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FinTech•Australia•2020-2022

Billycart Open Banking Platform

Building an innovative credit card and micro-loan platform powered by open banking

2 Years

Successful Operation

Instant

Credit Decisions

Secure

Banking Integration

The Challenge

Billycart aimed to revolutionize digital payments and lending by creating a platform that could offer instant credit decisions based on real-time financial data. The challenge was to build a complete financial platform from scratch that integrated open banking, credit scoring, and automated loan processing while maintaining bank-level security.

Key Requirements:

  • Build complete platform from scratch with open banking integration
  • Integrate with credit providers for real-time credit scoring
  • Develop automated loan disbursement and management system
  • Ensure compliance with financial regulations and data security

Our Solution

We developed a comprehensive financial platform that leveraged open banking to provide instant credit decisions and streamlined payment processes. The solution included end-to-end development and 2 years of operational support.

Open Banking Integration

Integrated with major Australian banks through open banking APIs to access real-time transaction data and account information securely.

Credit Scoring Engine

Built intelligent credit scoring algorithms using customer transaction history and integrated with credit bureaus for comprehensive risk assessment.

Automated Loan Processing

Developed automated loan origination, disbursement, and collection systems with real-time decision making and fund transfers.

Payment Processing

Implemented digital direct debit system for recurring payments with high success rates and automated retry mechanisms.

Technical Implementation

Platform Architecture

  • •
    Open Banking APIs: Integrated with CDR (Consumer Data Right) compliant APIs for secure access to customer financial data across multiple banks
  • •
    Risk Assessment: ML-based credit scoring using transaction patterns, spending behavior, and external credit bureau data
  • •
    Payment Gateway: Built secure payment processing with tokenization, 3D secure authentication, and PCI DSS compliance
  • •
    Loan Management: Comprehensive system for loan lifecycle management including origination, servicing, and collections

Security & Compliance

  • •
    Data Security: End-to-end encryption for all sensitive data with secure key management and regular security audits
  • •
    Regulatory Compliance: Full compliance with Australian financial regulations, AML/CTF requirements, and privacy laws
  • •
    Fraud Prevention: Real-time fraud detection system with machine learning models and transaction monitoring
  • •
    Audit Trail: Comprehensive logging and audit trails for all financial transactions and system activities

Technology Stack

Node.jsReactPostgreSQLRedisAWSOpen Banking APIsMachine LearningPythonDockerKubernetesGraphQLStripeSecurity ProtocolsMonitoring Tools

Results & Impact

Successful Launch

Platform launched on schedule and operated successfully for 2 years with 99.9% uptime and zero security incidents.

Instant Credit Decisions

Achieved sub-second credit decisions with 95% automation rate, significantly improving customer experience.

Payment Success

Digital direct debit system achieved 97% success rate, reducing failed payments and administrative overhead.

Scalable Growth

Platform scaled to handle thousands of transactions daily with automated loan processing and minimal manual intervention.

Client Testimonial

"Cloud Web Tech Solutions built our entire platform from the ground up and supported it flawlessly for 2 years. Their expertise in financial integrations and commitment to security made them the perfect partner for our innovative lending solution. They understood the complexities of open banking and delivered a platform that exceeded our expectations. The team's dedication to quality and their proactive support throughout our journey was exceptional."

Samit Sundareshan

Founder, Billycart

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