The Future of Banking:

The Impact of Open Banking and API Integration

Table of Contents


Introduction


The development of electronic banking has gained high momentum since its inception several decades ago. Although the first activities relied on basic transactions and access by the customer to basic account information, this was a momentous change.

Technological improvements in recent years have significantly accelerated the digitalization of banking. Today, a banking application on a smartphone is a surprise to no-one. What's more, banking operations can now be performed from almost anywhere in the world.

Recent years have been marked by the development of open banking and a focus on the development of API integration. Industry focus on these activities has improved connectivity between financial institutions and third-party providers. This has resulted in new business models and revenue streams. Today, electronic banking has become an almost integral part of the banking experience for many customers. The convenience it offers and the control over resources have made it a popular choice in recent years. Modern banking institutions are making investments in the development of online banking using mobile devices, which makes them more adaptable to user requirements.

This e-book is intended as a response to the growing importance of open banking and API integration. As a FinTech application provider, we would like to outline what the future holds for the banking sector and show the challenges and opportunities that lie ahead for each of its institutions. Railwaymen has many years of experience working with FinTech companies. Our applications have repeatedly succeeded in revolutionizing client enterprises. In the presented material we will analyze the potential implications of open banking and API integration for the future of banking. We will take a closer look at the challenges and opportunities for financial institutions wanting to make the change.

We developed this e-book with the financial industry in mind. Whether you operate in banking, are in charge of accounting or deal with invoicing, the information we have included may inspire you to take the next steps in developing the services you offer. Learn about the future that awaits this sector and open yourself up to modern solutions that are capable of changing your current habits.

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If you need supplemental information on what FinTech is, don't worry. Our company Railwaymen blog features an article titled "What is FinTech? An Introduction to the Financial Technology Industry." It's an excellent prelude to supplement the necessary information about the combination of finance and modern technology

CEO-Lukasz

Łukasz Młynek
CEO & Founder at Railwaymen

Open banking refers to the practice of allowing third-party providers to access banking data, with the customer’s authorization, in order to offer a wide range of financial services.

A note from our CEO

Dear Reader,

In today's digital age, banking is undergoing a significant transformation. The way we manage our finances has changed dramatically over the years and continues to evolve with constant surprises. This evolution is happening thanks to advances in technology and the emergence of novel solutions for managing our finances. One of the driving forces behind the changes taking place is the emergence and rise in importance of open banking.

Open banking refers to the practice of allowing third-party providers to access banking data, with the customer's authorization, in order to offer a wide range of financial services. This allows customers to have more control over their finances, make better decisions and have access to a wider range of services.

API integration, in contrast, allows different systems to communicate with each other and exchange data seamlessly. This has paved the way for a new era of innovation in financial services, where customers can now access services from different providers, all on one platform.

At Railwaymen, we believe that open banking and API integration is the future of the financial sector. That's why we're proud that the applications we develop are perfectly aligned with this trend and guarantee customers cutting-edge solutions to make their daily lives easier.

Our custom applications guarantee greater control over finances, allow you to make better decisions based on posted data and provide access to a wider range of services.

This e-book is intended as a comprehensive guide that explores the benefits and opportunities of open banking and API integration. I am confident that it will provide valuable insights and practical advice for companies looking to enter this new era of banking.

Enjoy the read,
Łukasz Młynek

award1st

One of our FinTech solutions is now recognized as the world’s first blockchain technology idea platform

order+3000

We created an order management solution that now handles more than 3,000 budgets

globeWorldwide expertise

For many years we have had a lot of successful cooperations with customers as far as 5,000 km away from our location

The future of banking

In the larger business community, making predictions about the future is often laughed off as fortune-telling. However, it is clear that the banking industry has been through major changes recently. Digitalization has given the development of banking a tangible boost. Traditional institutions are losing influence in favor of mobile applications which empower users with the ability to manage their finances from anywhere on earth. These trends raise both interest and concerns among users and entrepreneurs who must adapt to the new reality.

A Deloitte report on the future of banking in 2030 states that a lot depends on the direction the markets take now. To fit into the landscape of the 2030s, financial institutions will face increased pressure to take a number of actions. The company lists as many factors that are worth paying special attention to when preparing a business strategy for banking companies.

