MyCredit
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Laravel
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PostgreSQL
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AWS/Azure
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.Net
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React JS
MyCredit is an online credit service. It is one of the top 3 services in Ukraine. 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. At the moment, the microfinance sector was just emerging in the Ukrainian market, and there had been very few similar services to look up to. We have cooperated with a banking business consultant who explained how the processes should work and what functions are needed. Our task was to adapt them to the microfinance business and convert them to an online service.
- 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
We consider the main result of our work is that this project has become one the most popular microfinance services in Ukraine.
- We consider the main result of our work is that this project has become one the most popular microfinance services in Ukraine.
- 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
Kashcheiev Maksym
Head of Business Development
contact us:
