Core banking accounts with multi-currency support, IBAN generation, KYC/AML onboarding, and lifecycle management — powering financial institutions in Cabo Verde and beyond.
Open and manage accounts in EUR, CVE, USD, GBP, and 50+ currencies with real-time balance tracking and instant conversion capabilities.
Automated IBAN generation and validation compliant with ISO 13616, supporting Cabo Verdean and European account numbering standards.
Streamlined customer onboarding with identity verification, document upload, PEP screening, and risk assessment integrated into the account opening workflow.
Complete account lifecycle management from opening through active use, dormant status, closure, and reactivation with configurable business rules.
The Accounts Module is the cornerstone of the Paymart Suite platform, providing the essential account infrastructure that all other modules depend on. Every payment, card transaction, loan disbursement, and FX conversion flows through the accounts layer. For licensed financial institutions operating across the Europe-Africa corridor, this module delivers the multi-currency account management, IBAN generation, and lifecycle controls required to serve both corporate and retail customers under a single, unified platform.
Unlike generic banking software, Paymart Suite was designed from the ground up for the specific regulatory and operational requirements of Cabo Verde and the broader Lusophone African market. This means native support for CVE-denominated accounts alongside EUR, USD, and GBP; compliance with Banco de Cabo Verde reporting obligations; and IBAN structures that align with both European and regional standards. The result is a platform that eliminates the costly workarounds that institutions typically face when adapting European-centric solutions to African markets.
The module supports complex account hierarchies required by corporate clients — parent accounts with sub-accounts per department, project, or subsidiary — alongside simplified individual account structures for retail customers. With built-in interest calculation engines, automated statement generation, and configurable balance thresholds, the Accounts Module reduces operational overhead by up to 60% compared to legacy core banking systems.
Open and manage accounts in EUR, CVE, USD, GBP, and 50+ currencies with real-time balance tracking. Each customer can hold multiple currency sub-accounts under a single master account, simplifying treasury management for cross-border businesses.
Automated IBAN generation compliant with ISO 13616, supporting Cabo Verdean (CV##) and European account numbering standards. Built-in IBAN validation prevents payment failures caused by incorrect account identifiers, reducing return rates by up to 85%.
Support for multi-level account structures with parent-child relationships. Corporate clients can organize accounts by department, project, subsidiary, or cost center with consolidated balance views and granular access controls at each hierarchy level.
Real-time balance tracking across all currencies with available, ledger, and hold balances. Configurable balance thresholds trigger automatic alerts and can initiate overdraft protection, reducing the risk of unauthorized overdrafts and associated penalties.
Configurable interest calculation supporting simple, compound, and tiered rate structures. Credit interest, debit interest, and penalty interest are calculated automatically based on daily balances, with full audit trails for regulatory reporting and customer transparency.
Automated generation of account statements in multiple formats (PDF, MT940, CAMT.053, CSV) with configurable periods. Statements can be delivered via API, email, or customer portal, reducing manual statement request handling by operations teams.
Instant account freeze and block capabilities for compliance, fraud prevention, or customer request. Partial or full freezes can be applied with reason codes, audit logging, and configurable escalation workflows to ensure regulatory compliance at every step.
Pre-registered beneficiary lists with IBAN validation, allowing customers to save trusted payees for faster, safer recurring payments. Beneficiary data is validated against sanctions lists at creation and on an ongoing basis for continuous compliance.
Dedicated account structures for corporate and retail segments with different KYC requirements, fee schedules, and feature sets. Corporate accounts support multi-user access with role-based permissions, while individual accounts offer simplified self-service management.
Bulk account opening, closing, status changes, and fee application through batch file processing. Supports CSV and XML input formats with validation, error reporting, and partial success handling for efficient mass operations during onboarding campaigns.
End-to-end onboarding workflow with identity verification, document upload, PEP screening, and risk assessment integrated directly into the account opening process. Automatic risk classification determines account tier, limits, and monitoring intensity from day one.
