Family Asset Monitoring: FAM

FAM provides an intuitive dashboard tracking multi-generational family assets across borders, bridging the digital divide between tech-savvy family members and seniors managing traditional investments

Created on 4th November 2024

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Core Problem:
Discovering and managing family assets across generations
Digital divide between seniors managing assets and overseas family members
Lack of consolidated view of financial holdings
Complications:
Dementia/health issues affecting financial management
Geographic dispersion of family members
Mix of traditional and digital assets
Documentation and nomination issues
Impact:
Difficulty in asset discovery
Challenges in asset transfer
Risk of financial losses
Administrative burden during emotional times

Account Aggregator Framework Complexity
Mastering the multi-party architecture (FIU, AA, FIP)
Understanding consent flows and data privacy requirements
Navigating complex technical specifications from ReBIT and Sahamati
Technical Learning Curve
Learning FastAPI, async programming, and Python type hinting
Implementing proper error handling and environment management
Setting up development workflows with Git and virtual environments
Encryption Implementation
Implementing ECDH encryption and key material generation
Managing public-private key pairs and session security
Debugging encryption/decryption flows with FIPs
Data and Testing Challenges
Limited availability of sandbox test data
Creating realistic test scenarios for various financial instruments
Modeling data structures for different types of financial information
The journey required significant investment in understanding security best practices, API integration patterns, and financial data handling, while maintaining a focus on building a reliable and secure application.

Tracks Applied (1)

FAM (Family Asset Monitoring) empowers customers by: Digital Financial Discovery Leverages Account Aggregator framework ...Read More

Technologies used

Postman

Python

MongoDB

FastAPI

Swagger UI