Description

Project Requirements for Earned Wage Access (EWA) Fintech Platform 1. **Project Overview** - **Objective**: Develop a fintech platform that allows employees to access their earned wages before their regular payday. - **Target Audience**: Employees, Employers, and Financial Institutions. #### 2. **Core Features** 1. **User Authentication and Management** - **Sign Up / Login**: Email, phone number, social media, and SSO options. - **Profile Management**: Update personal information, bank details, and employment information. - **Two-Factor Authentication (2FA)**: Enhance security with SMS/email codes or authenticator apps. 2. **Employer Integration** - **Onboarding Process**: Simple process for employers to sign up and integrate their payroll systems. - **Payroll Data Sync**: Secure integration with payroll systems to fetch real-time wage data. - **Employer Dashboard**: View employee requests, manage fund disbursement, and generate reports. 3. **Employee Access** - **Dashboard**: View available earned wages, request status, and transaction history. - **Request Funds**: Simple interface to request access to earned wages. - **Notifications**: Real-time notifications for request approvals, disbursements, and other updates. 4. **Financial Transactions** - **Fund Disbursement**: Instant or scheduled disbursement options via bank transfers, prepaid cards, or digital wallets. - **Transaction History**: Detailed records of all transactions with filtering options. 5. **Security and Compliance** - **Data Encryption**: Secure data transmission and storage using encryption protocols. - **Compliance**: Adhere to financial regulations and data protection laws (e.g., GDPR, CCPA). - **Audit Logs**: Maintain logs for all financial and user activities for auditing purposes. 6. **Analytics and Reporting** - **Real-time Analytics**: Insights into usage patterns, transaction volumes, and other key metrics. - **Custom Reports**: Generate reports for different stakeholders, including financial summaries and compliance reports. #### 3. **Technical Requirements** 1. **Architecture** - **Scalability**: Design to handle a large number of users and transactions concurrently. - **Microservices**: Modular approach for different functionalities to ensure easy maintenance and scalability. 2. **API Integration** - **Payroll Systems**: APIs for major payroll providers to sync wage data. - **Banking APIs**: Integrations for bank transfers, digital wallets, and other payment gateways. 3. **Database** - **Database Design**: Use relational databases (e.g., PostgreSQL) for transactional data and NoSQL (e.g., MongoDB) for logs and analytics. - **Backup and Recovery**: Regular data backups and a robust recovery mechanism. 4. **Frontend Development** - **Web Application**: Responsive design using modern frameworks (e.g., React, Angular). - **Mobile Application**: Native apps for iOS and Android or cross-platform frameworks (e.g., Flutter, React Native). 5. **Backend Development** - **Programming Languages**: Use languages suited for high performance and security (e.g., Python, Node.js, Java). - **Frameworks**: Use secure and scalable frameworks (e.g., Spring Boot for Java, Express for Node.js). 6. **Testing and Quality Assurance** - **Automated Testing**: Implement unit, integration, and end-to-end tests. - **Manual Testing**: Perform usability testing and security assessments. 7. **Deployment and DevOps** - **CI/CD Pipeline**: Automated build, test, and deployment pipeline. - **Cloud Infrastructure**: Use reliable cloud services (e.g., AWS, Azure, Google Cloud). - **Monitoring and Alerts**: Real-time monitoring of system performance and automated alerting for issues. #### 4. **User Experience (UX) and Interface (UI) Design** 1. **User-Centric Design** - **Intuitive Interface**: Ensure easy navigation and a clean, user-friendly design. - **Accessibility**: Compliance with WCAG for accessibility. 2. **Design System** - **Consistent Design Language**: Use a design system to maintain consistency across web and mobile platforms. - **Responsive Design**: Ensure compatibility across various devices and screen sizes. #### 5. **Project Management** 1. **Agile Methodology** - **Sprint Planning**: Regular sprint cycles with clear objectives. - **Backlog Management**: Prioritize features and bug fixes based on user feedback and business needs. - **Regular Reviews**: Conduct sprint reviews and retrospectives to continuously improve processes.