Noverdraft is a project aimed at solving the problems of loans in small amount. With the help of software automation and machine learning the process is made intelligent, simple, quick and error free. Being a financial product, it needs integration with bank accounts, analysing the transactions, analysing the credit score of bank account holders and importantly handling payments. So a stable, secure and user friendly system was needed.

Starting this project right from requirement gathering, we made sure to understand the target users, the purpose of the system and the expectation of the client. We designed a system where all the loan calculations, interest calculations, credit score evaluation are centralised. Effective use of Database management and machine learning concepts were utilised to achieve these. Based on the type of user, different platforms were engaged for the front end including applications compatible with mobile and desktops.

Sandbox environment (simulation) was effectively used to test the process during and after the development phase. The system had the basic reports built in and was designed to include additional reporting modules as per the requirement. The system was also covered with audit logs for tracking. The system was also covered by test cases to ensure quality during development and any further interventions.

In consultation with the client, third party services are engaged as and when required. The existing banking system and loan process were taken into consideration and the system was designed in such a way that there is no adverse effect in the existing banking system, user experience and security.

  • Client

    Severus Holdings
  • Location

  • Tech stack

    Ruby on Rails, Swift, Java
  • Duration

    8 months
  • Platform

    Web, Android, iOS apps

Key Points

PCI Compliance, ISO 27001:2013, SSAE 16 SOC 2

Handled all aspects of SDLC including Requirement gathering, Design, Development, Testing.

Integrated online financial services offered by Plaid, Stripe ACH which follow PCI DSS (Payment Card Industry Data Security Standard)

Simplified the User Interface for selecting repayment structure.

The architecture was designed to facilitate development of multi- platform applications.

Employed Machine learning for analysing transactions to predict user’s financial position.