Mula-X is a digital service company that provides end-to-end digital lending platform to serve non-bank financial service providers. This project aims to develop software module running on AWS cloud to support loan disbursement and repayment transactions between Loan Management System (LMS), Wallet Management System and bank API. LMS and Wallet management System will be developed by us / other 3rd parties and development of these systems are not in scope of this project.
This project an intermediary interfacing payment messaging system that is part of a bigger overall project. To date, Mula-X has engaged a software development company to build a fresh-from-scratch customer portal that includes mobile app on Android interfacing with application on AWS cloud as a front-end to manage all interactions between the users (borrowers) and back-office processing system. The core lending system, LMS, is run and managed by a SaaS provider, LendFoundry on AWS cloud to service all loan accounts. Among the servicing functions of LMS are initiation of loan disbursement, initiation of loan payment collection and applying loan repayments to the loan accounts, which form the scope for the project.
The payment transactions under this project include: Note: Project Scope includes the ability to send and verify messages at API level to facilitate these transactions and reports back on transaction status on all the following payment transactions.
• Loan Disbursement Methods
1. Online credit transfer from corporate wallet to beneficiary wallet via Wallet Management System.
2. Online PromptPay (Thailand equivalent of ACH system) credit transfer via Wallet Management System
• Loan Payment Collection
1. Bulk debit transfer from wallet via Wallet Management System
• Loan Repayment
1. Online incoming credit transfer via bank payment API
• Credit Transfer File
1. As Mula-X will also handle the credit transfer for salary payment by employers into wallets, there will also be bulk credit transfer messaging to execute transfers to employee wallet via Wallet Management System.
- Online credit transfers are handled via API
- Bulk debit and credit transfer transactions will be initiated via SFTP
- For debit transfers, partial debit mechanism needs to be supported
- A transaction log is to be maintained, which can be downloaded
Note: Both LMS and Wallet Management System provide APIs to support payment transactions.
Mandatory Requirement: Banking Financial Payment Systems Development expertise and track record.