Deposit solutions case study
Introduction
Technoidentity thrives on providing transformative solutions for ambitious fintech firms, and our collaboration with Deposit Solutions is a testament to this commitment. Deposit Solutions is a pioneering open banking platform operating globally. Through their unique digital approach, they are revolutionizing the process of raising retail deposits by seamlessly connecting banks and consumers nationwide and empowering their partners to extend their service offerings.
Challenge:
As an open banking platform, Deposit Solutions needed a robust, scalable cloud-computing solution to support their expansive network. They sought a comprehensive cloud solution capable of automating their extensive product offerings, especially deposits. As their growth trajectory increased, so did their need for strategic partnerships. Their primary requirement was a cloud solution that could fully leverage their core functionalities, enhance service quality, and simplify banking operations for their partner banks and customers.
Technoidentity rose to the challenge with a two-pronged approach:
1. Crafting a cloud-native platform for deposits that could automate the reconciliation of transactions and user history.
2. Offering Co-engineering Agile PODs to scale fintech teams, delivering innovative cloud banking solutions tailored to evolving needs.
Our shared commitment led to the successful development of a cloud-native platform. We implemented a Microservices-based API using Pulsar as the messaging channel on a Kubernetes cluster. This solution facilitated automated scalability, accelerated product deployment, and fostered collaboration among partner banks, enhancing the digital experience for customers.
Our open-source, cloud-based API offers seamless automation of transactional data, enables mass transactions from both on-shore and off-shore accounts, and incorporates a robust security layer for data protection.
Value Proposition:
Our partnership with Deposit Solutions yielded significant results:
- Over 200 partner banks are now leveraging our cloud-based API to scale their operations.
- We’ve automated transactions exceeding €35 billion in customer deposits, inclusive of transactional history.
- Our cloud-native platform is now utilized across 20+ countries in Europe and the US.
- We achieved a cost reduction of 70% due to automated transmissions and the full scalability of our cloud platform.
- Our fintech expertise and the implementation of Agile PODs led to improved resource utilization by 75%.
By choosing Technoidentity, Deposit Solutions gained more than a service provider; they gained a strategic partner committed to solving complex challenges, achieving scalability, and driving digital transformation within the open banking space. Our Co-engineering Agile PODs are a testament to our unique approach to tailored solution delivery and scalability.
Technology Stack:
- Java 1.8
- Spring Boot
- Microservices
- Angular
- ReactJS
- MongoDB
- Azure DevOps
- Kubernetes
- Apache Pulsar
- PostgreSQL