CFPS stands for Crypto Flat Payment System. This is an application for neobanks, which integrates the function of buying and selling cryptocurrency.
CFPS team simplifies everyday finances and allows users to quickly access and control their budget by developing their financial literacy
CFPS creates financial tools for middle-income millennials and generation Z, who primarily value technology and want to manage their finances quickly without bureaucracy and hustle.
Its goal is to give clients an opportunity to manage the financial part of their life by using a single application, without hidden fees, fast and easy: from daily spending and budget planning initially, up to currency exchange and investment opportunities in the future. CFPS was created to enable users to receive more from their finances.
Last summer, our team won a tender to create a specification for this project, as well as a Low Fidelity Wireframe, which helped the customer to flesh out their requirements – what they want. Having created the specification, we moved on to project evaluation. We were required to create a mobile application similar to Revolut, or to the Ukrainian Monobank, British Monzo, that is, a neobank.
Neobank is a mobile banking solution available via a smartphone. All services are available in one application: bank accounts, cards, transfers, investing in stocks, cryptocurrencies, paying taxes, paying for various services, buying tickets. Now neobanking is a popular trend in global fintech.
We described the concept of this application and then started development. We went through several iterations of the product. We created it within the framework of a hybrid consulting / outsourcing model: our team with the customer's team went through several iterations. As a result, the initial requirements for the product changed.
We have developed a fully functional product. Citizens of EU and UK countries can register in this application, order a card, open a bank account in this application, top up it. The application allows you to make money transfers both in the Eurozone and within the UK, top up your mobile phone, buy tickets, make utility payments, etc.
For the banking back-end and work with payment systems, we have tightly integrated with the API of a payment solution provider such as Contis. It provides a banking back-end for any fintech solution. This integration was quite complex and full of challenges, but, in the end, we built a fairly strong middle-server system that fixes even those errors that appear at the very supplier of this back-end – Contis
In June 2021, we completed the creation of the part of the application that is responsible for fiat payments – everything related to pounds, euros, dollars. The cryptocurrency part will be added a little later. The application is PCI DSS (Payment Card Industry Data Security Standard) certified.
This is an information security standard for organizations that handle branded credit cards from the major card schemes. The PCI Standard is mandated by the card brands but administered by the Payment Card Industry Security Standards Council. The standard was created to increase controls around cardholder data to reduce credit card fraud.
This is a comprehensive security audit to ensure that sensitive user data will not be compromised, stolen, etc. Our code will receive a certificate, and it will be possible to add the icon of this certificate to the case of this product – this is a fairly well-known certificate for payment organizations, it confirms our qualification of a product developer for fintech companies. The launch of the application is scheduled for late 2021.
The company is also currently undergoing certification in international payment systems such as Visa and MasterCard. We worked in different directions for this application: we developed the specifications, drew the entire design on top of this, then changed it according to the new requirements of the customer, developed the entire front-end – a mobile application written in the Flutter language.
Flutter is an open-source UI software development kit created by Google. It is used to develop cross platform applications for Android, iOS, Linux, Mac, Windows, Google Fuchsia, and the web from a single codebase. The back-end is written in Go. Basically, the back-end was used to bundle Contis as a back-end banking, internal back-end solutions, and an API for working with the front-end. We also provided DevOps Services support, we deployed these applications, made test releases, deployed all of this based on our Amazon Web Services (AWS) account, we provided QA testing, consulting support, product project management, marketing consulting, graphic design.