OnCredit is an online credit service in Vietnam. Micro financing market is the rise and this project was a challenging assignment built to scale for future high load with multiple integration points to external applications
Business challenges
Our customer had approached us to develop software for a new microfinance company.
Our tasks were:
- Develop the process of online loan application and issuance;
- Develop the process of lender verification;
- Enable users to apply for loans;
- Allow users to track the status of their current loan;
- Allow users to repay/extend loans online;
- Allow users to link their card to receive a loan;
- Implement the process of informing customers about the current state of their loan;
- Ensure secure storage of user data;
- Allow administrators to track the status of loans;
- Implement the process of signing a loan agreement online;
- Implement daily interest accrual on issued loans;
- Allow administrators to configure credit products (for first-time users, for constant users);
- Allow administrators to track the credit history of lenders;
- Allow administrators to manage overdue loans;
- Ensure uninterrupted system operation with large volumes of data.
Key results
- Integrated UBKI API for obtaining customer credit history;
- Integrated Scorista.ua API for obtaining borrower scores;
- Developed a system of business rules for initial lender qualification;
- Developed a queue system for launching scheduled operations for interest accruals on loans, changing loan statuses;
- Developed a process for signing loan agreements using SMS;
- Created an administrative panel with a multi-level access system;
- Developed a messaging system (SMS / Email);
- Integrated a payment service;
- Integrated CPA networks;
- Created a loan application process;
- Developed and implemented a loan calculator;
- Created a customer's personal account that enables users to view the history of issued loans, view the current loan status, link a credit card, repay a loan online, extend a loan online, sign a loan agreement;
- Created an automated process for debiting customers' cards for debt;
- Developed an automated process for collecting overdue debts (debt collection);
- Developed automated processes for microcredit management, such as: loan extension, partial or full repayment; calculation of interest, penalties, and fines on loans; transfer of loan amounts to customers' bank cards; manual and automatic approval of loan applications;
- Developed a system for creating reports of various types ( Accountant, Working with CPA networks, Report on issued and overdue loans, Report on customers, Daily Report).
Our Solution
The system has been deployed on AWS connecting the below services:
- Load balancer;
- EC2 Instance;
- Auto Scaling group;
- S3 Bucket;
- RDS;
- Redis;
The below integration were made:
- SMS/email services: esputnik;Payment services: Fondy, Wayforpay;
- Integrations with CPA networks: Admitad, SalesDoubler;
- Integrations with external scoring services: Scorista.ua, RiskTools;
- Integrations with services for obtaining users' credit history: UBKI, MBKI;
- Integration with an anti-fraud system: fingerprint.
Our achievements
- The designed architecture on AWS allowed to handle big loads on the service and provided a high level of fault tolerance;
- The developed system allowed for faster scaling and integration of additional services. (For example, additional CPA networks);
- Thanks to the automation of processes, we were able to reduce the time for reviewing a credit application to 15 minutes.
- As a result the developed solution enabled our customer to perform the full cycle of lending money online without any traditional banking
