RNDpoint

The client is a commercial Bank founded in 2000, serving clients in Western Europe. The client’s core service area is the consumer lending market, so it specializes in retail loans, credit cards, and the reception of deposits. 

The Bank is on the list of the Top-100 banks, providing service online and via 150+ local branches. It also has an established collaborative network with major retail chains. 

The Bank’s name is under NDA protection. 

The client Bank had a brokerage platform, allowing its clients to invest in securities and stocks from their mobile banking app accounts. However, the platform was pretty old and possessed a monolith architecture that lacked flexibility and was non-scalable. 

The Bank turned to RNDpoint to create a new brokerage platform. Our engineers had to create a microservice architecture from scratch and develop all the functionality of the application: 

• Opening new brokerage accounts for users. 
• Completing deals with stocks on the stock exchange. 
• Completing currency exchange deals on the stock exchange. 
• Depositing and withdrawing money to and from the client’s brokerage account. 

The RNDpoint team was also involved in many related development tasks during the project’s progression. The main areas of our responsibility covered: 

• Architecture design and development 
• Systems analysis 
• Functional testing 

The overall task involved developing an investing platform with simple trading tools and a user-friendly, intuitive interface, which would allow users to complete deals on the stock exchange in a couple of clicks.

The project was delivered to the client in August 2020, after one year of intense development work. Only three months later, Brokerage exhibited promising statistics for user activity: 

• 5,967 deals and 4,849 requests for deals with securities.  
• 275 currency deals (237 of them were done with micro-lots).  
• 5,050 new brokerage accounts and individual investment accounts registered by users. 

The app’s popularity increased very quickly within the first year of operation. 

In April 2021, there were 1,021 active brokerage accounts among the Bank’s clients, while in January 2022, their number reached 14,000. 

By the end of 2021, Brokerage had 67.5K+ registered brokerage accounts. 

RNDpoint participated in an innovative B2B SaaS product for employee onboarding and credentialing in the healthcare industry. The outcomes of our work included UNA service integration and the creation of advanced authentication solutions.

Credentially is a B2B SaaS solution for employee credentialing and onboarding in the healthcare industry. The company was established in 2016 and now has offices in London and Lisbon. 

Credentially has developed from Techstars London accelerator and won multiple awards for bringing tech innovation to the healthcare sector, including: 

• HealthTech Awards 2020
• UCL Bright Ideas Award

The Credentially SaaS platform is a fully automated product that helps healthcare providers onboard new staff and check their credentials to ensure compliance within only 5 days. 

The app has direct integrations with governmental resources and uses deep learning technology to ensure advanced credentialing, onboarding, and compliance automation across the hiring process. 

The system’s administrator in every client company can set up and adjust the whole process with business-specific configurations.

As a result of UNA API integration, the Credentially platform has expanded its functionality for the collection, analysis, and approval of candidates based on the employer’s requirements. 

The new system functions have enabled the convenient collection of all candidates’ data and test summary results in the UNA profiles. 

The RNDpoint team has also explored and evaluated the advanced authentication system’s development by adding the second authentication layer and equipping the platform with the SAML 2.0 SSO sign-up/login feature.   

The client is satisfied with the work of our team. The project is ongoing, and we continue to develop new functionality and provide technical support for the platform.

RNDpoint used to work with the Bank on a payment system development from scratch, so it was not our first project with the client. The Bank’s management remained highly satisfied with the previous project, so they hired RNDpoint to create a brand-new BNPL solution for their clients. 

The BNPL project presupposed issuing payment cards that allow its owners to buy merchandise and pay for it in installments of up to 12 months without a credit interest. 

The RNDpoint team was tasked with developing the complex BNPL solution. We had to create a website, an online portal, and a mobile app, all integrated with the client’s administrative database. 

The main functionality of the new BNPL product was to be as follows:

• The purchase price should have been divided by the number of installments chosen by the user, which would have reduced the credit burden. 
• Every Bank user receiving the BNPL card would have a personal account containing all information about their loan repayment status. 
• Users should also be able to find the list of partners, goods, and services available for acquisition on the BNPL principle. 

The RNDpoint team worked on the BNPL solution’s technical specifications, UI/UX design, full-stack development of the ecosystem, and further testing. We also completed much work on the database integration and restructuring for its smooth linkage to the client’s IT infrastructure. 

RNDpoint coders also completed the accounting department’s operational optimization. We uncovered a persistent glitch in the invoicing system, which forced accountants to revise them manually. Our improvements ensured quick, automatic invoice generation without errors. 

The second iteration of our project work involved a business portal’s launch for commercial users wishing to become part of the Bank’s BNPL program. 

The RNDpoint staff developed a new, functional administrative database for the Bank to track all financial and legal documentation with BNPL partners. We also handled complex database integration and reengineering tasks to ensure the portal’s efficient operations.