The key takeaways are:

01
01

Security against cyber risk and financial crime

2b
02

Data integrity and analytics

3b
03

Digital and emerging technologies

4b
04

Embracing change and turning digital

5b
05

Enterprise agility

6b
06

Leveraging multi-platform integration

7b
07

Monetizing data

8b
08

Orchestrating influence on the new ecosystem

Due to the various types of regulations of the banking industry, most FinTech businesses focus on analyzing or transferring funds. In order to do so, it is necessary to cooperate with banking institutions to achieve access to accounts and transactions. Therefore, many companies bet on open banking combined with API integrations.

In the following chapters, we will introduce you to the concept of open banking and API integrations and prove how important they are for the current generation of  financial solutions. In the later part of this document you will find examples of companies which made their digitalization goals, along with statements from their teams on how the change in approach to traditional services has affected the health of their businesses.

I am convinced that we will look back at the introduction of Open Banking in 2018 and recognise it as one of the most important moments for the FinTech community and the financial services sector as a whole. Open Banking presents remarkable and exciting opportunities for consumers and the business community – without it, we couldn’t deliver our core offering at Hydr.

Co-Founder, Hydr Hector Macandrew

Open Banking

Modern banking is changing under the influence of new technologies.

Until recently, banks were the sole owners of their customers’ private data related to finances or even marital status. Currently, based on the information collected about the customer, financial institutions can easily determine the habits of consumers and assign them appropriate behavior patterns. This data is used to personalize offers, as well as to make decisions on granting loans, credits and other financial services. A major step in the development of the realities of financial services as we know them so far has been open banking.

What is the purpose of open banking?

The mission of open banking is not only to make it easier for customers to access their financial data, but also to create a system that allows them to make the best choice in terms of available offers. The financial services industry can boost innovation and competitiveness by allowing customers to give consent to share their confidential data with third-party FinTech applications.

What is the main idea behind open banking?

The aim of open banking is to connect enterprise apps with banks so that users have more transparency in their spending. This system comprises thoroughly integrated services  and is responsible for the development of financial products. As opposed to traditional banking, open banking makes use of the technological network of financial institutions to facilitate information exchange. The role of FinTech applications in the open banking system is to help users set budgets, allocate funds and coordinate accounts.

In many European countries, including the UK, open banking has already been introduced as a legal regulation and its implementation is under state supervision. The purpose of this is to ensure the security and confidentiality of customers’ financial data and encourage the development of the financial services market.

One example of the regulation is PSD2 (Payment Services Directive 2), which is in force in the European Union countries. This regulation enables bank customers to manage their finances more efficiently and proactively, increases the security of electronic transactions and stimulates the development of the financial services market. All this for the sake of consumer interests and stable economic development in Europe.

For more details about the PSD2 directive, please refer to the Railwaymen blog, where we posted the article “What is PSD2, and how does it affect the FinTech industry?”.

Is open banking a safe solution?

The procedure for opening accounts and obtaining bank statements is simplified, and the quality of all data gathered through open banking is checked to ensure that it complies with the highest standards. No operation on our account data can be performed without the customer’s express consent.

Banks and payment institutions are automatically required by regulations to use silent authentication, which means that when carrying out transactions, such as those made using mobile banking applications, the system may request extra authentication from the user. Customers may be required to authenticate by entering a pre-defined PIN code or by entering a single use code sent to their phone number. When it comes to the criteria connected to security, all banks are required to agree on and adhere to the same set of rules.

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While the European Union has introduced the PSD2 Directive which regulates open banking, the process is still being adjusted for regulatory action in the United States. According to Forbes, 2023 could be a key year for sustaining open banking in the US. The condition is that an agreement is reached between all parties responsible for financial management standards.

Benefits of using open banking solutions

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A deeper knowledge of your finances

You can view all of your finances in one location thanks to open banking. These apps assist you in creating a budget, locating the best offers, and selecting the best goods and services for you. You can decide whether to grant secure access to your current account information to a regulated app or website.

mobile-banking

Instant payments and mobile authorization

One of the key features of open banking is instant payments, which enable customers to make real-time transactions directly from their bank account without the need for intermediaries or delays. It can also bypass traditional payment queues by allowing customers to authorize transactions through their mobile devices, providing a fast and convenient payment experience. With open banking, customers have greater control and flexibility over their finances, and can enjoy faster and more seamless payment processes.

API Integration

The digitization-based financial ecosystem developed in recent years would not be possible without a wide range of API integrations. 

