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Development of Service Features for Confia Infrastucture

Confia is dedicated to being an affordable, trusted, and transparent partner that helps cannabis businesses navigate the complexities of banking. As a thought leader and a best-in-class financial technology, Confia believes that its approach to banking and transactions will unlock the power of cannabis businesses and help execute its corporate goals.

The main task for IdeaSoft tech team was to integrate new microservices for payment methods and enhance overal platform functionality.

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Client Confia

Services Software development QA testing

Technologies Back-end - Java Front-end - Angular Database - MySQL

Link confia.io

Project Description

Project Overview

The primary objective of the Confia project is to establish a future where banking and compliance concerns no longer hinder the operations of cannabis businesses. In this pursuit, the IdeaSoft team played a pivotal role by developing and seamlessly integrating new service feature called Partner, which facilitated third-party integration through custom API. Its main aim is to create orders and process payments, ensuring smooth and efficient transactions.

Our team took charge of developing this microservice, incorporating essential elements such as authentication, authorization, and partner-specific logic.
The next task was the development and integration of the Lending service. The main goal of its features is to enable users to conveniently split the total cost of a product into manageable payments, acting like a platform-based loan structure.

The implementation dealt with intricate payment logic, encompassing monthly deductions and applicable interest rates. Moreover, we needed to incorporate functionality that automates the withdrawal of funds from users’ bank cards, further enhancing the seamless user experience.

Target Audience

The target market for banking services in cannabis industry primarily includes businesses operating within the cannabis and hemp sectors. This encompasses licensed cultivators, processors, manufacturers, distributors, dispensaries, and related ancillary service providers within the cannabis ecosystem.

Confia banking service caters to the unique financial needs of the cannabis industry, offering solutions for secure transactions, compliance with regulatory requirements, cash management, bookkeeping, and other specialized banking services.

Business needs

A primary objective was to optimize and improve operational efficiency within the platform. Our focus was on enhancing the user experience for dispensary owners and retailers by providing streamlined processes for in-store digital payments, seamless e-commerce and online services, efficient supply chain payments, and convenient cash deposits.
In addition, we aimed to empower cannabis operators with a comprehensive suite of automated features while ensuring strict adherence to legal compliance. Through the integration of a reliable and robust microservice, operators gain access to essential functionalities such as lending services and simplified marketplace payments.

Challenges

One of the challenges IdeaSoft team encountered was understanding and configuring the business processes using Camunda engine for automating business processes. We had to ensure that the processes were correctly designed and integrated into the application, aligning them with the specific requirements of our project.
Since the application was related to payments, a significant challenge revolved around the receipt, storage, and utilization of banking data. Robust security measures, such as encryption and access control, were implemented to ensure compliance with regulations and safeguard user data. Therefore, integration with the ACH service, which is a computer-based electronic network for processing transactions, would have posed another challenge. This integration involves understanding the specifications and requirements of the ACH service and requires expertise in working with banking protocols and APIs, as well as ensuring compatibility with the existing infrastructure.
In addition, developing a precise system for breaking payments into installments, calculating interest, and managing penalties required meticulous attention to detail and adherence to legal and financial regulations.

Implemented Solution

Users now have the ability to check real-time transactions and securely process cashless B2B payments, ensuring legal compliance. These enhancements empower users with a seamless and automated payment experience while maintaining the highest standards of safety and legality.

Partner Microservice Features: