RISWIS Core Banking System - Product Requirements Document (PRD)
Version: 1.0 Date: January 2025 Document Owner: RISWIS Development Team Status: Production Ready
Table of Contents
Executive Summary
RISWIS (Risk-Integrated Savings and Wealth Investment System) is a comprehensive core banking platform designed specifically for West African financial institutions. The system provides end-to-end banking operations management with dual-currency support (USD/LRD), advanced risk management, regulatory compliance, and mobile-first design principles.
Key Value Propositions
Dual Currency Operations: Native USD/LRD support for Liberian market requirements
Comprehensive Banking Suite: Complete loan management, transaction processing, and customer lifecycle management
Regulatory Compliance: Built-in AML/KYC compliance and Central Bank of Liberia reporting
Risk Management: Advanced risk assessment, monitoring, and mitigation capabilities
Mobile-First Design: Responsive interface optimized for mobile banking operations
Multi-Channel Integration: Support for web, mobile, SMS, and USSD channels
Product Overview
Product Vision
To become the leading core banking platform for small to medium-sized financial institutions in West Africa, enabling digital transformation while maintaining regulatory compliance and operational excellence.
Target Market
Primary: Small to medium banks in Liberia
Secondary: Microfinance institutions across West Africa
Tertiary: Credit unions and savings cooperatives
Product Scope
RISWIS encompasses the complete banking technology stack:
Core Banking Engine: Transaction processing, account management, customer lifecycle
Loan Management System: Application processing, disbursement, repayment tracking
Risk Management Module: Credit risk, operational risk, compliance monitoring
Treasury Operations: Cash management, liquidity monitoring, vault operations
Reporting & Analytics: Financial reporting, regulatory compliance, business intelligence
Customer Channels: Web portal, mobile app, SMS banking, USSD integration
Business Requirements
BR1: Multi-Currency Banking Operations
Requirement: Support simultaneous USD and LRD operations
Business Value: Serves Liberian market requirements where both currencies are legal tender
Acceptance Criteria:
All financial transactions support currency selection
Exchange rate management and conversion tracking
Separate balance tracking and reporting by currency
Multi-currency SMS notifications and statements
BR2: Comprehensive Loan Management
Requirement: End-to-end loan lifecycle management
Business Value: Enables financial institutions to offer diverse lending products
Acceptance Criteria:
Loan product configuration and management
Application workflow with multi-level approvals
Automated disbursement and repayment tracking
Portfolio quality monitoring and collections management
BR3: Regulatory Compliance Framework
Requirement: Built-in compliance with banking regulations
Business Value: Reduces compliance costs and regulatory risk
Acceptance Criteria:
AML/KYC verification workflows
Central Bank of Liberia reporting modules
Audit trail for all transactions and activities
Risk assessment and monitoring capabilities
BR4: Mobile-First Banking Operations
Requirement: Mobile-optimized banking interface
Business Value: Enables banking operations in areas with limited desktop infrastructure
Acceptance Criteria:
Responsive design for all screen sizes
Touch-friendly interface elements
Offline capability for critical operations
Progressive Web App (PWA) support
BR5: Multi-Branch Operations
Requirement: Support for distributed banking operations
Business Value: Enables expansion and franchise operations
Acceptance Criteria:
Branch-specific user access and data filtering
Centralized reporting with branch breakdowns
Inter-branch transaction processing
Branch performance monitoring
Functional Requirements
F1: Customer Management System
F1.1 Customer Onboarding
Description: Complete customer registration and KYC process
Features:
Personal information capture with validation
Document upload and verification
KYC compliance checks and AML screening
Account opening workflow with approval process
Welcome communications and account activation
F1.2 Customer Lifecycle Management
Description: Ongoing customer relationship management
Features:
Customer profile maintenance and updates
Account status management (Active, Dormant, Suspended, Closed)
Customer segmentation and classification
Blacklist management and monitoring
Customer service request tracking
F1.3 Account Management
Description: Multi-product account management
Supported Account Types:
