Secure and compliant fintech platform powered by microservices and seamless user experience

Client background

RateSetter is a leading peer-to-peer lending company in the UK and Australia, which offers services to thousands of active customers and has matched more than £3,6 bn in P2P loans. The company constantly introduces innovations and modernizes its IT system, so the service is powered by the most innovative technologies.

Business challenge

RateSetter required a strong team of engineers with substantial fintech expertise to modernize their current product and develop new functionality. Additionally, the client needed to migrate from the monolithic architecture to microservices as well as ensure the security of the platform and its compliance with fintech regulations.

Transformation

N-iX engineering expertise and vast fintech experience have helped the client to attain their objectives faster and accelerate the digital transformation of the product. The gradual shift to the microservice architecture has ensured higher scalability of the solution and accelerated development lifecycle.

Value delivered by N-iX

  • Improved scalability of the solution and a more efficient development process powered by the microservice architecture;
  • Development of a robust testing framework, improved product quality, and decreased time-to-market;
  • High level of security and the compliance of the product with fintech industry regulations;
  • Modernized tech stack and enhanced user experience.

Location
United Kingdom, London
Partnership period
May 2016 - present
Team size
36
Team location
Ukraine, Lviv
Expertise delivered
Cloud Solutions Business Intelligence SOA, Microservices, Identity and Access Management

Success story in detail

How we started: Efficient team and product scaling

    In 2016, RateSetter engaged N-iX with a team of 16 people (11 developers and 5 automation testers) to modernize its product and develop new functionality. At that time, RateSetter already had a well-established business model and over 250,000 active customers. The company needed to expand its development capabilities to scale the product faster and solve a wide variety of technological tasks:

  • Foster innovation by modernizing the technological stack of the service using latest coding practices;
  • Switch from the monolithic architecture to microservices, which would allow our client to scale the product faster and introduce innovations more easily. In addition, such software design would help to accelerate ongoing development and facilitate product maintenance.
  • Build an efficient testing framework that would be used for faster software debugging and guarantee its flawless operation;
  • Ensure the security of the users’ personal information and the compliance of the product with fintech industry regulations and policies;
From monolith to microservices

Since the beginning of our cooperation, N-iX has widely contributed to migrating from the monolithic architecture to the service-oriented system, which allows our client to scale the product faster and introduce innovations more easily. In addition, such software design helps to accelerate the ongoing development and facilitate product maintenance.

As a starting point for migration, our team implemented microservices for the borrower journey. That included the creation of a new UI and the logic update to maintain the user application. We designed the concept of the microservices architecture and built the first 10 services for the project.

The challenging task we faced was to maintain the old system, continue to build new features, gradually refactor to microservices, and handle the orchestration of microservices while in production. Also, we needed to do it ensuring the highest security level of the product and its compliance with industry regulations.

Expanding cooperation: Regular product updates to ensure compliance

After the successful completion of the first iterations, the client decided to augment the team to over 20 software engineers. The extended team has enabled our client to focus on a wider range of tasks. One of them was to improve the software testing process as RateSetter needs to update its product regularly to stay in compliance with constantly evolving regulations. Our team audited the current testing framework and identified the areas for further improvement. Then, our engineers designed and developed a full-scale framework, which allowed RateSetter to achieve better testing coverage, faster software debugging, and reduced time to market.

Building trust: Continuous product modernization and improved UX

To maintain a competitive edge, RateSetter constantly improves its technological stack and modernizes the product. As their talent partner, we provide highly competent specialists in the latest technologies and help our client foster the adoption of innovations. Therefore, our team has contributed to one of RateSetter’s strategic streams - building up sophisticated risk measuring models that can individually price each loan.

Also, our team implements a variety of UX initiatives to improve the user experience of RateSetter products and strike the balance between user needs, business demands, and core design principles. As a first step, our UX/UI expert audited a borrower portal, the client’s B2C system. The audit was based on 10 Nilson’s heuristics and helped RateSetter significantly improve the system. Then, we initiated conducting user research to get quick and relevant feedback on new features and improve them during the next iterations.

To accelerate the launching of new products, we built a design system of reusable visual components. Further, our UX specialist initiated and applied such approaches as Design Thinking, Competition Analysis, Design Sprints, and others to identify and meet the users’ ever-changing needs.

Also, we designed the UX and UI for a new B2B system to help RateSetter profit from a new business model. However, given the turbulent times, the development of the system is temporarily postponed.

Value delivered: 5 years of relentless technological innovation
  • Improved scalability of the solution and a more efficient development process.;
  • High level of security of the users’ personal information and the compliance of the product with fintech industry regulations and policies.
  • Better testing coverage, improved product quality, and decreased time-to-market.
  • Faster adoption of innovations, the introduction of the latest coding practices and technologies.
  • The enhanced user experience of RateSetter’s products to retain existing and win new customers.

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