Automated KYC Onboarding Solution for FinTech
Development of the omnichannel client verification and registration software AKOS
CLIENT
Boxopay
Industry
FinTech
Services provided
Business analysis
Architecture design
UI/UX design
Front-end development
Back-end development
QA (manual, automatic)
Technical support
DevOps
4
months
5
professionals
Services provided
Business analysis
Architecture design
UI/UX design
Front-end development
Back-end development
QA (manual, automatic)
Technical support
DevOps
The brief
Boxopay is a company that provides FinTech services and deals with substantial user datasets daily. They required an automated KYC onboarding solution to streamline identification, screening, and user onboarding across multiple systems.
Challenge
The primary business challenge was complicated, back and forth time-consuming registration process for the user, including identity verification and document submission.
The technical part of the challenge involved creating a flexible and universal module that allows integration with external services of various types.
Solution
We developed an end-to-end, headless solution consisting of two panels:
- An admin panel (admin back-office) that enables configuring both internal application processing rules and third-party services with further application management.
- A user panel that enables passing the stages of identification, screening, and entering additional data for successful registration across multiple systems simultaneously.
Software architecture model
Key features
We created a monolithic application with multistage queues governed by predefined rules for user identification, screening, and onboarding processes. Our solution seamlessly integrates with external services and allows for vast configurations.
User panel features:
- Registration through external links
- Application management
- Document management
- Notification management
- Communication with administrators
- Identification process completion
- Screening process completion
Admin panel features:
- Administrator management
- Application management
- Application form management
- Connector management
- Application profile management
- Product profile management
- Screening profile management
- Communication with users
Results
Our KYC Onboarding software delivers impressive metrics:
- Average onboarding time: 8.5 minutes
- Cost per onboarding: ~$10 (varies based on integrated third-party services)
- Automation rate: Up from 0 to 100%The project is currently in the delivery stage.
We used a range of technologies throughout the development process:
Node.js
MySQL
Redis
React
