Online Financial Application for the Banking sector

The Client is a North American company specialized in Commercial Financing, Investment Banking, Management Consulting Strategy Planning, Global Ventures and Controllership Services, representing a “one-stop-shop” for all financing needs. The client successfully facilitated over $160 million in financing for its own customers over the past two years.

They have sourced financing from banks, credit unions and other institutional lenders, as well as private sources of capital including venture capital, angel investors and private investment groups.

Our Romanian team succeeded in releasing a four staged web portal which offers the client a complete, comprehensive loan application file that can be used to apply directly for financing with any bank or financial institution.

Employing a Web portal application, clients with commercial credit requirements can evaluate options and submit their financing applications online. Additionally fee-based multi-level services assists clients in their commercial financing research and application.

The portal allows users to evaluate the expectation of being granted commercial credit, find out about strengths and weaknesses in their application so they may correct before filing. Within the scope of services provided through the portal, information is processed as a ‘lender’s evaluation’ with sophisticated financial analysis and projections. After completion users are presented links to other consultants and lenders most suited to handle their application. Seamless interface to lenders’ systems, security and confidentiality of financial information, and one time data entry in an online environment were the goals.

The application is based on a multi staged – data collection, evaluation and decision making portal.

The application is highly user-friendly and offers a great customer experience. The product was developed from scratch; its purpose was to reduce the credit application time 4-fold, proving to be so attractively time-saving.

The Challenge
The main challenge of the project lay in the complexity and many algorithm of processing financial products.

Our Romanian team was in charge of the complete software architecture, project management, and translating high level business requirements into technical specifications. High security constraints, providing absolute confidentiality of financial data that would communicate with banks directly meant that authentication systems had to wrap the entire project.

Additionally to standard business protocols specific federal banking compliance and reporting standards had to be met, the only way to achieve this was to adopt a multi-level oriented approach. Our Romanian team built a robust, scalable architecture that would allow further changes, respect the complexity of business logic and provide strict and very high level of data security.

Data security has been a key requirement in this project, as it had to pass a security audit certification.

Technology summary

J2EE, JSP/Servlets, Spring (Core, MVC, Acegi), Hibernate, JasperReports, TestNG, Model View Controller (MVC), MySQL, Maven, Subversion

Finished: May 2009
Duration:59 man-months
Team Size:4 Java developers, 2 testers, 1 web designer, project manager