Leobit
Trust Accounting, Custody, and Asset Servicing Solution
Custom software development for a forward-thinking trust company
ABOUT
the project
Client:
Location:
Estonia
|Hong Kong
Company Size:
Industry:
Solution:
Services:
Our customer’s software solution is designed to revolutionize trust administration, estate planning, and fiduciary services. This platform provides a comprehensive approach to managing trust accounting, including seamless transaction recording and reconciliation. The solution also offers comprehensive finance services, including trustee, custody & escrow, company secretarial, accounting and finance reporting, HR and payroll, and fund administration. It ensures compliance with regulatory requirements to help company clients minimize risks associated with trust and estate management.
“Thanks to Leobit’s efforts, the app was bug-free with positive UX, intuitive and user-friendly features, and smooth operational performance. The team was responsive to our needs and delivered everything on time.”
Customer
Our customer is a leading trust company in Asia. They provide advanced trust, custody, and asset servicing solutions to institutions, corporations, and high-net-worth customers. The company’s pursuit of innovation pushes them to use the latest tech and adapt quickly to changing market regulations. This makes them one of the market leaders in the Asian finance market.
Business Challenge
The customer approached us with a request to perform front-end improvements to their existing platform. This task was intended as a trial, with a three-month projected timeline. However, we completed it ahead of schedule. Pleased with our speed of work and the results, the customer decided to extend our cooperation, so we continued working on the project and developing new features and functionalities for their platform.
Why Leobit
The CTO of the customer’s company had previously collaborated with Leobit on another project. Given his positive experience and confidence in our technological expertise, he immediately turned to Leobit when his new company required a skilled development team. Given the nature of the upcoming project, our expertise in FinTech software development has proved especially useful.
Project
in detail
We worked on improving and developing features for two interconnected websites—one for clients and one for administrators.
Setting up project management processes
Before partnering with Leobit, the client relied on Excel to track development progress, which limited visibility and made project management cumbersome. Also, the customer’s side was represented by a project manager whose primary expertise lay in marketing and client relations rather than technical project management. As a result, she leaned heavily on our guidance in establishing efficient development processes, implementing Agile practices, and managing overall project quality. This included transitioning the team to Jira, a powerful project management tool designed to improve workflow organization.
Initially, we aimed to implement Scrum, but due to the specific nature and dynamic requirements of the project, the approach evolved into Scrumban. Currently, we operate in one-month sprints, but unlike traditional Scrum, the scope is not strictly fixed at the beginning. Instead, we agree on broad goals for the sprint, and tasks are dynamically added to the board as the sprint progresses, which aligns with a Kanban approach. This hybrid method offers the flexibility needed to adjust priorities based on the customer’s shifting needs.
In addition, we facilitated the integration of key Agile practices such as daily meetings, sprint planning, refinement meetings, and regular retrospectives. These practices helped the client better visualize their workflow, track progress in real-time, and quickly identify bottlenecks. To better monitor the team’s progress and productivity, we also introduced performance and development metrics (e.g., velocity, test effectiveness, defects root cause analysis). This gave our customer insight into the project’s health and helped them make data-driven adjustments where necessary.
Over-the-counter (OTC) module
The OTC functionality allows company clients to trade securities via a broker-dealer network instead of a centralized exchange. Before our involvement, the client had implemented the OTC feature twice but was dissatisfied with its functionality.
We revamped the OTC module to meet their expectations, allowing users to trade large volumes of digital assets directly with counterparties without intermediaries. This feature offers enhanced privacy and price stability, which is crucial for large institutional investors.
Thanks to our experienced DevOps engineer, who configured the security components on AWS, the platform now ensures the users’ financial information and transactions are safe and secure.
Client Portal
We enhanced the client portal, allowing users to log in, create OTC instructions, and view account balances. So now, when making an instruction, the user selects the amount and currency they wish to buy or sell and the source and destination accounts. After the instruction is created, the client can review all their instructions, including those completed, canceled, or still processing.
Thanks to using SQS and Lambda, the system efficiently queues and processes transactions. It sends notifications with a confirmation that includes the exchange rate at which the transaction will occur. If the client approves the terms, they confirm the transaction and then receive a final confirmation from the admin once the transaction is successfully completed.
Back office administration
We expanded the administrative section, enabling the management of all instructions, creation of new clients, and general administration. Administrators can now create new legal entity users, monitor all new instructions, and manage the overall system efficiently.
The Journey
Behind Client's Success
Technology solutions
- Amazon Simple Queue Service (SQS) and Lambda Functions allow sending timely notifications to users
- SignalR software library integration lets users get real-time updates on their instruction statuses without the need to refresh the page
- Cutting down deployment time to just a few minutes thanks to GitHub Actions
Value Delivered
- Improved project management process thanks to introducing Agile methodologies and setting up performance and development metrics
- Enhanced client portal with easy and intuitive OTC flow
- Reduced number of support requests thanks to UI/UX improvements