Ukrainian IT product company UNITY-BARS introduced a new Core System for non-banking institutions
Fintech company UNITY-BARS released the Core System in response to the ability for non-bank financial institutions to open and manage client accounts.
Fintech company UNITY-BARS released the Core System in response to the ability for non-bank financial institutions to open and manage client accounts.
These changes are provided for by the Law of Ukraine «On Payment Services». UNITY-BARS reported that their system allows opening and accounting for customer accounts in accordance with regulatory requirements.
The company claims that it is one of the first Ukrainian technological systems that is «fully adapted to the new realities of the financial market.» The new Core System is a transformation of the company’s main product, ABS.BARS, in accordance with the new market realities.
Key architectural features of the solution:
- The technical core of the system — the database — was completely migrated from Oracle to PostgreSQL. This solution reduced licensing costs and increased deployment flexibility without compromising stability or performance.
- Integration with the NBU’s SEP is implemented through partner banks. There can be several such banks, which allows for more flexible separation and control of business areas and cash flows.
- An API has been developed for external web interfaces with custom authorization.
- Direct integration with government agencies to ensure the fastest account registration process
- A microservice for generating printed forms that can be used in other company business processes without being tied to the business logic of the Core system.
- Load balancing and control via asynchronous APIs.
- Developed and implemented CI/CD in accordance with the security requirements and specifics of the customer’s infrastructure.
The UNITY-BARS solution is aimed at financial companies that plan to expand services in accordance with new legislative opportunities, as well as newly established financial companies, banks, retail and logistics companies that seek to integrate financial infrastructure into their own products and markets.
«Today, many companies are faced with overloaded Core or ERP systems that are difficult to configure and integrate. We have created a product that, in terms of its architectural depth, meets the high standards of banking requirements, but at the same time remains convenient and adapted to the real operational life of any transactional business — from fintechs to logistics platforms. Our goal is to make financial operations as flexible as the business models that require them,» said UNITY-BARS CEO Valeriy Kondakov.
It is noted that the development of the new Core System took 8 months, and the first client of the product was the RozetkaPay payment service.
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