In large organizations such as banks, which use an elaborate set of software tools, data often has to be transferred from one program to another. We might need to use one application to export the data as a special file and then import it into the other. If the two apps were integrated with each other, it would be possible to set them up so that this process would take one click, or even automatize it and make it happen in real time behind the scenes.

The API, or Application Programming Interface, of an application is a tool that allows other applications to communicate with it directly. It can be understood as a type of control panel that is accessed by means of executing code instead of through a clickable user interface. Example: we are developing a messaging app and we want to equip it with a feature that lets the user plan a meeting in Google Calendar by clicking a message that mentions a date. To do this, the developers would consult the technical documentation provided by Google on how to use the API exposed by their calendar to plan a new meeting, and then implement a solution in the messaging app’s code.

API integration the process of connecting software applications using APIs. The aim is to enable seamless communication and data exchange. API integration plays a very important role in delivering modern and improved banking products and services. In addition, it improves the quality of existing processes and the customer experience. APIs provide a link between different software systems, allowing them to share data and functionality. This form of integration allows companies to automate processes, streamline workflows and improve efficiency. A financial platform may want to expose an API in order to grant secure third-party access to information on account numbers, balances or transaction histories. Access to such details is essential for preparing personalized offers based on real data.

How to create a FinTech solution with API integrations?

Before your business idea for a FinTech app enters the implementation phase, it is worth learning about the process of creating an open API integration. Here’s a brief walkthrough  to help you build a valuable business strategy from the ground up.

Step 1

Prepare a vision for your project

The problem many app developers have is that they don’t have a proper concept for their app. Before you start thinking about the effects of bringing your solution to market, or transforming a legacy solution into the digital world, think carefully about what value you want the project to deliver. Find a market niche that you can fill, and try to satisfy the needs of your potential audience.

As Railwaymen, we realize the importance of high quality support at every stage of application development. That’s why we offer clients our Discovery Phase service. This is a comprehensive process of defining the planned product, in which we analyze the needs of users, check the actions of competitors, and suggest which solutions are worth using. We hold workshops with our clients in order to prepare a full scope of the project and discuss the potential of the application under development.

Step 2

Find out what financial data you need to provide your services

At this point, it is essential to establish what technologies will need to be used to make your vision into a functional application.     There are APIs designed with the financial industry in mind that allow access to financial accounts. Regardless of the nature of your future solution, it is important to identify what financial data you need for your service to work. Once the areas to be explored are indicated, the technology used will collect the necessary data on users.

Step 3

Establish communication channels with the APIs

Once you know what data you are interested in and from which API, you need to set up the mechanisms necessary for your app to connect to the external services. The specific protocols and technologies to be used will depend on the API’s requirements and other factors such as the specifics of your app, performance, security and transparency..

Methods of API integration

There are two main approaches to API design:

- partner APIs (one-to-one)

- open APIs (many-to-many).

Partner API

This term is used to describe financial API integrations that are developed directly between a financial institution and a financial app or service. When a financial institution commissions a third-party vendor to create a FinTech solution for them, these kinds of APIs are frequently created. Instead of being accessible to the general public, these solutions are often only accessible to the clients of a particular financial institution.

Internal API 

Internal APIs are designed for internal usage and meant to conceal data from outsiders. This type of API enables departments inside a business to exchange data, tools, and resources, improving project management. In contrast to conventional integration solutions, this architecture uses stringent security controls, access restrictions, audit trails, and a common interface to safely connect several systems. 

Open API

Instead of a financial institution or a third-party vendor, data networks often create open APIs. The data network creates an open API that can connect many financial institutions to many FinTech products and services by developing API connectors with numerous financial institutions.

In this case, a FinTech app just needs to link with the open API of the data network in order to allow users from various financial institutions to connect their accounts to the app. The data network has already completed the task of establishing API connections with each individual financial institution.

Composite API

The service or system holding the data the user requested is referred to as an endpoint of an API. A composite API serves as an intermediary between the app being developed and a number of third-party applications. It connects to multiple other APIs on behalf of our application, allowing it to retrieve all of this data with a single request. Composite APIs are very useful when creating a microservice architecture, as developers may require information from various solutions to carry out a single operation. Server load is reduced by enabling access to several software programs in a single call.

Properly executed API integration can do a lot to streamline a financial enterprise. The choice of tools used to carry out the integration will depend on the specific aim, e.g. integrating with a cloud app, an API gateway or a proxy server. Railwaymen relies on proven solutions in its FinTech projects, but is also not afraid of challenges. As a result, our applications are often the result of out-of-the-box ideas.

