-**Dan, Dimitrije** - research on business, law, and compliance
-**Eric, Jason** - OBP integration with the database, AML, and KYC
-**Patryk** - SEPA Connector and admin panel, wallet app design
-**Adam** - wallet implementation
-**Ola, Konrad** - bank communication layer (DIS) and testing for certification
- scope of CBS/OBP responsibilities, OBP as initial CBS system
**Eric and Jason** will try to deploy OBP instance and database instance with a schema based on exchange app. They will also write mapper to connect OBP to the database and configure OBP instance to use our own KYC and AML systems instead of the built-in ones.
- deploy and test OBP functions
In the meantime **Konrad and Ola** will continue to implement the DIS system for bank messages and prepare that layer for the certification process.
- open-source Wallet UI that could be used with OBP
At the same time **I'll** continue my research on wallets and try to come up with some GUI layout and general app architecture and tech stack for the Banking UI. I believe that **Adam** will work with me on this. Later I'll get additional 1-2 devs for the wallet app and move to Bank Connector, admin panel, and managing wallet app.
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@@ -29,18 +39,18 @@ Document used for research management.
-*PCS Transfers* is the name of our company in Lithuania
- Later on we will also initiate another team for the client app (front-end + OBP Client)
- Later on, we will also initiate another team for the client app (front-end + OBP Client)
- If we confirm that we want to use OBP as our API layer, the development of the client can proceed in parallel with the banking layer.
- Scope of CBS responsibilities depends on OBP capabilities and our design choices. It can be either simple connector for OBP to access DIS or a full-fledged Core Banking System. Requires further research.
- The new app should be separated from Exchange. Exchange won't communicate with Banking API at all in initial stages (there will be separate app for that)
- Scope of CBS responsibilities depends on OBP capabilities and our design choices. It can be either a simple connector for OBP to access DIS or a full-fledged Core Banking System. Requires further research.
- The new app should be separated from the Exchange. Exchange won't communicate with Banking API at all in initial stages (there will be separate app for that)
- BoL does not look favorably on crypto right now
- We have EMI license ready. We are currently undergoing the certification to gain SEPA access through BoL. The next step is communication testing that will require a fully working DIS system.
- There is not deadline for certification per se, but BoL can revoke a license in there is not effort from FI in a long period of time (about a year after getting license).
- There is no deadline for certification per se, but BoL can revoke a license in there is no effort from FI in a long period of time (about a year after getting a license).
- Current MVP for the Banking layer is - working SEPA transfers and account creation (IBAN generation).
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## Questions
Question asked during meeting that may prove useful in the future.
Question asked during the meeting that may prove useful in the future.
**Q: Most apps with FX have a Specialized Bank license, does EMI allow us to run Currency Exchange service? There is agency in Lithuania called [ECOVIS](https://ecovis.lt/fintech/) that specializes in FinTech, maybe they could offer some advice.**
**Q: Most apps with FX have a Specialized Bank license, does EMI allow us to run Currency Exchange service? There is an agency in Lithuania called [ECOVIS](https://ecovis.lt/fintech/) that specializes in FinTech, maybe they could offer some advice.**
A: EMI license will allow us to do multi-currency transfers and hold multi-currency accounts. We are likely already using ECOVIS for consulting.
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@@ -70,45 +79,45 @@ A: We want to use the server but not the same user database (separate users for
**Q: Are we required by law to comply with PSD2 from day one, and if so do we have procedures for KYC (how the process looks)?**
A: Yes, we are obliged to comply with PSD2, RTS etc.
A: Yes, we are obliged to comply with PSD2, RTS, etc.
**Q: What is our strategy for different currencies: SWIFT certification, 3rd party provider or something different.**
A: For now only EURO and passporting, later probably USD and ACH transfers.
A: For now only EURO and the passporting, later probably USD and ACH transfers.
**Q: From what I've heard there was quite a lot of trouble with ORY Hydra, if we want to separate OAuth service from OBP maybe FusionAuth is worth a shot?**
A: We can experiment with FusionAuth, but most problems with ORY Hydra was on front-end side. Ask Wojtek about it. **Update:** Wojtek said it's ok now.
A: We can experiment with FusionAuth, but most problems with ORY Hydra was on the front-end side. Ask Wojtek about it. **Update:** Wojtek said it's ok now.
**Q: What type of account is our account in BoL, is it bound to a single currency?**
A:
A: It's settlement account which can only be used for SEPA transfers. Money for every transfer sent to the IBAN that we generated (our customer's account) will be really held here. Sum of all assets deposited on account of our customers cannot be greater than the sum of available funds on our settlement account. This account has its own IBAN and we can send money to fund it for testing. Anton promised to give us some spare change for testing when he is back from his vacation (approx. two weeks).
Our Settlement Account details:
Name: PCS Transfer, UAB Collateral Account with Bank of Lithuania
IBAN: LT291020103000031400
**Q: What if we receive payment in different schema than SEPA (e.g. SWIFT) will it be rejected?**
A:
A: We don't really know. Perhaps it's simply rejected as we do not have SWIFT access. It's important to clarify this with BoL. Dan and DJ will try to get this out of their layers and if that plan fails we can always ask Anton about this.
**Q: Are we a Supervised Financial Institution, is BoL a Financial Market Regulator?**
A:
A: Yes we are Supervised FI and our Supervisory Institution is Bank of Lithuania. This is important if we will want to apply for [SWIFT membership](https://www2.swift.com/knowledgecentre/publications/s_corp_r/?topic=con_162008.htm).
**Q: Can FI be indirect SWIFT member/user via BoL?**
A:
A: This is a question for BoL or Dan's layers but we should research this possibility further.
**Q: Do we plan to create a domestic bank account and access domestic payment schema (e.g BACS in GB) for every supported currency or are we planning to outsource it?**
A:
**Q: Does BoL actually require Bank Account and IBAN generation for certification process?**
A:
A: Maybe in the future, we will apply for membership. There is also the possibility to use third-party providers and outsource some of our transfer needs to them.
## Resources
All links and resources that could be usefull in the SEPA project implementation.
All links and resources that could be useful in the SEPA project implementation.
