Industry — Fintech
Location — Chile
  • Fintech
  • KYC
  • Node.JS
  • React
somosfloid.com

About

Our Customer asked us to take part in the creation of a truly innovative Fintech solution. It should be one of the first Open Banking platforms in Latin America with tremendous prospects for changing the market for financial services.

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Challenge

The Customer requested the development of a software solution that will provide a range of KYC services such as identification and income verification. This tool should be useful for a variety of businesses that have to control their customers' reliability, such as credit bureaus, wholesale suppliers, landlords. Providing comprehensive information about contractors' financial status, the software solution should dramatically reduce risks of losses due to late or missed payments and frauds.

Alongside, this software should be user-friendly and provide non-tech persons with clear and readable results. As soon as it's about banking and personal data, we also had to meet all the governmental requirements and even a bit more.

Solution

The solution was developed as an API with three functions:

  • Identification (BankID & KYC, ClaveUnica & KYC)
  • Financial Information Products (income verification, asset report, Full Debt, Fraud check)
  • Payment Products

All of them are performed by a simple request that returns structured and easy-to-process data from the customer's bank. It is an important point for the creditor companies, because all the data is 100% correct and reliable whilst there are no additional steps between the bank and the user. For persons to be verified, it's also an easy and clear process. It's only required to do a few clicks in UI instead of tons of paperwork, and all the needed data may emerge in one report without any risks of old-fashioned online banking.

While working on this solution, we designed a dashboard that allows getting the vast information without any special skills or developer's involvement. It is designed to be more useful for a wide range of users among financial institutions, banks, and so on, which aren't necessarily proficient in programming, moreover commonly has no such skills.

The next important point of this system is an approach to data storage. All the user data is collected and stored anonymously, so it's suitable for governmental services as well as meets the strictest requirements like GDPR.

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Results

UKAD created a product that met all the Customers' requirements and became notable on the Latin American market for its novelty and uniqueness. Today, the product is successfully promoted in Chile, listed as a FinteChile associate, and conquering the near countries markets. Impressed with the results of cooperation, this Customer started several more projects with UKAD.

Technologies Stack

  • Node.js
    Node.js
  • Express.js
    Express.js
  • Puppeteer Seeklogo
    Puppeteer
  • PostgreSQL
    PostgreSQL
  • React
    React
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