The Impact of Open Banking and API Integration on Risk Management

impact

In the financial industry, it is frequently discussed how open banking and API integration affect risk management. The two terms complement each other, although they sometimes raise concerns about potential risks in handling sensitive financial information.

In order to mitigate potential risks, one has to take into account the increased interconnectivity of the financial sector. This has resulted in the use of encryption, access control, and the introduction of authentication protocols. All this to ensure that only authorized  individuals and entities have access to financial information. Risk management in the context of open banking and API integration also includes monitoring systems to identify and be able to respond to any attacks and security breaches.

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Did you know that machine learning algorithms can be used as protection against fraud or money laundering? By analyzing a large amount of financial data, machine learning algorithms can identify patterns and occurring trends in search of anomalies and potential vulnerability points. As a result, financial institutions can better manage risks, which translates into improved financial stability and customer security.

Challenges and Considerations for Open Banking and API Integration

1

API effectiveness and reliability

The ability of banks to create public APIs is not a guarantee of reliable performance. This is one of the reasons that testing the APIs should be a priority when developing banking applications. If this aspect is neglected, it could lead to performance problems that translate into reputational losses for the company and affect the overall perception of open banking.

2

Identity command

Another challenge in open banking idea is identity management. This factor is very important, especially from the perspective of developers who are looking for a reliable solution to identify and track users of banking applications. Currently, public APIs only provide access to data from financial institutions, but without the ability to accurately identify them.

3

Lack of universal compliance standards

In some geographic areas, one can find regulations whose role is to standardize open banking. And although in the case of EU countries we are dealing with the PSD2 directive, from a global perspective, clear guidelines for all countries are yet to be established. The current state generates some complications due to the lack of a clear framework defining the technical standards for banking integration.

4

Security concerns

Of all the challenges of open banking, the most important is implementing the highest security standards. Protecting customers’ personal data is a high priority for financial institutions. However, no suitable solution has yet been found to eliminate all potential threats. Therefore, great attention has to be paid to analyzing third-party applications, which are difficult to verify and control, and may have sensitive information. Cybersecurity is making rapid progress each year and the solutions employed in securing banking apps are sure to improve at the same pace. Nevertheless, a lot in this regard depends on banks and developers, who have to devote a lot of their energy to make open banking applications fully secure and free of any security gaps.

The customer experience of FinTech apps

In the 2020s, the financial industry is facing new pressures and challenges. The modern consumer demands convenience, simplicity and a personalized experience. This results in a strong market trend to ensure that all needs are fully met. FinTech applications have proven to be a breakthrough that is impacting consumers’ daily experiences while advancing previously known financial transactions. Already making mobile payments or maintaining digital wallets does not come as a surprise as much as it did decades ago, when cash was the basis of monetary exchange. FinTech apps have become part of modern reality and strongly influence the customer experience. In this chapter, we will take a closer look at their role and highlight how technology can go hand in hand with customer expectations.

1. Cryptocurrencies and digital currencies

The coming years in the FinTech industry will be marked by the rise of digital currencies. The development of cryptocurrencies, including the blockchain technology that underpins them, will sustain the high popularity that these types of enterprises have garnered in recent years with investors and consumers.

2. Development of automation and Artificial Intelligence

More and more FinTech solutions are based on machine learning algorithms and artificial intelligence. These technologies are being used to analyze data, predict market trends and offer personalized solutions to customers. It is speculated that this trend will gain momentum with time, exerting increasing influence on the financial sector.

3. The role of APIs and open platforms

The APIs outlined earlier are poised to transform the FinTech landscape as we know it. Through integrations with modern solutions and services, customers will be able to gain the freedom to use the financial products developed for them in new ways.

4. Data security and biometrics

Data protection in the financial sector is important aspect in the operations of these companies. The next few years will only confirm this, as modern solutions are constantly being developed to take care of the correct storage of customer data and the quality of the transactions carried out. Biometric technologies such as fingerprint readers and facial recognition are being developed as ways to better prevent impersonation attempts which current-gen solutions can be prone to.

Cooperation between FinTech and traditional financial institutions

The last trend we want to highlight is the development in terms of cooperation between FinTechs and traditional financial institutions. This form of cooperation will contribute to the development of even better financial solutions that will result in more efficient and competitive businesses.

