Omni Pay

Funding Options - Fusion Digital Front Office

Inspiration

Fusion Digital Front Office, is a digital banking solution where executives of the bank can service customers outside of branches. They can take the bank to the customer's convenience, anytime.

Let us consider the scenario.. Anupama, an employee of Finastra, holds a bank account with Wells Fargo. I, Shemeer, a customer service executive of Bank of America is on a marketing campaign at Finastra. I meet with Anupama and realizes she is interested in certificate of deposits. I make her an offer to give her a preferred rate of 3.5% for a 24 months CD where as Wells Fargo’s rate is 3%. Anupama is interested, but to fund the new account, the only option FDFO provides now is to use customer’s credit card. Or walk into the branch next day and make a cash payment, which is not a good user experience.

There was a recent post (15 Dec 2019 in economic times - "Google has written to the US Federal Reserve Board detailing the successful example of UPI-based digital payment in India in order to build "FedNow" -- a new interbank real-time gross settlement service (RTGS) for faster digital payments in the US"

Reference URL: https://economictimes.indiatimes.com/news/economy/policy/google-wants-us-fed-reserve-to-follow-indias-upi-example/articleshow/72611611.cms

What it does

Our solution is a bundled package of various funding options, including google pay, apple pay, pay pal, alipay etc., where I can open an account for Anupama, and have that funded with her google pay account, which debits from her Wells Fargo account and credit her new account instantly.

How I built it

This was build using AngularJS version 8, Google Pay API and AP.NET Core Web API along with 2 APIs from FFDC

Challenges I ran into

Connecting with Google API from our code base took some time.

Accomplishments that I'm proud of

Participation, Team quickly consumed FFDC API, Learned Google Pay integration

What I learned

We have consumed FFDC API for Customer Profile and Account Listing and also integrated Google Pay API for testing purpose in Fusion Digital Front Office - Funding

What's next for Omni Pay

We have made this proposal in line with Finastra Mission 2021 strategy, Our proposed solution is to offer various options such as google pay, apple pay, paypal , remote deposit capture and same day ach funding for external transfers and internal transfers, for funding purposes. For internal transfer since we have FFDC API - For other payment options, we propose to contribute the APIs to FFDC, so that FDFO and uOpen and any other account opening products can readily consume the package.