Advant

White-Label Neobank

Advant is a white-label Digital Banking Platform designed to provide small and medium-sized enterprises with a unique, comprehensive, self-service platform.

Platform:

Web App, iOS, Android

Industry:

FinTech

Team size:

up to 35 people

Country:

Latvia

Project Duration:

in progress

The year started & completed:

February 2021 – in progress

The application provides a simple and convenient, while also secure financial management system free from bureaucratic complications. As a white-label solution, Advant empowers other companies to jumpstart their own branded applications using its powerful pre-built features.

Scope and Objectives

Core Banking

Develop a robust core banking platform to handle essential banking functions, including account management, transaction processing, and ensuring reliability and scalability.

Contract Signing

Implement integration for a secure digital contract signing to facilitate efficient and legally compliant signing processes, allowing clients to manage agreements with ease and ensuring document authenticity and traceability.

General Ledger

Establish a centralized ledger to accurately record all financial transactions, supporting comprehensive financial reporting and compliance by providing the option to choose either from a custom solution or 3rd party integration.

Back Office Operations

Streamline back-office processes, including raising tickets by monitoring systems and facilitating effective decision-making and audit trails to enhance operational efficiency and minimize errors.

Payments (SEPA)

Enable Single Euro Payments Area (SEPA) transfers to facilitate seamless euro-denominated payments across participating countries.

Crypto Exchange

Build a secure platform to facilitate seamless exchanges between fiat and cryptocurrency, allowing clients to convert traditional currency to digital assets and vice versa with real-time rates.

Acquiring Disputes

Build a dispute management system to handle payment disputes between merchants and customers, ensuring fair and transparent resolution.

Fee Management

Create a fee management module to configure and track system fees, providing transparency and enabling revenue optimization.

Onboarding / KYC

Design a configurable onboarding and Know Your Customer (KYC) process to verify client identities, ensuring compliance with regulatory standards and reducing fraud risk by creating a custom onboarding questionnaire and integrating with certified 3rd parties.

Acquiring

Implement a system to facilitate merchant payment acceptance via POS and E-com terminals, enabling clients to process and manage payment transactions securely and efficiently.

Issuing

Create a solution for managing card issuance, including virtual and physical card processing for corporate clients, offering users seamless access to payment options.

Customer Care

Implement a customer support system that allows customer support agents to effectively handle inquiries and issues, enhancing user satisfaction and retention by offering chat and ticketing services.

User Management

Develop a user management system to control access and permissions, ensuring data security and streamlined user administration.

Challenges

Customization Complexity

Tailoring the platform to meet unique client requirements for each brand while maintaining a cohesive structure to achieve time-efficient development without the involvement of additional extensive resources.

Integrations with 3rd Party Providers

Develop a flexible constructor that allows new brands to choose from a predefined set of third-party services (e.g., signing providers, KYC systems, banking solutions). This ensures seamless integration, operational consistency, and regulatory compliance across various client configurations.

Consistency and Integrity of Transaction Processing

Ensuring all transactions are processed accurately and consistently to build user trust and comply with financial regulations.

Branding and User Experience Alignment

Balancing the platform’s functionality with client-specific branding, creating a cohesive experience that resonates with end-users.

Scalability

Designing the system to handle growth in user base and transaction volume, allowing for future expansion without compromising performance.

Security

Implementing robust security measures, 2FA and SCA, to protect user data and transactions. These protocols help ensure that only authorized users gain access, addressing the high-security demands of FinTech and neobank solutions while complying with regulatory standards for financial data protection.

Results of the project

Advant is a powerful and convenient system offering a comprehensive financial management environment for SMEs.

With this application, clients can manage business accounts, employee profiles, and permissions within the system, oversee card products, and handle POS/E-com terminals. Additionally, they can process payments across internal accounts, manage outgoing payments, handle acquiring, and utilize a range of financial tools to streamline operations.

With all 3-rd parties in place, users can receive a comprehensive set of features and options within this single platform. Secure and reliable, this application has a pleasant, intuitive appeal that grants effortless interaction with the system.

Advant empowers businesses to easily and securely manage all financial aspects of their operations in one place, helping them stay organized and efficient.

In the context of white labeling, Advant gives rise to new applications built on its robust technical core.