Prepaid Card and Wallet Issuance Platform and Consumer Mobile Apps.

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Project Background

The client planned on building a prepaid card issuance platform as part of their business's “Spend money” services segment. The system would be a multi-tenant platform which the client could leverage to any financial services business who offer money services to merchants and consumers. Apart from the platform, the client wanted to build a proprietary consumer mobile app solution that could be white-labeled to the tenant businesses who would use the card issuance platform. Perennial provisioned a dedicated team of backend engineers, front-end engineers, quality analysts and mobile engineers who built the entire platform and apps in two separate project durations.

Challenge

  • Architect a multi-tenant middleware which can seamlessly connect to card issuing and payment processing service providers.
  • Achieve a performance metric of fast transaction processing and request handling.
  • Integrations with the DBS bank (wallet issuance and wallet payments), First Data (card payment processing) and Visa (card issuance) platforms.
  • Expose Open APIs for businesses to integrate with the middleware and build fintech use cases.

Perennial’s Implementation

  • Multi-tenant Cards Middleware: Scalable middleware with a microservices architecture exposing open APIs for integration, offering features like client onboarding, customer onboarding, wallet issuance, card issuance, pay-ins, pay-outs, remittance, transaction records.
  • Wallet Issuance, Card Issuance, Payment Processing: Integrations with the third-parties DBS Bank, First Data and Visa platforms.
  • Automated eKYB and eKYC: Implementation of country-specific business rules to gather company and personal information and get them auto-verified through integrations with Experian, Jumio and MyInfo.
  • Risk Profiling and Money Laundering Check: Integration with Seon and ComplyAdvantage API suites to run risk and ML checks on individuals and entities registering on the platform.
  • Multi-tenant Infrastructure: Infrastructure strategy to house common code base, but dedicated tenant databases partitioned using Virtual Private Clouds.
  • Security: Implementation of AWS security services for enhanced server side security, implementation of authentication, authorisation and access control mechanism based on the principle of least privilege (POLP), implementation of encryption for API requests and responses, implementation of API risk assessment performed using OWASP guidelines, usage of AWS secrets management service for storage of API keys.
  • Configuration Management: Build config services to manage tenant-specific configurations and customizations.
  • Multi-tenant Front End for Merchants and Consumers: Build native mobile apps with the ability to white-label using colour skinning and theming. Mobile apps have configurable features which can be turned on and off for specific tenants.

Key Highlights

  • The middleware platform was made operational in August 2019 and since then has 42+ tenants issuing cards to global businesses and consumers.
  • Consumers appreciate the platform for its fast transaction processing and near-zero processing failure rate.
  • The multi-tenant architecture and config services allow the Client to onboard a new tenant within a week as opposed to other single-tenant platforms which require a couple of months to onboard new tenants.
  • The white-label mobile apps allow the Client’s potential customers with a faster go-to-market to test their concepts and offer value added services to their existing client base.
Success Story

Product Expansion and Market-specific Customizations for Lending Product.

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