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commodity-tokenization

Neo-banking Revolution Transforming Digital Finance in Canada

A Neo-bank, built by Clarisco Solutions, offers seamless crypto and fiat transactions with low fees, and security for the Canadian market.

secure-blockchain-problem
Problem

The client needed a platform for a neo-bank, serving customers in Canada. This platform required integration of both fiat and cryptocurrency services while maintaining top-notch security and compliance. The challenge was to confirm smooth transactions, low fees, and an intuitive user experience while supporting both fiat and crypto operations.

Client’s Demand

The client aimed to develop a fully digital neo-bank that supports USDC, BTC, USDT, ETH, and BNB for deposits and withdrawals, in addition to fiat currency. Their main objectives included:

Fiat & Crypto Integration : Enable users to send and receive fiat and crypto effortlessly.
Custodian Wallet Setup : Secure crypto storage and transaction management using custodian wallets.
Low Fees : Maintain competitive fee structures for users across fiat and crypto transactions.
Advanced Security Measures : Implement encryption, 2FA, biometric security, real-time fraud detection, and compliance with ISO/PCI DSS standards.
Scalable Infrastructure : Ensure the platform can handle high transaction volumes with minimal downtime.
Solution

The development of Neo-bank addressed all client requirements through a modern technology stack. We used React.js for the front end, Node.js for the back end, and MongoDB for the database, ensuring a productive, secure, and high-performance system.

Key implemented features included
Fully Digital Platform
Offering 100% online banking, accessible through both web and mobile apps.
Custodian Wallets
Ensured secure storage and transactions of cryptocurrencies.
User-Friendly Interface
A seamless and intuitive design allowing users to manage fiat and crypto transactions with ease.
Low Fees
Used modern APIs to minimize transaction costs, making it cost-effective for users.
Crypto & Fiat Integration
Support for both traditional fiat currencies and leading cryptocurrencies (USDC, BTC, USDT, ETH, and BNB), including deposit and withdrawal functionalities.
Outcomes

We successfully achieved the client’s goals and delivered an advanced neo-banking solution with the following outcomes:

Improved User Experience

With its simple, responsive design, it’s users enjoyed a seamless and intuitive online banking experience, both for fiat and crypto transactions.

Efficient Fiat & Crypto Transactions

Integrating custodial wallets for USDC, BTC, USDT, ETH, and BNB enabled efficient and secure transactions.

Upgraded Security

With encryption, 2FA, biometric login, and real-time fraud detection, the platform provides bank-grade security, ensuring user trust and confidence.

Increased User Adoption

The low fees, robust security, and modern features attracted a growing customer base, boosting the platform’s overall adoption rate.

Technology Stack
nodeJs nodeJs

Node JS

Back End

reactJs reactJs

React JS

Front End

mongoDB mongoDB

MongoDB

Database

Key Features
Full Digital Banking : Online and mobile access for banking services.
Fiat and Crypto Integration : Support for both fiat currency and top cryptocurrencies.
Custodian Wallet : Secure wallet services for managing crypto assets.
Low Fees : Competitive pricing for transactions.
Advanced Security : Encryption, 2FA, biometric security, and real-time fraud detection.
Instant Notifications : Real-time alerts for all transactions to ensure transparency.
Security Measures
circle End-to-end encryption for all data exchanges between users and the servers.
circle Two-factor authentication (2FA) for improved account security.
circle Biometric Security like facial recognition and fingerprint scanning for login.
circle Real-Time Fraud Detection to identify suspicious activity and block unauthorized transactions.
circle Account Freezing allows users to freeze their accounts in case of a breach.
circle Tokenization for secure card payments, minimizing exposure of sensitive data.
circle ISO/PCI DSS Compliance ensures adherence to international banking security standards.
circle Blockchain and Decentralized Technology exploration to further enhance data integrity.
Modules
Banking Core : Managed the core banking functions like deposits, withdrawals, and transactions.
Crypto & Fiat Transaction Module : Handled all operations involving cryptocurrency and fiat.
Wallet Management : Integrated with custodian wallets for secure crypto storage.
Security & Compliance Module : Ensured the platform followed strict security protocols, including encryption and fraud detection.
User Interface Module : Provided a seamless and intuitive user experience.
Conclusion

This neo-banking solution developed by Clarisco Solutions offers a cutting-edge platform that combines traditional banking with modern cryptocurrency services. With advanced security measures, low transaction fees, and an eye on user experience, the platform has positioned itself as a leader in the digital banking space in Canada. The project stands as a testament to Clarisco's expertise in developing secure, productive, and advanced financial solutions.

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