Instant Payment System
A Modernized Customer-Focused Payment Solution
PROJECT SUMMARY
Brief description
Mission and Objectives
Client Overview
Project Team
CHALLENGES
The idea for this innovative platform came from the many limitations and inefficiencies of traditional payment systems used by banks. The rigid nature of the banking industry has always led it to lag significantly behind the rapidly evolving information technology sector. Over time, it became abundantly clear that the platforms banks used previously were not only inconvenient and outdated but also visually unappealing and even hard to navigate. That’s the way changes in consumer demand encourage banks to adapt to new payment methods.
Our team’s primary goal was to create a PoC version of this platform that would not only be visually attractive but also intuitive, multifunctional, and exceptionally easy to use. We aimed to design a system that could seamlessly solve complex business problems while meeting the diverse needs of end users. Furthermore, we prioritized security, which is an essential part of our values.
During development, our team faced several significant challenges, especially in monitoring and management systems and error prevention. With determination and focus, we ultimately succeeded in creating a robust system that meets the high demands of both businesses and end users, ensuring an optimal and satisfying experience for all stakeholders.
SOLUTION
Overview of the solution developed
As a solution, our company offered a prototype of an instant payment system consisting of 3 modules: a system for monitoring and reporting, a system for managing participants, a system for transaction analysis and liquidity.
Dual Control Principle
In order to ensure safety, reliability, and accountability the 4-eye principle was implemented within the project. The backbone of this approach is a two-step review, verification and approval of any activities on the platform. The integral functions of dual control principle are mitigating errors and fraud, enhancing reliability and transparency, fostering mutual oversight.
Intuitive Design and User-Friendly Interface
The platform’s design provides clear intuitive navigation and error prevention through its user-friendly features and well-structured interface. Additionally personalized dashboards allow for customization, enabling users to fine-tune banking operations according to specific needs. This level of usability not only enhances user contentment but also streamlines workflow efficiency.
Real time data
Up-to-the-minute transactions became available for the use of real-time data, significantly improving the speed, accuracy and efficiency of financial operations.
DEVELOPMENT PROCESS
Discovery Phase
Our team collaborated closely with the client's team to review the project requirements and specifications. According to the review, we began exploring the needs and experiences of end-users of similar systems.
Design Phase
Our software engineers and design specialists collaborated to draft software architecture documents, create database layouts, and design the user interfaces for the platform. Their aim was to craft a scalable and secure infrastructure capable of supporting expanding data and user growth.
Launch and Post-launch assistance
Our engineers completed the final rounds of exhaustive testing and resolved the remaining issues. Then they turned to project deployment in the production environment and its go-live. They ensured that real-time support was available to swiftly address any post-launch challenges, keeping in close contact with the client and their team throughout.
Development
Sidekick’s developers initiated the construction of the application architecture, focusing on robust testing methods to maintain code quality. They crafted features for both backend and frontend systems. The team also enhanced the infrastructure by incorporating CI/CD pipelines to facilitate seamless development and deployment. Additionally they implemented systems for issue monitoring (such as Sentry), logging and monitoring (e.g., Datadog, New Relic), and transactional messaging. Furthermore, they set up analytics tracking tools, integrated marketing platforms, and applied such tools as SonarQube and CodeClimate for code quality analysis.
PROJECT RESULTS
01
Project Outcomes and Achievements
The PoC demonstrated that this payment system meets all security requirements, the needs of its users and successfully adapts to regulatory bodies. Based on the PoC the main product was developed. It must be emphasized that our team has also contributed to its creation, implementation and subsequent support. The platform was organically integrated into the constantly changing payments industry having passed the security audit.
02
PoC application
The PoC played a critical role in presentations aimed at attracting investments for platform development. That subsequently became a crucial foundation for the product’s full-scale implementation. One of our most significant achievements is the fact that the product that we have developed together with the client's team after the prototype is now being used by three central banks across Europe.