For more in-depth speculation about the future of the financial world, check out the article “The Future of Payments: Key Trends and Innovations to Watch” which is featured on the Railwaymen blog.

How FinTech apps can help your business

As entrepreneurs know, modern business is progressively embracing contemporary technology to both satisfy customer expectations and expedite current operations. Because of the changes it brings, the perspective of digital transformation makes many businesses shudder. However, entering the digital world does not have to mean throwing oneself in at the deep end right away, on the contrary, many enterprises favor a gradual approach to avoid disruptions and make problem resolution easier.
FinTech applications have become our everyday life and make it much easier to manage one’s own bank account, make quick payments, or choose an insurance policy. 

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According to Ernst & Young research, 64% of the world’s population used at least one FinTech app on a mobile device in 2019.

What opportunities can digital solutions provide your company? Which ones will continue to support the financial industry in the future? In the chapter that follows, we will endeavor to answer these and many other questions.

FinTech apps and cash flow management

FinTech applications can come in many guises. Due to the wide breadth of the financial industry, banking institutions, accounting firms, accountants and many others may need ways to improve cash flow management.

Here are three key areas that these modern financial solutions can satisfy:

invoice

Automated bill payments and invoicing

FinTech tools allow companies to save time and avoid clerical errors. With automation, companies can generate invoices and process payments without the need for human involvement. This automation not only increases efficiency, but also prevents payment delays.

invoice

Real-time accounting and financial reporting

With these features, companies can monitor their budgets faster and make decisions in real time. Financial applications also provide more control over expenses and allow financial planning based on accurate data.

invoice

Streamlining payment processing

Optimization enables enterprises to accept online and mobile payments. By opening up to different sources of funds transmission, customers are gaining new opportunities. The process itself affects the timeliness of payments and reduces the occurrence of errors.

Examples of FinTech app integrations with existing systems and processes

1c

Integration with payment systems

enables transactions that are safe, quick, and convenient as well as control over financial activities.

2c

Integration with electronic wallets

enables FinTechs to process payments and manage funds in one place.

3c

Integration with investment platforms

allows FinTechs to offer investments to customers while also tracking and managing their investment portfolio.

Asset 4c

Integration with BI (Business Intelligence) systems

enables FinTechs to examine business data to better understand their business and enhance planning and decision-making.

5c

Integration with CRM systems

enables FinTechs to track and analyze interactions with clients in order to better understand their requirements and preferences.

6c

Integration with banking API

gives FinTechs access to consumer financial information and transaction history, enabling them to, for instance, customize financial offers.

Compliance with financial regulations worldwide

fintech map open banking

PSD2 (Payment Services Directive 2) is one of the most important pieces of legislation that regulates the FinTech industry in Europe. It is an EU directive aimed at improving consumer protection and increasing competition in the electronic payments sector by allowing new entrants into the market. In 2018, the PSD2 became a requirement for all EU member states.

Consumer Data Right (CDR) is an Australian government initiative to give consumers control over their personal and financial data. CDR covers data transfer between financial institutions as well as between financial institutions and other industries, such telecommunications and energy.

Unified Payment Interface (UPI) is an initiative by the Indian government to unify payment systems in India. UPI allows users to use a single payment interface to make transactions between different banks and other financial service providers.

The Payment Services Act (PSA) is a law introduced in 2009 that regulates the electronic payments industry in Japan. The PSA introduced new licensing categories for FinTech companies, allowing them access to payment systems in Japan.

Railwaymen as the right partner to develop FinTech applications

Railwaymen is a software house from Cracow with 14 years of experience. We are distinguished by commitment, good work atmosphere and the desire to expand our know-how by taking on new challenges and achieving ambitious goals. We have implemented over 150 web and mobile applications for clients from 5 continents. Our services include Web Development, Mobile Development, Product Design, and Discovery Phase. There is nothing more important for us than our client’s success. That’s why we build our applications with great attention to detail and a business-oriented approach while maintaining the highest standards of authentication and security from malicious action.

Web Development

web development

Mobile Development

mobile development

UX/UI Product Design

uxuipopr

Discovery Phase

DP

What does the process  of working with RWM look like?

1

Information gathering

The first step you should take is to fill out the estimate form or contact us directly.

The next step is to provide us with the necessary documentation and any data that can improve our cooperation. We value your privacy, so at this stage we sign an NDA agreement with our clients, which fully protects any sensitive information.