Complete lifecycle management from opening through active use, dormant status, reactivation, and closure. Configurable business rules automate dormancy detection, escheatment processing, and reactivation procedures in compliance with local banking regulations.
Automated lifecycle management, batch operations, and integrated KYC/AML eliminate manual processing steps. Institutions report saving 15-20 FTE hours per week on routine account administration tasks, freeing teams for higher-value activities.
Built-in IBAN validation and beneficiary verification catch errors before payments are submitted. This dramatically reduces R-units, manual corrections, and the operational cost of handling returned transactions, which typically averages EUR 25-40 per return.
Integrated sanctions screening, PEP checks, and automated account freezing ensure that compliance actions execute in seconds rather than hours. Regulatory exposure is minimized through continuous monitoring rather than periodic batch checks.
Offering 50+ currency accounts attracts cross-border businesses and diaspora customers who previously used competitor services. FX conversion fees, multi-currency account fees, and increased transaction volumes drive a measurable uplift in per-customer revenue.
Account structures, reporting formats, and lifecycle rules are pre-configured for Banco de Cabo Verde and European supervisory requirements. This eliminates the risk of non-compliance penalties and reduces the time to achieve regulatory approval by months.
The module scales from thousands to millions of accounts without architectural changes. Whether onboarding 100 accounts per day or 100,000, the same API endpoints, the same batch processing engine, and the same compliance workflows handle the load transparently.
Full RESTful API with JSON and ISO 20022 XML message support. All account operations — opening, closing, balance inquiry, statement retrieval — are accessible via well-documented API endpoints with OpenAPI 3.0 specifications, enabling rapid integration with existing banking infrastructure and third-party systems.
Automated IBAN generation adhering to ISO 13616 and SEPA scheme requirements. Supports Cabo Verdean IBAN format (CV##) alongside all European IBAN structures. Checksum validation and format verification ensure generated IBANs pass all network validation checks on first submission.
Sub-second balance updates with ACID-compliant transaction processing. The multi-ledger architecture separates available, ledger, and hold balances while maintaining full consistency. Supports 10,000+ balance inquiries per second with horizontal scaling capability.
Separate operational and accounting ledgers with automatic reconciliation. Supports parallel ledger configurations for different regulatory environments, enabling a single platform to serve multiple jurisdictions without cross-contamination of accounting data.
Deploy on public cloud, private cloud, or on-premise infrastructure. Containerized microservices architecture with Kubernetes support enables elastic scaling. Data residency requirements are met through configurable deployment topologies that keep sensitive data within specified jurisdictions.
A Cabo Verde-licensed Electronic Money Institution needed to offer EUR-denominated IBAN accounts to serve European-domiciled customers and diaspora communities. Their legacy system could not generate SEPA-compliant IBANs or handle multi-currency balances.
With Paymart Suite Accounts Module, the EMI launched multi-currency accounts with SEPA IBANs within 3 months. They onboarded 12,000 new customers in the first quarter, generating EUR 340,000 in additional account and FX fee revenue.
A logistics company operating across Cabo Verde, Portugal, and Senegal maintained separate banking relationships in each country, making consolidated cash visibility impossible. Treasury staff spent 20+ hours per week manually aggregating balances across banks.
Paymart Suite provided a parent account with subsidiary sub-accounts in CVE, EUR, and XOF. Real-time consolidated balance views reduced treasury reporting from days to seconds, and automated balance thresholds triggered inter-account transfers to optimize liquidity across the group.
A payment institution with 180,000 accounts was manually reviewing dormancy status each quarter. Compliance staff identified dormant accounts, prepared regulatory reports, and processed escheatment manually — a process requiring 3 staff members for 6 weeks per cycle.
Paymart Suite automated the entire dormancy lifecycle: detection, customer notification, regulatory reporting, and escheatment processing. What took 6 weeks now runs overnight. The institution redeployed 2 compliance staff to higher-value AML investigation roles.