The result of RNDpoint’s work on this project was the full development of a large-scale BNPL project. The solutions included a mobile app, website, and online portal. 

Currently, the app has a network of 30,000+ commercial partners, becoming the country’s largest and most famous BNPL program. The program has become the #1 source of revenue for the Bank. 

The RNDpoint team is continually involved in the ecosystem’s upgrades, with the client issuing new tasks on a regular basis. The Bank was highly satisfied with our partnership results, entrusting new features and UI development to RNDpoint. 

Our team passed all source code and technical documentation to the Bank’s development team so that they can provide independent app maintenance.

Breaking Equity is a FinTech startup headquartered in the US. It focuses on innovative automation of stock trading for retail and institutional investors.

The company was founded with a mission to make advanced stock trading tools and strategies more accessible both for seasoned brokers and novices.

The Breaking Equity founders created a team of skillful engineers and data scientists to make the technology previously accessible only to hedge funds and financial elites available to individuals.

Breaking Equity got in touch with our team as a well-known developer with 8+ years of experience in FinTech and banking industries. The project was aimed at creating an algo-trading solution that could make stock market asset trading possible in a few clicks.

The app should contain fully automated trading tools and provide users with free and premium marketplace strategies. 

Another task was the development of a customizable builder of strategies that would use historical trading data for the last 20 years.

The close cooperation of tech experts made the project implementation fruitful and smooth. Our team developed a product containing the following features:  

• An application with an in-built set of free and premium tools for the creation of trading strategies.
• Virtual money trading tool (demo account) for testing strategies through operating with virtual funds. 
• Subscription-based user model with basic and advanced features for novices and experienced traders. 

RETAIL BANK

Banking practices show that bad debt portfolio size can be significantly decreased due to an effective Soft-collection stage. It can prevent potentially toxic loans from turning into actually problematic ones.

Our client – further referred to as the Bank – came to the point when its Soft-collection lost efficiency and became the bottleneck in the workflow. Renovation could save the situation.

When the Bank’s management got in touch with us, the necessity to remaster the debt collection system was vital. Our company was recommended to the Bank by FICO – one of the largest vendors of financial software solutions.

The Bank had an implemented debt management software solution from FICO. The debt management system fully covered the Bank’s needs. But it was outdated and was not supported by the vendor anymore.

It was decided to replace the installed software with a new analogous FICO product to remove the bottleneck both in performance and accuracy. The remastered system should become a basis for the new debt-collection automation technology.

In the course of the Soft-collection stage remastering, the following tasks were completed by our team:

• Implementation of new tools and processes for Soft-collection.
• Building and launching a mobile application for field collectors.
• Creation and deployment of new strategies for FICO Blaze Advisor.
• Development and implementation of the debt notification system (via Interactive Voice Response (IVR) system).
• Deployment of applications for:
  • planning meetings with Bank’s clients,
  • processing scanned documents,
  • validation of inputting data.

After the new system was launched, the Bank started processing problematic debts significantly faster. The effectiveness of field and office collectors increased greatly due to the automation of manual processes.

BayanPay is a financial services startup based in Saudi Arabia. The company was licensed to set up a digital wallet. They engaged an outsourced software developer to create a digital wallet app.

However, the contracted vendor failed to create the application within negotiated deadlines due to the lack of expertise in the required field. That made BayanPay look for another software development company to build the functional app they needed.

There was no effective mechanism for tracking the project implementation process by the moment of contacting our team. The lack of workflow transparency hindered the visibility and monitoring of the app development to evaluate its viability.

On the way to making the product functional, our specialists outlined the following complications and challenges: 

• Cumbersome project implementation approach
• Inconsistent goal-setting and project planning
• Outdated development technology
• Issues in back-end development
• Confusing coding logic
• Two monoliths of web apps

Our technical team made tangible improvements to the software development process quality of the project. We engaged our most experienced, skillful, and disciplined specialists to deliver the best code quality. 

With better planning, timely milestone delivery, and code improvement, the final app version can ensure a secure and frictionless financial experience for individuals and businesses who choose the digital wallet for non-cash payments.

The RNDpoint team completed a large-scale project on innovative P2P Money Transfer App development from scratch. Our coders conducted full-scale app creation within 6 months, delivering a functional platform with a rich feature set to the client on time. Here is a detailed overview of the challenges and the decisions we made to address them. 