2

Vision and Project Details

Then we invite you for a conversation with our experts to talk about mutual expectations for a joint project. After we get to know your needs, we try to come up with the further steps that may be crucial for your business.

Sometimes, in order to better undestand the direction we should take the project, we conduct workshops together with the client. This is also the right time to look at potential opportunities and threats that the project may encounter.

3

Mockups & Prototypes

For advanced projects, we recommend using the Discovery Phase service. It helps to carry out professional research and analysis based on available information about the company’s business environment and the client’s expectations. As a result of the Discovery Phase work, we offer initial mock-ups and prototypes of the application.

4

Timeline & Deadlines

Once mutual insights have been shared and the scope of work has been established, the right time comes to set a deadline for the various stages and a budget for the project. This is a very important moment in terms of planning the cooperation, which allows us to calculate what tools we can use and how much time we have to execute the developed arrangements.

Creating FinTech applications with Railwaymen: How to use the Discovery Phase to better understand your market

A discovery phase is a data-driven process which helps to define the product by identifying user needs, analyzing customer requirements and gaining insight into competitor activities. We use various tools and methods to develop an idea from concept to completion, with the end result being a full scope statement.

The process is divided into four phases, including identifying and analyzing user needs, brainstorming on features that meet customer requirements, establishing the scope of the MVP and preparing Lo-Fi Wireframes. The discovery phase provides not only a solid analysis of the project, but also written documentation and a better understanding of the tools that need to be used.

This process gives you the opportunity to better understand the application development process and choose the right solutions for your business.

During the Discovery Phase when we gave the brief of what we were looking for, RWM came back with a wireframe that immediately realized our vision. A step-by-step wireframe showing what each step should potentially be was shown in a way that really demonstrated their understanding of what we required the software to do. This and our initial conversations were of a much higher standard than other developers we spoke with.

Co-Founder, FreshPay Clare Haynes

Product Design Workshops as an alternative to conducting a Discovery Phase

Product Design Workshops are interactive sessions that take place between the client and our product team. While they have similar aims as the Discovery Phase, these workshops are more flexible in nature and can focus on a particular part of the project or new ideas for the product. Our holistic approach to each project enables us to identify opportunities and risks, which allows us to anticipate various scenarios for the development of the project.

During the workshops, our team works on generating concepts for an MVP feature or slice of the application, and creates relevant documentation for the same. These sessions are designed to provide a collaborative and intensive approach towards creating the desired product.

The most valuable part of the workshop was the fact, that you could discuss absolutely everything. It gives you a lot more scope to explore. In the workshops, particularly in person, the most valuable is the visualization of the to-do list, exhorting the backlog into priority 1,2, 3 etc., and then being able to just move it around, then different issues come up, have the discussion on what things we should start with and why. On top of that have expertise from technical guys about how long it may take, how to adjust them, and how that can benefit.

CEO, iAM Compliant Luke Pargeter

Railwaymen creates solutions based on the idea of open banking

Open banking is a financial system in which banks and other financial institutions make their data and services available to third-party developers through APIs (Application Programming Interfaces). This allows developers to create new financial products and services that can be accessed by consumers through their bank accounts or other financial accounts.

In the next few years, modern finance is expected to be influenced by solutions that rely on open banking. Through this technology, seamless integrations can be made and existing processes can be streamlined. FinTech applications which make use of open banking are solutions that more and more financial institutions are interested in developing. Stand out from the competition and bring more value to your users by integrating your app with open banking.

Knowledge & Expertise in the UK financial system

We have a considerable track recording completing FinTech projects for companies in the UK. Thanks to our experience with previous implementations we have grown to know the realities of the British market and its local legal restrictions. We have also worked on integrations with British financial institutions, a great example of which is the HMCR certification we obtained while working on the FreshPay project. Moreover, our solutions meet the PCI DSS security standards related to handling branded credit cards.

In addition to our extensive experience in the UK market, our FinTech solutions are also commonly used all around the world. Our strength is that we are able to quickly and effectively adjust our solutions to local regulations and integrate with government systems regardless of the market the application is meant to operate in.

 

FinTech Apps Success Stories

Hydr mockup

HYDR 🇬🇧

A finance platform for fast and secure invoice financing compliant with UK legal guidelines.

