Core banking services
Auka built the first fully regulated financial service platform to be run 100% in the cloud, providing superior performance, security, scalability and cost-efficiency.
The platform provides flexible processing with connections to most infrastructures, schemes and payment networks. The platform also meets the stringent security and regulatory requirements necessary for e-money companies in the EU area, including internal risk and control processes, security policies, incident response plans, anti-money laundering (AML) and more.
With PCI DSS compliance, the platform also enables storage, processing and transmission of payment cardholder data in a verified secure environment. Our core banking services include our processing engine and our bank console, which is the interface banks use to manage their entire product and service offering.
The processing engine is a prerequisite for deploying any of Auka’s products. It provides FSA and PCI-compliant customer records, transaction processing, clearing and settlement, reporting, data management, access control and audit trailing.
The processing engine also includes our bank API, which enables us to connect to external banking infrastructures, card schemes and other third party systems. This is in order to facilitate the likes of direct-to-account transactions and live balances from external accounts.
Auka operates an extensive platform with multiple transaction routes, authorisation set-ups and funding source connections. Our processing is state of the art, with atomic transactions and cryptographic proof for audit trail, even for transactions or transactional messages that are passed through to third party systems.
Each transaction may benefit from switching and we support complex, conditional switching, enabling optimisations on anything from network latency to reduction in processing cost and potential increased revenue from off-scheme clearing.
Clearing and settlement
Auka performs clearing and settlement across all connected schemes and infrastructures ranging from cards, hosted debit, credit, prepaid accounts and underlying accounts hosted by third parties.
We manage and balance client spooling and buffer accounts, cross-currencies. We also handle settlement positions cross-platform and scheme participants and can calculate and settle both gross and net positions.
On the platform we also settle in realtime, delayed or batched to other banks, consumers and merchants on both domestic, regional and international rails.
Bank account debiting and crediting
Auka connects to bank accounts in a wide variety of ways, including: proprietary connections, PSD2/Open Banking API connections, via domestic or regional ACH infrastructures and through commercial schemes.
Via our connections, we are able to debit and credit virtually all bank accounts directly or through correspondents.
Card debiting and crediting
As an associate member of both Visa and MasterCard, Auka can issue and acquire payment instruments under the Visa and MasterCard networks. With our modern connection to the schemes, Auka can both debit and credit payment cards depending on issuer support.
Cryptographic ledger records
As part of our transaction processing we keep track of all customers, balances, moving of money, clearing and settlement positions. This is often referred to as the ledger and we operate our ledger in the cloud, backed by the processing power of the world’s most sophisticated data-center.
With atomic transaction handling and cryptographic proof, we are FSA-approved and provide superior performance, security, scalability and cost-efficiency, relative to legacy banking systems.
Hosted debit, credit and stored value accounts
Auka can operate debit, credit and stored value accounts for financial institutions. Running in the cloud, Auka can deliver extreme capacity, speed and availability at unparalleled pricing, compared to legacy banking platforms.
Because of our processing flexibility, banks can progressively migrate accounts from legacy systems to Auka without experiencing downtime.
The bank console is the environment where banks manage their entire portfolio of products from Auka, including mobile payments, digital credit and lending, issuing, acquiring and more.
The bank console also enables banks to engage directly with their customers, via the merchant console and consumer app. The bank console is web-based and crafted with modular design to administer all of our products.
Access and features are permissions-based and the console can be configured to cater to the needs of any bank employee, ranging from support personnel to the CEO.
The console features product pricing and product configuration, metrics, customer records, transaction history and all necessary details for each customer, transaction and event. This is so that banks can best manage their product and service offerings.
The bank console is delivered white labelled and can be customised to fit the brand and product needs of your bank.
Access to the bank console is permissions-based. The console can be configured to cater to the needs of different roles, such as product managers, operational, compliance and risk personnel and customer support representatives.
Customised consumer and merchant enrollment process
Adhering to the regulatory requirements, including know-your-customer (KYC) and anti-money laundering (AML), customers (both consumers and merchant) are enrolled and on-boarded through a customisable process.
Based on channel and service availability, customer enrollment can be automated by pulling data from external sources and performing validations. Via the bank console, operations personnel are assigned tasks to handle manual controls or perform qualitative evaluations where applicable.
Customer management (consumers and merchants)
The bank console features a flexible view of customers, both merchants and consumers, and can be tailored to cater to the needs of different operational personnel.
For consumers, this includes customer data and records, including funding sources, transaction history, risk status, KYC, AML and PEP information.
For merchants, this contains all merchant data and records, including legal entity regulation, related users, transaction history, settlement account and payout options, risk status, KYC and AML information.
All customers can be found by any search criteria, such as name, phone number, accounts, cards. The operational personnel can greylist, blacklist and change the service status for users.
Customer lifecycle management
The bank console provides tools for the day-to-day management of customers, allowing operational personnel to continuously maintain and support customers.
Depending on the level of integration with external data sources, customer information can be updated automatically or manually based on a set of rules pre-defined by bank personnel (like choice of data and sources, frequency of updates and type of notifications enabled).
The system features daily operational tasks such as change of beneficial ownership for merchants, update of bank account numbers for transfers, termination of agreements from the customer side, default handling and cancellation of agreements, settlement and reporting formats, etc.
Account, credit and card management
The bank console supports functionality for managing funding sources of choice,such as bank account, consumer credit line or card. Operations personnel can see and change the status of funding sources per customer, issue new cards and credit lines and modify the terms of the existing credit funding.
Risk and compliance management
The bank console features a comprehensive set of functionalities in order for the risk management personnel to keep an overview of the daily activity of customers and is able to prevent and handle fraud.
Here, the personnel will be able to define the criteria for automatic controls, set new rules and customise parameters for manual evaluations. The features include periodic AML updates for customers (depends on integration type), hold-back of payouts, handling of transaction limits and chargebacks.
KYC, PEP, CTF and AML controls
The bank console may be integrated to collect data from your choice of source, in order to perform automatic KYC, PEP, CFT and AML controls.
Automatic pullout of data combined with a customised set of rules defined by the risk personnel will result in (semi-)automatic evaluation of customers and AML and purchase risk scoring of merchants.
The system is flexible enough to handle your existing risk scoring model, where the outcome of different types of score can trigger a predefined set of actions for the risk personnel to act upon.
KYC and AML reports
The bank console provides a bank’s personnel with a full set of necessary KYC and AML reports, designed in accordance with the existent AML rules. The reports are produced on a scheduled basis and can be sent to predefined group of recipients automatically.
This module gives full overview over the product portfolio available for your bank. Personnel with granted access can administrate default prices per product, introduce new pricing structures and time limited campaigns per product, as well as administer such product settings as periodic transaction limits, limits for identified/unidentified users, payments sources etc.