About the project

Wio Bank is a transformative financial institution that is simplifying finance management, enabling customized financial services and empowering businesses to offer seamless banking products. With their super-savvy platform and customer-focused approach, Wio Bank is redefining banking for the modern era.

WIO Bank approached Ascendro with the aim to develop and enhance their banking system by focusing on the implementation of the Complains, Anti Money Laundering (AML), and Counter Terrorist Financing (CTF) modules. By partnering with Ascendro, WIO Bank sought to strengthen their risk management capabilities, improve their compliance processes, and enhance their ability to detect and prevent illicit activities within their banking operations.

Challenges

The development of the Complains, AML and CTF modules for Wio Bank involved several key challenges, including:

Managing intricate complaint workflows
Ensuring robust security measures
Providing timely response capabilities
Facilitating real-time communication with third-party international companies for transaction validation

Solution

In response to these challenges, our team successfully focused on the following key features:

Managing intricate complaint workflows: The modules needed to handle complex complaint management processes, involving various stages and multiple user roles. We ensured a smooth flow of information and efficient tracking of complaints for timely resolution.

Ensuring robust security measures: Given the sensitive nature of financial transactions, it was imperative to implement strong security measures for data encryption. Safeguarding customer data and preventing unauthorized access were our top priorities throughout the development process.

Providing timely response capabilities: To meet customer expectations and regulatory requirements, the modules were designed to enable Wio Bank to respond to complaints and address potential fraud or money laundering incidents in the shortest possible time. Out team implemented a user-friendly interface to streamline complaint and case management, ensuring that the bank can promptly investigate and resolve issues, while maintaining a high level of customer satisfaction and compliance with relevant regulations.

Facilitating real-time communication with third-party international companies for transaction validation: As part of the development process, the Complains, AML and CTF modules were designed to seamlessly integrate with third-party international companies that specialize in transaction validation. This integration enables efficient and secure communication between Wio Bank and these external entities, allowing for real-time exchange of data and information to verify the legitimacy of transactions. By facilitating this instant communication, the modules contribute to the bank’s ability to detect and prevent fraudulent activities, ensuring the integrity of financial transactions and maintaining compliance with international standards.

Technologies used

Spring Boot and Java for development microservices

Kafka as message broker

MongoDB and PostgreSQL as databases for different types of data

REST APIs for communication between microservices

GraphQL APIs to provide data for frontend

Cucumber and JUnit for automated testing

Azure DevOps for continuous integration and automated deployments

Azure Platform for logging, monitoring and administration

Jira and Confluence as a project management and documentation

Results

We take great pride in the successful development of the Complains, AML and CTF modules for Wio Bank. This accomplishment showcases our expertise in handling complex requirements and delivering a robust, secure, and highly responsive system that surpasses client expectations. The seamless implementation of these modules further solidifies our reputation as a trusted and reliable partner for software development projects within the Fintech sector.

Perspective

We are dedicated to advancing technology solutions in the financial industry, delivering innovative and reliable solutions that empower our clients to excel. By exceeding client expectations, we have established strong relationships and gained trust in the fintech sector. Our collaboration with Wio Bank and other esteemed partners has enriched our insights and expertise. We are excited to continue innovating, enhancing our capabilities, and providing exceptional software solutions that drive growth and success in the evolving fintech world.