Hydr was built in response to customers’ invoicing needs. The customer verification has become much simpler, and as a result, the processing time for an average invoicing decision has been radically reduced. It has been integrated with as many as 7 external tools which translates into a level of security, credit rating and a guarantee of reliable verification. The software allows a high degree of automation, which allows for less analyst involvement, and so for lower costs.

 

READ FULL CASE STUDY

Railwaymen have been our technology partner from day one, supporting us through every step, from the initial scoping of the product, through to delivering our MVP, launching our first version and then our second shortly after that. Having just closed our latest fundraise we have ambitious plans for our product: we regard Railwaymen as an integral part our team and we cannot imagine working with any other partner to deliver our vision. Stay tuned for version 3!”

Co-Founder Hector Macandrew
final-product-c950c3578c0eb077950945d79c82e239512f95ba07f0408eb089af3ec4eab850

FreshPay 🇬🇧

Comprehensive software for automating payroll issuance for accountants, employers and employees in the UK

FreshPay is a payroll system that allows to settle payslips efficiently in full compliance with UK legislation. In cooperation with the client, we managed to create a dedicated payroll software that allows easy access to data for both accounting offices, employees and their employers. The tool enables the convenient flow of data to the relevant offices in the UK and facilitates the daily work performed by accountants.  FreshPay is a revolutionary application that streamlines Cloud Payroll Software by automating payroll activities.

 

READ FULL CASE STUDY

We had a vision of what we wanted the payroll application to perform but not really a vision as to how it would or should look. Railwaymen have really brought our vision to life in a way we were not able to visualize.

Co-Founder, FreshPay Clare Haynes
railwaymen-final-product-c0c5376571852fbbc61d7b3c0876d4b832a7c7b7e7c3e1a45a908a4fd64ef5d6

CostTracker 🇳🇴

AI Purchase Order Management System

CostTracker is a cloud-based platform which helps companies save time and money by giving them a comprehensive view of the costs in the organization. It’s a tool that enables the creation of purchase order databases that can be properly automated. With CostTracker users can easily create, approve, archive and invoice any order. This digital process management saves time and is also easy to use. The platform allows to track costs in real time in the companies covered by the system.

 

READ FULL CASE STUDY

The team’s ability to align with our goals is outstanding. We needed a full-stack development partner and Railwaymen has delivered up to our expectations. They understand the product and what we want to achieve for our clients.

CostTracker Founders Tore Andreas Hansen & Torstein Floden
final-4bba4be248fbef729b0195636f629c831c74a26ad680141649ae24cddb9aa75c

Triple Tied Out 🇺🇸

Verified Financial Audits For Property Managers

Triple Tied Out is a FinTech platform that generates financial audits for users of property management systems. The tool allows auditing all financial accounts. With this app, users can stay up to date with financial records every day. It features per-property balances and compliance with tenant liabilities. The idea behind TTO is to make it possible to obtain company documentation automatically, without the need for a physical visit to the company premises.

 

READ FULL CASE STUDY

I have been personally working with Railwaymen since 2012. I’ve brought them multiple projects and have had multiple companies using them. I love the company and I bring projects to them whenever I can.

Chief Happiness Officer Triple Tied Out Taylor Hou
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Create Coin 🇺🇸

The World’s First Blockchain Idea Platform

CreateCoin is the world’s first Blockchain ideas platform. The platform is based on a gamification model that is driven by providing feedback from users. This allows people using the app to be the censors of innovative business ideas. Rewards in the form of cryptocurrencies are provided for the most engaged users. CreateCoin is integrated with BlockCypher API, so the process of distributing cryptocurrencies as rewards is not problematic especially in terms of security.

 

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Crowdcreate has been recognized as one of the best companies in prestigious blockchain rankings in USA, UAE & India. They are blockchain technology experts, participating in numerous international conferences. Publications and articles about them also appear in many well-known magazines (e.g. Forbes).

Railwaymen as a life-long partner

Railwaymen is a company that cares about building long-term relationships with business partners. An example is the cooperation with ProEst, which has continued uninterrupted since 2015, or our partnership with Taylor Hou, for whom we turned into life a few complex custom applications. We do our best to make sure that every customer is satisfied with the services we provide and wants to continue further work with us. Therefore, mutual trust and respect are important to us, which we build based on the implementation of the client’s needs.

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22 App Development Mistakes You Want to Avoid in 2023

 

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Project Discovery Phase: How it Looks on App Example

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