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Expertise in automated bank transactions

experience with the ISO 20022 standard in the framework of payment automation

The client needed a fully automated banking system that would generate invoices with digital signatures whenever it was necessary, after the payment for goods or services was complete.
Expertise & Experience

In this category of portfolio you can get acquainted with unusual cases and tasks that we encountered in the development process, and with the solutions that we managed to find. All this constitutes our experience and accumulated expertise.

As part of a business automation project, our team achieved deep expertise in introducing ERP systems to banking processes. Unfortunately, the NDA does not allow us to reveal the project details, but we can describe the general idea - implementing the banking standard ISO 20022, i.e. the use of an automated digital transactions system.

The task

The client needed a fully automated banking system that would generate invoices with digital signatures (EDS) whenever it was necessary, after the payment for goods or services was complete. Right now only two banks in Russia are compliant with the international electronic payment standards. Moreover, we needed to provide the export of payment statistics to 1C and the system of generating the accounting records required by law.
 

The team and the time frame

The total work time exceeded 2 months, including the solutions for smaller and more specific tasks. A team of employees was involved in the process: developers, testers, a server administrator, a project manager and a DevOps engineer. We must admit that the project was hard and complicated, but our team managed it spectacularly.
 

The work progress

Though the ISO 20022 was first introduced to the international banking system more than ten years ago and its implementations is supported by the Bank of Russia, we had to overcome a number of difficulties while working on the project. The main concern was the project architecture that would guarantee the maximum transaction security for everyone involved in the business processes. To implement the standard, we used a technology provided by Alfa Bank that had already adopted the system of automatically generated and digitally signed payment documents.

The flow looks approximately like this:

•    an employee initiates a payment request from their personal terminal (a smartphone, a tablet or a computer);
•    the system generates an invoice according to the request;
•    A digital signature is extracted from a crypto vault for payment verification;
•    the invoice is sent to the bank where it is automatically processed and the funds are received;
•    the system exports the payment data to 1C (like SalesForce) where it is added to the company accounting records.

We managed to provide a high level of transaction security by integrating our system with the licensed software from CryptoPro (licensed by Federal Security Service of Russia) and with the bank’s own security regulations.
 

The impact

Through our effort a completely automated payment system was created: it generated more than a thousand digitally signed invoices per hour without a human input. This led to optimizing the number of the company’s employees, accelerating the payment processing and eliminating the mistakes due to ‘human error’.  As a result, all the payment documents were created automatically and processed within seconds, which was convenient for the clients as well as for the employees.
 
Our company got an extensive experience in integrating software with electronic banking and digital payments systems, developing and implementing payment services. Right now we are ready for the most complex projects in the ERP and business automation.