LuLu Money, Endava launch Digit9

The platform will be launched initially in the UAE with LuLu Exchange, a licenced partner of the region. Digit9 has been built on Open Banking standards to allow a broader range of financial institutions to meet the market demand for a mature cross-border payments platform. Digit9 has been built based on the Endava Adaptive Model (TEAM), a framework that streamlines and accelerates software development. Companies can use Digit9’s core functionality which enables it to be white-labelled and embedded into new financial applications and organisational workflows.

Officials have stated that their objective is to democratise remittances through Digit9. The platform aims to enable financial institutions across the spectrum to develop powerful cross-border payment applications without the high-priced costs and complexities associated with establishing an underlying infrastructure. 

Digit9 can handle over 300 transactions per second across the network of partners. Being designed by Endava, the platform integrates a solution architecture that provides three main functionalities, including:

• Acting as a white-label solution for payment distribution networks to partners;

• Enabling organisations to Build Your Own Network (BYON);

• Configuring companies’ respondent banks.

In addition, the platform can serve as a Managed Treasury Service that offers real-time foreign exchange (FX) rates to customers using the solution’s in-built analytics engine, FX dealers, and automated market-making and liquidity pool managers. 

Endava leverages innovative technologies to provide a combination of product and technology strategies, intelligent experiences, and engineering. The company’s objective is to help clients become digital, experience-driven businesses by assisting them in their journey from idea generation to development and product, platform, and solutions deployment.

Recently, Endava entered multiple partnerships, including one with AcceptPayments.com in August 2023. Through this collaboration, the two companies aim to establish an online comparison marketplace for payment services, modifying the way businesses discover their Payment Service Providers (PSPs).

Moreover, at the end of June 2023, Endava partnered with Imburse, an insurance payments platform, their alliance being set to strengthen the former’s ability to support businesses with their digitalisation, innovation, and migration projects. Endava is set to help clients throughout the entire lifecycle, including selections and analysis, architecture and infrastructure design, and implementation support, as well as the set-up and configuration on behalf of the organisation.

Source: Link