We have built a platform for the next generation banking experiences both in retail and business banking.
Our product
Our core banking platform is designed to offer next-generation banking experiences for both retail and business banking. The keyword here is being modular, which allows you to choose the specific services (modules) you require. Just like a house built from Lego blocks, the blocks fit together perfectly and form a perfect home.
However, you can always take the blocks apart, use only some of them and leave out others. The platform is an API-first for quick and easy integration with your own ecosystem. It is powered by a mighty workflow engine and while preconfigured workflows mean that you are ready to go in an instant, you can always define your own workflows to suit the way your business works.
Modules
Banking Core
Banking Core module is essentially the ‘heart’ of every bank. It is the back-end system that processes banking transactions and keeps track of customers’ money. Modularbank’s banking core enables a wide range of functions from opening current accounts, (both single and multi-currency) to defining the lifecycle of the account and keeping track of all transactions on the account. There are no limits in defining interest calculation, service fee or any other rules for an account type either for a specific customer segment or even for a certain customer. Unlike in other core banking systems, setting up or amending rules can be done easily by frontline bank customer service staff in mere minutes. Absolutely no coding is needed.
Deposits/ Savings accounts
Modularbank’s deposit module supports all types of savings accounts. Rules regarding interest rates, withdrawals and savings terms can be easily defined, allowing you to devise new types of savings accounts that best meet the needs of your customers.
Assets & Collateral
For every secured credit product, banks need to keep a track of assets, sureties or other types of collateral that guarantee these loans. To put it simply, the module holds the descriptions of different types of assets and collaterals and their characteristics and financial value, be it real estate, car loans, equity/stock share or something else. The module keeps track of the market value of the specific asset over time, making it possible to immediately identify and take measures if the value of the asset falls below the amount needed to cover the related loan.
Lending
Modularbank’s lending module supports a wide range of lending products, from overdrafts and credit lines to mortgages and installment plans, both secured and unsecured. We have predefined the products for you, which means you can start offering services to your customers straight away simply by adapting the predefined product conditions to your own, such as changing the interest rates or repayment periods. Defining and setting up new special products is simple and allows you to quickly tap into your end-customers’ needs by delivering differentiated offerings that will set you apart from other players.
Financial Accounting
The module provides companies a real-time general ledger with a real-time overview of their financials enabling continuous business monitoring, reporting, analysis, and fulfillment of compliance rules. Relevant business transactions taking place in other modules are simultaneously forwarded to the financial accounting, which automatically generates accounting entries based on them. It requires only initial set to chart accounts and accounting rules. In essence, once you have defined the rules, no further coding is needed.
Payments
Putting it simply, the payment module does everything required to make money move between banks and other payment providers seamlessly. We support both SEPA and SEPA instant payments as well as providing capabilities for easy integrations with different national and international payment systems. The latter include SWIFT, Bankgirot, Faster Payments, Sorbnet as well with integrators like Form3, Transferwise, and others.
Cards
Modularbank’s card module supports both debit and credit card issuing. This module allows for a great deal of flexibility when defining your card products, which can also include virtual or prepaid cards. In addition, it facilitates the management of card lifecycles, price lists and fees, and card limits. When issuing credit cards, there is scope for defining customised grace periods and interest rates for different card and transaction types, up to opportunities to create instalment plans to facilitate large-sum credit card purchases. By default, the card module is integrated with Modularbank’s banking core, however, it can be integrated with any alternative banking core via APIs. Through our partnership with Nets, we can deliver an end-to-end card issuing and processing solution or, alternatively, can connect via APIs with any other preferred processor or your own payment card infrastructure.
Debt Management
Modularbank’s debt management module conveniently allows you to track the debt process for all active loan and card contracts. Rules are completely configurable, allowing users to create personalised rule sets for individual products. Depending on the configuration, this module automates a wide-range of processes, including overdue invoice registration, debt letter sending initiation, reminder fee booking, and contract debt status calculation. We are able to accommodate a range of notification types, such as reminder and termination letters, notifications related to collection, or notices of customer death. Using clearly defined processes, the debt management module allows for streamlined administration of all delinquent contracts.
Integrations
CRM
We have the capability to fully integrate with your existing CRM system. In addition, we also offer our own CRM to store information and keep track of relations with all connected parties such as customers, partners, contact persons, and others.
PSD2
Modularbank is fully PSD2 compliant. This includes access to account balances, transactions and payment initiation. In the future, when PSD2 requirements entail more services, these will be included accordingly.
Reporting
We can integrate seamlessly with your existing data warehouse or any other reporting system. We also provide our own reporting database which collects and stores data from all other modules for reporting purposes.
AML
Modularbank offers out-of-the-box integration to various AML platforms. In addition, we support AML workflows together with relevant transaction limit management.
Card service integration
Together with card personalisation and processing platforms, Modularbank enables customers to execute the entire card payment workflow. Modularbank offers an end-to-end solution in partnership with one of the top payment processors in Europe, Nets, or can provide APIs to integrate Modularbank’s own card issuing capabilities with the processor of your choice or to your own payment card infrastructure.
Features
Process orchestration
The backbone of Modularbank is its mighty workflow engine. Modularbank’s standard workflows can be fully adapted to fit the individual way your business operates. If needed, the workflows can be changed on the fly without any interruption to your business. Every instance of the workflow can be monitored to quickly detect problems and solve them easily.
Document generation
This is primarily your multilingual template store for every specific document. Its main function is to gather information from other modules in order to fill in templates and generate documents. This feature works hand-in-hand with file storage, saving the generated documents there for further use.
Notifications
The multilingual, fully-configurable notification centre allows you to send notifications triggered by different business events. It covers all imaginable channels such as SMS, email, push notification, voice-message and even Amazon Alexa.
Authentication
All our APIs use strongly authenticated and authorised industry-standard access tokens. This means validating API requests based on origination channel, user roles and privileges. To support the needs of your organisational structure and ways of working, each employee is assigned a role. Depending on the role assigned, employees are given the rights to access the information and initiate actions they need. In addition to pre-configured roles you can always build roles your organisation needs by matching roles with privileges. Based on the role, each employee has their own desktop view for their tasks.
File Storage
Modularbank’s storage module not only safely stores all documents generated by Modularbank, it also stores all other documents provided by other parties in a fully secure manner.
Immutable ledger
Modularbank is a network of immutable ledgers. Each module has its own respective ledger. This approach guarantees full transparency and auditability of the platform.
Deploying Modularbank
Cloud-native
Modularbank is based on microservices architecture and is designed specifically to run on the cloud. It gives high availability and scalability, not only on the platform level, but also on the individual module level. This means that individual modules can horizontally scale depending on usage and demand.
Cloud agnostic
Although we are cloud-native, we have a universal deployment model, which means we are not locked to any specific cloud provider. Modularbank can run on main cloud providers like AWS, Azure, Google Cloud, and Oracle Cloud as well as on private clouds on top of Kubernetes or OpenShift.
Continuous Deployment
Modularbank is developed using agile principles which allows for new functionalities to be added to the platform as soon as they are ready. New releases are also issued regularly. As banking is highly regulated and complex, all releases are controlled and tested in a strict automatic manner. All changes to products are monitored, documented, tested and reviewed individually. This allows for full auditability of the release process and changes enabling customers to track individual feature requests.
Security
Considering the sensitivity of the data in the banking domain, all public and interservice API calls are strongly authenticated and authorized. TLS is used for encrypting communication channels, while databases are encrypted ensuring data at rest. All our services follow OWASP security recommendations and practices which means that our customers can sleep soundly at night.