Core Banking Infra & Payment Data Migration FinPay - Financial Payment Analytics Platform
Our Challenge
FinPayer built an early‑stage payment gateway serving SMEs in Europe. As demand grew, the monolithic architecture could not meet real‑time settlement needs nor easily incorporate multi‑currency capabilities.
Solution & Steps.
- Core Banking & Payment Migration. Migrated to Thought Machine’s Vault platform for flexibility and scalability. Integrated with SEPA Instant and SWIFT for real‑time transfers.
- Open‑Banking API & Compliance. Developed Open Banking APIs and implemented strong customer authentication to comply with PSD2.
- Multi‑Currency Support. Added modules for currency conversion and created automated hedging strategies.
- Monitoring & Analytics. Implemented dashboards for transaction monitoring, fraud detection and settlement reconciliation.
Results.
FinPayer increased transaction throughput tenfold and expanded into Belgium and Germany. New services such as merchant credit lines were added, leveraging the flexible core banking system.
Business Impact Result
Results & Benefits
- Reduced average incident resolution time from 4 hours to 35 minutes
- Eliminated 90% of after-hours emergency calls
- Cut monthly maintenance time by 60%
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