PROJECT OUTCOMES 

The solution created by RNDpoint coders is a messenger app that allows money exchanges. The created app’s core features include: 

• Money transfers. The P2P Money Transfer App provides several options for transactions: bank account – card (without 3D Secure), card-card (with 3D Secure), and transfers by telephone number. 
• Money requests. The app’s users can create invoices and send them to other users. Once an invoice is received, the user gets a push notification and can log in to the app to view the details and complete the payment. Non-users receiving invoices via the app are offered to visit the app’s webpage to enter their card details and make the transaction. 
• User Experience. The app was designed with a simple sign-up and onboarding process in mind. There are two sign-up pathways for users depending on whether they have an account in the Client’s bank. Existing clients only need to enter their phone numbers and IDs, with the app retrieving their identity information from the bank’s core system. New users need to provide a phone number and email address and upload the identification documents to go through the quick verification process. 
• Ease of use. The P2P Money Transfer App makes it easy to transact digitally. Users only need to download the app and indicate the recipient’s phone number. The app connects to the sender’s phone book and derives the payment requisites from external sources via APIs. 
• Bill splitting. The app offers a user-friendly function of bill splitting that users can apply at a restaurant or bar, dividing the bill into equal parts or entering specific sums they want to pay. This feature enables quick refunds from friends for their part of the bill you’ve covered.  
• Customizable templates. The app makes recurring payment processing way easier with useful templates you can save and use to get or send payments. 
• Card ordering. Users can order physical or virtual payment cards inside the app, choosing the one with the most suitable service terms. Overall, the solution can cater to the Bank’s existing clients as well as new users owning Mastercard/Visa cards from other banks. 

The project was successfully completed in September 2021, with the Bank satisfied with the app’s functionality, end-to-end security, and operation speed.

The microservices implementation was the next step in our collaboration with the retail bank that had previously ordered a new debt collection system. In the first phase of building the debt collection management system for the bank, we participated in the redevelopment of the predictive dialing system (PDS) based on the microservices approach. The reward for success was our greater involvement in replacing the legacy architecture.

During the preliminary research of the bank’s high-level architecture and existing systems all the challenges were taken into consideration and the right systems were selected. Additionally, as we were not the only party dealing with this project, our areas of our responsibility were defined:

• The PDS: reassembling the existing backend into microservice containers.
• The brokerage system: conducting system analysis, developing functionaland non-functional requirements, and connecting banking applications through microservices.
• The AML system: conducting system analysis; further development is being planned.

The microservices architecture functions on independent lightweight modules, which are grouped around particular features. These microservices in the customer’s banking applications exchange data via a variety of compatible formats and protocols. These protocols are then synchronized on demand.

The architectural changes RND Point implemented have opened the way for easy and risk-free implementation of new features. The choice of microservices also proved to be much more cost-effective compared to the legacy architecture.

The Credit Decision Platform (CDP) is a multi-modular solution for both manual and automatic loan origination application processing.

• Fast development and delivery in less than 3 months.
• Fail-proof integration with all the internal and external systems.
• Processing of 1,000 applications in less than 15 minutes.
• Fast and easy adaptation to new business requirements without coding.

To meet the strict deadline and the requirements elicited at the business analysis stage, RND Point’s engineers used the cloud-based FICO Application Studio, which is built on the OutSystems Rapid Application Development platform.

Thanks to our choice of effective and reliable development tools, the development process itself was straightforward and well-paced, with no unexpected issues. 

Our engineers finished the development and delivered the fully functional credit decision platform within the contractual terms.

IMPACT

1. The very first stress testing showed the credit decision platform could process up to 1,000 applications in 15 minutes. Before the delivery, it would take at least three months for the bank’s entire loan department to process as many applications.
2. In the first year after the CDP launch, the bank reported its record revenue.
3. Thanks to these achievements, we were able to carry on our collaboration with the bank with much more scaled-up projects. This collaboration is still ongoing. 

Our client, the Moscow Municipal Compulsory Medical Insurance Fund, is a state agency formed to finance compulsory health insurance programs and control the rational use of funds.

Insurance fraud is a serious problem for the Fund. Fraudulent claims make up a significant part of all claims received by the Fund, which leads to severe financial losses every year.

To prevent such heavy losses, the Fund decided to take a more rigid approach to detecting and responding to fraud claims. Toward this goal, they were looking to hire specialists to develop an automated fraud detection solution, and that is how they turned to our partner company.

This partner had been working with us for several years and knew about our strong expertise in building complex algorithms and optimizing business processes. The partner invited us to participate in the project and take on some of the heavy tasks.

Working together with our partner, we divided the functions as follows:

• The partner company was responsible for business analysis: their team developed specific rules and analyzed cases (see below).
• Our experts were responsible for development: we built machine learning algorithms, set up batch processes, and created a system that processed data under high-load conditions according to the developed rules. 

To identify fraud committed by the insurance companies and medical providers subordinate to the Fund, we developed a comprehensive ML-based solution. 

It covers the following steps:

1. Creation of rules, a set of characteristics used to group invoices into cases.
2. Algorithmization of rules.
3. Application of rules to cases with their further analysis, where a case is a series of procedures followed by a medical center when treating a particular condition.
4. Rule updates that result in further training of algorithms.
5. Automated decision-making for detecting incidents, or suspected violations.