Savings Accounts (with interest calculation)
Current/Checking Accounts (with overdraft facilities)
Fixed Deposit Accounts (term-based investments)
Business Accounts (commercial banking)
Loan Accounts (credit facilities)
Internal Accounts (operational accounts)
F2: Transaction Processing Engine
F2.1 Core Transaction Types
Deposits: Cash and transfer deposits with denomination tracking
Withdrawals: Cash withdrawals with balance validation
Transfers: Internal and external fund transfers
Loan Disbursements: Automated loan fund disbursement
Loan Repayments: Payment processing and schedule updates
F2.2 Transaction Features
Dual Currency Support: USD and LRD transaction processing
Real-time Processing: Immediate balance updates and notifications
Transaction Reversal: Controlled reversal workflow with approvals
Batch Processing: End-of-day transaction batching
Transaction Limits: Configurable daily and transaction limits
F2.3 Transaction Security
Multi-level Approvals: Configurable approval workflows
Fraud Detection: Real-time transaction monitoring
Audit Logging: Complete transaction audit trails
Segregation of Duties: Role-based transaction controls
F3: Loan Management System
F3.1 Loan Product Management
Product Configuration: Interest rates, terms, fees, eligibility criteria
Product Types: Personal loans, business loans, group loans, microfinance
Repayment Schedules: Flexible scheduling with multiple frequencies
Collateral Management: Collateral tracking and valuation
F3.2 Loan Application Workflow
Application Processing: Digital application capture and processing
Credit Assessment: Automated and manual credit evaluation
Approval Workflow: Multi-level approval with role-based routing
Documentation: Loan agreement generation and management
F3.3 Loan Portfolio Management
Disbursement Management: Multiple disbursement methods and tracking
Repayment Processing: Automated and manual payment processing
Portfolio Monitoring: Portfolio quality metrics and reporting
Collections Management: Overdue loan tracking and collection workflows
F4: Money Transfer Services
F4.1 Internal Transfers
Account-to-Account: Transfers between customer accounts
Branch-to-Branch: Inter-branch transfer processing
Bulk Transfers: Batch transfer processing
Scheduled Transfers: Recurring and future-dated transfers
F4.2 External Transfers
Mobile Money Integration: MTN MoMo, Orange Money connectivity
Bank Transfers: Interbank transfer processing
International Remittances: RIA Money Transfer integration
SWIFT Integration: International wire transfer capability
F5: Treasury & Cash Management
F5.1 Teller Operations
Teller Sessions: Daily session management with opening/closing balances
Cash Counting: Denomination-based cash management
Variance Tracking: Cash variance detection and reporting
Dual Currency Handling: Separate USD and LRD cash management
F5.2 Vault Management
Vault Operations: Branch vault cash management
Cash Limits: Configurable cash holding limits
Cash Transfer: Inter-branch cash movement tracking
Security Controls: Multi-person authorization for vault access
F6: Risk Management Module
F6.1 Risk Assessment
Credit Risk: Customer and portfolio credit risk evaluation
Operational Risk: Process and system risk monitoring
Market Risk: Interest rate and currency risk assessment
Compliance Risk: Regulatory compliance monitoring
F6.2 Risk Monitoring
Risk Registers: Comprehensive risk tracking and management
Risk Metrics: Key risk indicator monitoring
Risk Alerts: Real-time risk threshold alerts
Risk Reporting: Regular risk assessment reporting
F7: Reporting & Analytics
F7.1 Operational Reports
Transaction Reports: Daily, weekly, monthly transaction summaries
Customer Reports: Customer analytics and demographics
Loan Reports: Portfolio quality and performance reports
Cash Management Reports: Teller and vault operation reports
F7.2 Financial Reports
Balance Sheets: Standard financial position statements
Income Statements: Profit and loss reporting
Cash Flow Statements: Cash flow analysis and reporting
Trial Balance: Accounting trial balance generation
F7.3 Regulatory Reports
Central Bank Reports: CBL regulatory compliance reporting
AML Reports: Anti-money laundering compliance reports
Audit Reports: Internal and external audit support
Compliance Reports: Regulatory compliance monitoring
F8: Communication & Notifications
F8.1 SMS Alert System
Transaction Alerts: Real-time transaction notifications
Account Alerts: Balance and account status notifications
Loan Alerts: Payment due and overdue notifications
Marketing Messages: Promotional and informational SMS
F8.2 Multi-Channel Communication
