Although it is still believed that the success of a fintech startup revolves primarily around an innovative product and great marketing, in the context of this demanding business, this is just the tip of the iceberg. In addition to the challenges related to financing the business or taking care of formalities, such as licenses and approvals for financial activities, other aspects also need to be taken care of. The most important activities include selecting and implementing the appropriate technology on the basis of which you can freely build your product. In the following text I will try to explain why, in my opinion, the modern technology dedicated to fintechs supports not only the technical aspects of the product but also gives financial entities a significant business advantage.

A solid foundation is the key to success

Each institution that begins financial activities must base them on a transaction system that, in the simplest terms, processes and organizes data about customers, their accounts and transactions. The system is the basis, and it’s built around additional functionalities such as front-end mobile and browser applications, AML and anti-fraud systems, KYC (Know Your Customer) modules and currency transfers. To date, the role of transaction systems has been limited primarily to the functions listed above. They were aimed at enabling efficient financial activity in a manner that is consistent with the assumptions of compliance. However, transaction systems are currently playing an increasing role in shaping the products and services of fintechs as well as support in the field of marketing and product development. Today, the transaction system is important not only from a technology perspective but also from a business one. How is this possible?

Good product is smart marketing

Nowadays, a great advantage of fintech is not only an innovative product, but also the ability to implement new business functions as quickly as possible and to respond to new customer needs. To achieve this, it is worth first focusing on a transaction system that enables the efficient creation of a modern offer, and maintains existing products, aimed at consolidating the business advantage.


By creating the BOS transaction system at INCAT, we noticed that our clients need solutions that, irrespective of their original application, address the requirements of a modern end customer in the customer-centric model.


Therefore, currently modern financial entities require core systems with the functionalities not only focusing on the technological and product layer but also supporting an innovative approach to processes that  addressing customer needs. Today, customers are not looking for a savings account with specific parameters, but a set of functions that will at a reasonable price efficiently achieve their goals in compliance with quality and safety standard.

Core banking engine supports your business

In the light of the above, we need to ask the question “which areas do a modern transaction system work in”? and “what functionalities can play the role of autonomous processes directed at specific target groups”? The advanced technology behind modern banking solutions actually has no functional limitations. Whether we create solutions only to solve a problem, or also to provide new opportunities, depends only on the boundaries we impose on ourselves. The mindset at INCAT, supported by the creativity of our clients, has always been focused on full business usability. Hence, ideas on how to develop this area in our solutions come to us quite easily. I am often asked about examples of the functionalities of the transaction system, which are also characterized by considerable marketing value. In response, I quote specific products, that are ready to be used in financial activities. These include partner programs, automated cascade currency conversions, or support for white labeling (multi-brand).

Partner Program

The transaction system can be used when creating a product such as a partner program. Thanks to this functionality, entities offering their customers a system of collecting points, obtaining discounts or quick returns can build the long-term loyalty of their recipients. An example of a great implementation of this tool is the ZEN card offered by the dynamically developing fintech ZEN.COM, which provides a number of benefits for its users, such as extended warranty and a quick cashback module.

Currency cascade

This is another example of a very interesting solution that makes it easier for customers to make payments under non-standard conditions. It allows for the automatic use of the customer’s funds accumulated in various currencies during the execution of a single transaction if there is a lack of funds on the main account or an account kept in the currency of the transaction. In other words, if a customer makes a payment of EUR 40, with only EUR 30 available on the account, the payment system automatically takes the missing amount from the remaining foreign currency accounts, e.g. in USD or PLN by making an immediate currency conversion. The whole process takes no longer than a standard contactless payment and doesn’t require any activity on the customer’s side. Currency cascade is another example of a solution that’s available to users of a payment card offered by the ZEN.COM fintech.


Multi-brand is a functionality that enables the separation of independent environments of several brands and institutions, administered by one entity.


This is a great solution for institutions that decide to offer products directed at various target groups and different market segments.


An example of using this product is the offers of large loan companies. In order to expand their customers’ portfolios, they create several loan brands that differ in their parameters and terms of obtaining financing. At the same time, they are formally part of one large capital group and don’t have any business relations. The system also supports the possibility of running many independent brands/institutions thanks to the tight separation of parameters and data as well as proven performance. The advantages of multi-brand are already noticed by some Polish fintechs that use this functionality, for example, to integrate their own financial products with the offers of their partners.

The above-mentioned examples are only a small sample of what can be achieved in the field of financial product development, with a modern transaction system at your disposal, the open architecture and adopted solutions of which allow for their quick implementation. Today, in the era of modern banking, it is not enough to do something well enough – you have to stay ahead of trends and create solutions that respond to needs that are yet to emerge. It’s worth spreading this awareness so that the promising fintech industry, develops even faster, creating a completely new quality in the financial market.



Michał Mazur is the Senior Business Development Manager at INCAT Sp. z o.o.
In his over 20-year career, he has been involved in financial and IT sector projects. He has extensive experience in project management, analysis, business development, system architecture, and quality assurance.
Michał Mazur is a graduate of AGH University of Science and Technology.

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