD2’s Regulatory Technical Standards (RTS), banks across the EU are required to have implemented their dedicated interfaces (open API) for third parties to use by September 2019.
However, most of the EU banks (their UK counterparts are doing better) still have trouble with the technical side of the matter. The available APIs aren’t mature enough. The main reason for this is the banks’ reluctance to make some of their inner workings 100% open.
Process
Open Banking API Gateway Platform
In our experience with API development, many banks don't adhere to RESTful API implementation standards, and not all possess specialists to debug interactions with their APIs.This increases the time needed to integrate another bank with client’s solution. Moreover, this forces developers to make changes in the existing modules, creating an error risk.
To solve this problem, our dedicated mobile app developer created an intermediary layer - a Gateway API that would let us connect external banks’ open APIs without affecting the core system of our client.
The app uses a custom-build API Gateway - a backend app, microservice that connects the APIs from European banks that participate in SEPA Payment Scheme and provides a single API. Our client also plans to sell access to this single API as a SaaS product.
Results
PayPal became an investor of this startup.
Features
- Person to Person money transfer. Users of this mobile app able to make instant payments (also known as “immediate payments” or “real-time payments”) to their contacts list using a mobile phone.
The features include sending, receiving, or requesting money from any bank account (IBAN) in Europe in seconds with 24/7availability (unlike traditional electronic payments). - Donation & Fundraising functionality. This money sharing app also includes the donation & fundraising feature. Users can send in-app requests for transfers to other users in their contact list. iOS users can also use the iMessage extension.
- Bill-splitting functionality. A user can divide the bill equally between a number of people and send requests for money to each one.
- QR code payment functionality. A QR-code generated by one user is then scanned by another to populate transfer form and quickly send money.
- E-invoice functionality. A company can generate invoices within the app and send them to the customers.
- Online Lending. A user can apply to receive a loan from one of the participating banks.
- Online Deposit. A user can use the app to deposit checks to their accounts.
- Cryptocurrency Wallet. A built-in wallet to store multiple types of cryptocurrency.
- Recurring Payments. The system can send users automatic reminders to pay rent, utilities, or similar bills.
- Favorite Transactions. A user can store the parameters of some transactions to quickly perform these transactions in the future.
- Face ID Authorization. A user can log in to their account and authorize certain actions with their face (Apple devices only).
Our Clients' Feedback
They use their knowledge and skills to program the product, and then completed a series of quality assurance tests. We were working in an agile way with them. Belitsoft performed very well throughout our project. We are definitely looking at Belitsoft as a long-term partner.
Service Delivery Director at Crimson (United Kingdom)
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Program Administrator at UC Berkeley (United States)
We have worked with Belitsoft team over the past few years on projects involving much customized programming work. They are knowledgeable and are able to complete tasks on schedule, meeting our technical requirements. We would recommend them to anyone who is in need of custom programming work.
Main Partner at Hathway Tech (United States)
Belitsoft company is able to make changes instantly. One of our internal engineers has commented about how clean their code is. Belitsoft seems to know what they're doing, which I appreciate.
Co-Founder at HOWCAST MEDIA (United States)
It was a great pleasure working with Belitsoft software development company. New requirements and adjustments were implemented fast and precisely. We can recommend Belitsoft and are looking forward to start a follow-up project.
Head of Division at Fraunhofer FIT (Germany)
Belitsoft company has been able to provide senior developers with the skills to support back end, native mobile and web applications. We continue today to augment our existing staff with great developers from Belitsoft.
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Belitsoft company delivered dedicated development team for our products, and technical specialists for our clients' custom development needs. We highly recommend to use this company if you want the same benefits.
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We approached BelITsoft with a concept, and they were able to convert it into a multi-platform software solution. Their team members are skilled, agile and attached to their work, all of which paid dividends as our software grew in complexity.
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Having worked with Belitsoft as a service provider, I must say that I'm very pleased with the company's policy. Belitsoft guarantees first-class service through efficient management, great expertise, and a systematic approach to business. I would strongly recommend Belitsoft's services to anyone wanting to get the right IT products in the right place at the right time.
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If you are looking for a true partnership Belitsoft company might be the best choice for you. They have proven to be most reliable, polite and professional. The team managed to adapt to changing requirements and to provide me with best solutions. I strongly recommend Belisoft.
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