Problem Statement:

Users often struggle to manage their finances effectively due to fragmented bank data and manual tracking. Traditional budgeting methods lack real-time updates and require too much effort.

Solution:

Leverage Open Banking APIs to access real-time bank account and transaction data. Use data enrichment and intelligent categorisation to deliver tailored financial insights, allowing users to:

Set spending limits across categories (e.g., food, travel, shopping)

Receive real-time alerts on overspending

Track monthly cash flow and financial goals

Identify recurring payments and optimise subscriptions

Who Benefits?

End-users who want control over their budgeting

Fintech startups offering budget solutions

Neobanks enhancing customer retention

Wealth & financial advisors offering app-based services

Security & Compliance:

PSD2 & GDPR-compliant user consent flows

AES-256 encryption for data at rest and TLS for data in transit

Payment cards takes the hassle-free of using ATMs abroad.

Functional & Technical Details

How It Works:

• ●User Consent & Connection

  Users connect one or more bank accounts via secure APIs and provide explicit consent for data sharing.

• ●Data Retrieval

  Account and transaction data is pulled in real-time via Open Banking APIs.

• ●Data Enrichment

  Transactions are cleaned, categorised (e.g., groceries, entertainment), and tagged with merchant names and logos.

• ●Budget Engine

  Users can define monthly budgets per category. The system dynamically tracks their progress and triggers alerts as thresholds are crossed.

• ●Visual Insights & Dashboard

  Interactive graphs and dashboards show cash flow trends, spending comparisons, and suggestions for saving.

• ●Behavioural Analytics

  Spending patterns are analysed over time to suggest habits, flag risky behaviours, or promote saving challenges.