Email Notifications: Account statements and important notices
In-App Notifications: Real-time system notifications
Push Notifications: Mobile app push notifications
USSD Integration: Feature phone banking support
Technical Requirements
T1: System Architecture
T1.1 Frontend Technology Stack
Framework: Next.js 15+ with App Router
Language: TypeScript for type safety
UI Library: shadcn/ui with Tailwind CSS
State Management: React Context API and custom hooks
Mobile Support: Responsive design with PWA capabilities
T1.2 Backend Technology Stack
Runtime: Node.js with Express.js framework
Language: TypeScript for consistency
Database: PostgreSQL with Prisma ORM
Authentication: JWT-based with refresh tokens
API Design: RESTful APIs with OpenAPI documentation
T1.3 Database Requirements
Primary Database: PostgreSQL 14+ for ACID compliance
Data Models: 80+ tables with complex relationships
Backup Strategy: Automated daily backups with point-in-time recovery
Performance: Optimized queries with proper indexing
T2: Security Requirements
T2.1 Authentication & Authorization
Multi-Factor Authentication: SMS and email-based 2FA
Role-Based Access Control: 23+ user roles with granular permissions
Session Management: Secure session handling with timeout
Password Policy: Strong password requirements with expiration
T2.2 Data Security
Encryption: AES-256 encryption for sensitive data
Transport Security: TLS 1.3 for all communications
Data Masking: PII masking in logs and non-production environments
Audit Logging: Comprehensive audit trails for all activities
T3: Performance Requirements
T3.1 Response Time Requirements
Page Load Time: < 3 seconds for dashboard pages
Transaction Processing: < 2 seconds for standard transactions
Report Generation: < 30 seconds for standard reports
API Response Time: < 500ms for most API calls
T3.2 Scalability Requirements
Concurrent Users: Support for 1,000+ concurrent users
Transaction Volume: 100,000+ transactions per day
Data Storage: 10TB+ data storage capacity
Horizontal Scaling: Support for load balancing and clustering
T4: Integration Requirements
T4.1 External System Integration
SMS Gateways: Africa's Talking, Orange SMS integration
Mobile Money: MTN MoMo, Orange Money API integration
Payment Processors: Visa, Mastercard processing capability
Core Banking: Integration with existing core banking systems
T4.2 API Requirements
RESTful APIs: Well-documented REST APIs for all functions
Webhook Support: Real-time event notifications
Rate Limiting: API rate limiting for security and performance
API Versioning: Backward-compatible API versioning
User Roles & Permissions
Primary User Roles
R1: Administrative Roles
SUPER_ADMIN: Full system access and configuration
ADMIN: System administration and user management
MANAGER: Branch management and oversight
SUPERVISOR: Team supervision and approval authority
R2: Operational Roles
TELLER: Daily transaction processing and customer service
HEAD_TELLER: Teller supervision and cash management
CUSTOMER_SERVICE: Customer support and account services
TREASURY: Cash management and liquidity operations
R3: Specialized Roles
LOAN_OFFICER: Loan application processing and management
CREDIT_COMMITTEE: Loan approval and credit decisions
RISK_MANAGEMENT: Risk assessment and monitoring
COMPLIANCE_OFFICER: Regulatory compliance and AML monitoring
R4: Audit & Control Roles
INTERNAL_AUDIT: Internal audit and control functions
EXTERNAL_AUDITOR: External audit support and access
ACCOUNTANT: Financial reporting and accounting functions
OPERATIONS: System operations and maintenance
Permission Framework
The system implements a granular permission system with 200+ specific permissions organized into categories:
User Management: User creation, editing, role assignment
Customer Management: Customer onboarding, profile management
Transaction Processing: Transaction creation, approval, reversal
Loan Management: Loan processing, approval, portfolio management
System Administration: Settings, backup, configuration management
Reporting: Report generation, data export, audit access
Risk & Compliance: Risk assessment, compliance monitoring
System Architecture
Architecture Overview
RISWIS follows a modern three-tier architecture with clear separation of concerns:
Presentation Layer: Next.js frontend with responsive design
Application Layer: Express.js API with business logic
Data Layer: PostgreSQL database with Prisma ORM
Key Architectural Principles
Microservices-Ready: Modular design for future microservices migration
API-First: All functionality exposed through well-documented APIs
Mobile-First: Responsive design optimized for mobile devices
