The problem SENDERMENT solves

The AA is in the early stages of testing and adoption. However, it should scale up fast, especially in the aftermath of covid. We are solving for the challenge to make 1 billion data transactions with account aggregator framework and to disable FIU business owner access of user data after the end of validity period.

While financial data will come from the AA setup, there is still a lot of non-financial data which is still needed to complete a particular daata request fulfillment. e.g. a loan application could need identity documents, address proofs and other documentary evidence in addition to bank statements (financial data).

Paper documents can also involve a lot of fraud, which might go unchecked. For basic verification of documents, businesses needs to assign additional manpower and resources and cost. This still remains a challenge for the entire ecosystem and worth solving to go 100% digital, reduces costs and increase system throughput. Faster turn around time result in better CX.

Senderment extends the AA framework and provides a complete digital medium for data transfer from the end user to a business user (FIU).

Additionally, we solve the challenge of UX by providing multiple methods for the FIU to create a transaction request and the end user to provide the data to complete an end-to-end journey. This is based on the learnings from financial industry and using the Payment Gateway model. We implement this as a Data Gateway Model - with Senderment as the data gateway.

Challenges we ran into

Understanding of the AA framework was essential to conceptualize and model this project. This is particularly important because of following factors:
1 - The ecosystem is new and evolving, and this happens to be the first such initiative to go into the public domain
2 - The AA preparations on getting sandboxes has been instrumental to get this kicked off and with the continuous support from their own respective teams
3 - Since this is new, there are various other aspects of what can be done, cannot be done - which required attending several knowledge sessions and masterclass hours. the doubt sessions and office hours were extermely helpful

Blockchain Implementation, System Integration for FIU (Requestor) and User on the same platform. A significant part of the challenge here was to design the data request form system, which could be dynamic enough and provide the easiest interface to FIU user

Delivering an interface to the end user without the need to give them a mobile app was another challenge in itself, which required creating optimized interfaces for the mobile-first environment. This became compounded when we had to enable QR scanning with an offline link to the original data template.

QR Code Integration in web / html form is another challenge - the literate though present is relatively touch-and-go, and is always at risk of not working in final environment.