Automatic functions are essential in online banking. Digia provided SAV-Rahoitus with a system where the customer can independently register as a customer, transfer funds from an existing bank account and make a deposit.

Solution benefits

• Automatic account processing, accounting functions and payment traffic
• Modular structure, easy to expand and change as needed
• Automatic interest payment and due date functions for savings
  
  

SAV-Rahoitus Plc is a Finnish finance provider that specialises in car financing. The company stock is on the First North list in Finland. During its operation for over a decade, SAV-Rahoitus has received credit and financing applications from some 100,000 Finns.

The company is planning to apply for a banking licence, enabling the company to also receive deposits from the public in addition to the financing business. The bank would operate online.

For the purpose of receiving deposits, SAV-Rahoitus was fitted with a solution based on the Digia Financial Systems product family. The system provides basic banking functions, such as borrowing and lending, and includes the required reporting functions and interfaces.

Ease of use and data security emphasized in online banking

Automatic functions are essential in online banking. Digia provided SAV-Rahoitus with a system where the customer can independently register as a customer, transfer funds from an existing bank account and make a deposit. Interest payment and due dates of deposits are automated, requiring actions from the bank only in special cases. Also the functions for internal ledger invoicing, posting materials for accounting and payment traffic are also nearly fully automated. 

Users log into the online bank and make online payments securely using TUPAS, the authentication service of Finnish banks. During the implementation, Digia also used information on portal technologies’ data security problems provided by the top 10 list of the international OWASP (Open Web Application Security Project), as well as Digia's solid expertise in the best practices of secure portal solutions.

The online bank and its data warehouses do not store customer's banking information. In accordance with the requirements of the Financial Supervisory Authority, they only save the online bank log, specifying the actions performed by the customer in the online bank.

The online bank was designed to be modular, to allow for easy expansion and further development. Special consideration was given to transferability and scalability, to ensure reliable online banking for an increased volume of customers or international operations.

In addition to online banking, the Digia Financial Systems solution includes functions such as loan and overdraft accounts. The system also provides reports for customers and authorities.

Comprehensive solution

“Tests of the system have shown that it works well and meets our needs. I believe the system will serve our financing functions well, even if we do not expand to savings banking operations,” says Harri Kalliokoski, CEO at SAV-Rahoitus.

The SAV online bank was implemented as a Java-based portal solution, utilising Open Source portal technologies. Deposits are managed in the Digia Banking System, which is built on .NET technology and provides real-time integration with online banking, accounting and payment traffic.

“The system needed to be reliable, scalable and smoothly integrated with back-end systems. With the banking system and integration interfaces included in the Digia Financial Systems product family, we were well-equipped to meet all these demands,” says Rainer Holm, Vice President, Finance & Association Solutions at Digia.

Technology used

• Online bank
  • Java/J2EE
  • Apache HTTP Server
  • Glassfish v2.1.1

• Digia Banking System
  • Microsoft SQL Server
  • Microsoft.NET