Company is a UK based fintech company offering quick money transfers to small and medium-size businesses in the EU. Their clients are currently able to use a Web-based interface or API to transfer money using the best exchange rate to any country in the EU. Also, personal and business accounts have access to SEPA and SWIFT payments with a support team from client that is ready 24/7. The company has chosen to use a FortySeven product, Finmatic Financial Software Solution, for its business. Client had the challenge of getting all the necessary licenses from the UK authorities to legalize the service. Any transfers or financial integration should be allowed, according to regulation policies. To help Client apply for a FCA EMI license in the EU (the work was done before BREXIT), our law experts implemented a full legal investigation. During this first step, it was essential to gather information and consult the client regarding technical documentation for preparing to apply.
After getting all the information regarding the conditions we had to obtain, we gathered a professional team to create the company’s infrastructure and layout technical documentation according to its own business model and projects, that include:
Finmatic is a comfortable and easy system to use, FortySeven used the following technologies for FinTech product:Back End build with Java Spring Boot 2 technologies. After creating a successful application, we have started stage two: infrastructure development and architecture setup according to the business model. After the client’s successful EMI license receiving, third party integration was an essential part of the plan, requiring a: KYC provider, FX provider,SEPA CentroLink in Bank of Lithuania,2-factor authentication provider. Finmatic is built according to the standards (PCI DCC, GDPR, and PSD2) required by EU regulations. As the last stage, we conducted tests for all possible failures and mistakes that could occur.
The company successfully gained customers by implementing all our suggested steps from obtaining the license to applying our software solution to the market suitable for their goals and purposes. The features includes:
Starting Finmatic Solution Integration, support, safety, and maintenance systems were built to be the best possible. The cooperation with other third-party microservices and cloud optimization sped everything up, allowing the company to get into the market in the shortest time possible. FortySeven launched a cloud-based infrastructure with the best security system. All implementations were made according to Bank of Lithuania and UK FCA Regulation and policies.