Our client is one of the leading Arab banks which, in order to fully digitize its services, creates one of the first digital cloud banks in Saudi Arabia. The implementation of the FaaS AI fintech service allows the launch of a commercial offer for future digital bank customers. In this project, INCAT acts as a technology partner and supplier of the main transaction system and project teams as part of the IT outsourcing service.

What is INCAT FaaS AI?

INCAT FaaS AI is a trading platform that acts as a sandbox for beginner fintechs, challenger banks and digital banks. The platform in the form of a service enables efficient implementation of all processes necessary to launch financial services. The implementation does not require the client’s environment, because the platform enables the installation of a full range of cloud services.

You can read more on INCAT https://incat.com.pl/faas-ai/

What were the client’s needs?

Until now, strict financial laws in Saudi Arabia did not allow the creation of digital financial services, installed in the cloud. Only recently, the new legislation provides space for full digitization of banking. The client, in order to be able to offer his solution on the commercial market and become a pioneer in the field of modern financial services, needed a transactional solution that would allow for a very fast implementation process, significantly shortened compared to standard implementations of this type. The use of INCAT FaaS AI functionality seemed to be the optimal solution in this approach, addressing the client’s requirements: the need for efficient implementation of a commercial product, compliance with restrictive formal requirements set by local regulators, the need to market verification of a new business model on the Saudi Arabian financial market and cost optimization related to the use of system resources.

The client did not have a specialized technical team that would be able to carry out such a technologically advanced implementation, which is why we, as a technical partner, also had the obligation to provide independent and competent IT teams that would take up this challenge.

The role of INCAT FaaS AI

In this project, INCAT’s FaaS AI components, installed in the public cloud, cover customer and account processing, as well as card transaction and payment processing. For the FaaS AI implementation itself, we used our skilled implementation and development team.

The biggest challenge

The biggest challenge while working on the project proved to be the limitations of the local financial system, which imposes high requirements for compliance with internal legislation and restricts the ability to provide key services from outside Saudi Arabia. INCAT as a system provider, processing clients’ financial data, has to meet a number of conditions, resulting from the regulation of Saudi Arabia’s financial law. In addition, our approach was important: technological flexibility (cloud agnostic), flexibility of Incat’s business models, and the ability to adapt to remote and pandemic project implementation system.

Functionalities that we implemented in the project

  • Data processing of customers and their accounts
  • Managing financial processes and products
  • Processing of money transfers and card payments
  • Installation of the solution in the public cloud

Effects

Thanks to the efficient implementation of INCAT FaaS AI components, the client is preparing for the commercial MVP implementation of its solution, which is planned for Q3 2021.