Security by Design: Security considerations built into every component
Scalability: Horizontal scaling support with load balancing
Database Architecture
Core Data Models
User Management: Users, roles, permissions, sessions
Customer Data: Customers, accounts, KYC, demographics
Transaction Data: Transactions, transfers, reversals, audit logs
Loan Data: Loans, applications, repayments, collateral
System Data: Settings, configurations, audit trails
Data Relationships
Complex many-to-many relationships between entities
Foreign key constraints for data integrity
Audit trail tables for all critical entities
Soft delete patterns for data retention
Security & Compliance
Security Framework
Authentication Security
JWT Tokens: Secure token-based authentication
Refresh Tokens: Automatic token refresh for session management
Password Security: Bcrypt hashing with salt
Account Lockout: Failed login attempt protection
Authorization Security
Role-Based Access Control: Granular permission system
Resource-Level Security: Object-level access control
API Security: Rate limiting and request validation
Session Security: Secure session management with timeout
Compliance Framework
Regulatory Compliance
Central Bank of Liberia: CBL reporting and compliance requirements
Anti-Money Laundering: AML screening and monitoring
Know Your Customer: KYC verification and documentation
Data Protection: GDPR-style data protection compliance
Audit & Control
Audit Trails: Comprehensive logging of all system activities
Segregation of Duties: Role-based control separation
Approval Workflows: Multi-level approval for critical operations
Transaction Monitoring: Real-time fraud detection and alerts
Performance Requirements
System Performance Standards
Response Time Requirements
Dashboard Loading: ≤ 3 seconds
Transaction Processing: ≤ 2 seconds
Report Generation: ≤ 30 seconds
API Responses: ≤ 500ms
Throughput Requirements
Concurrent Users: 1,000+ simultaneous users
Transaction Volume: 100,000+ daily transactions
Peak Load: 5x normal load capacity
Uptime: 99.9% availability target
Resource Requirements
CPU: Multi-core processor support
Memory: 16GB+ RAM for production
Storage: SSD storage with 10TB+ capacity
Network: High-speed internet with redundancy
Integration Requirements
Required Integrations
Payment & Transfer Systems
Mobile Money: MTN MoMo, Orange Money integration
Card Processing: Visa, Mastercard payment processing
Bank Networks: Interbank transfer capabilities
International: SWIFT network for international transfers
Communication Systems
SMS Gateways: Africa's Talking, Orange SMS
Email Services: SMTP integration for notifications
Push Notifications: Mobile app push notification services
USSD: Feature phone banking support
Regulatory Systems
Central Bank: CBL reporting system integration
Credit Bureau: Credit information sharing
AML Systems: Anti-money laundering screening
Tax Systems: Tax reporting and compliance
Deployment & Infrastructure
Deployment Architecture
Production Environment
Frontend: Next.js production build with CDN
Backend: Node.js with PM2 process management
Database: PostgreSQL with master-slave replication
Load Balancer: Nginx with SSL termination
Monitoring: Real-time system monitoring and alerting
Infrastructure Requirements
Cloud Platform: AWS, Azure, or Google Cloud support
Container Support: Docker containerization ready
Backup Systems: Automated backup with offsite storage
Disaster Recovery: Hot standby and failover capability
Development & Testing
Development Environment
Local Development: Docker Compose for local setup
Staging Environment: Production-like testing environment
CI/CD Pipeline: Automated testing and deployment
Code Quality: ESLint, Prettier, TypeScript strict mode
Success Metrics
Business Metrics
Customer Adoption
User Growth: 50% year-over-year user growth
Transaction Volume: 100% year-over-year transaction growth
Customer Satisfaction: 90%+ Net Promoter Score
System Adoption: 95%+ feature utilization rate
Operational Efficiency
Processing Time: 50% reduction in transaction processing time
Error Rate: <0.1% transaction error rate
Compliance: 100% regulatory compliance score
Uptime: 99.9% system availability
Technical Metrics
Performance Metrics
Response Time: Average page load time <2 seconds
Throughput: 1,000+ concurrent users supported
Scalability: Linear performance scaling with load
Resource Utilization: <80% average resource usage
Quality Metrics
Bug Rate: <1 bug per 1,000 lines of code
Test Coverage: >90% code coverage
Security: Zero critical security vulnerabilities
Documentation: 100% API documentation coverage
Conclusion
RISWIS represents a comprehensive core banking solution designed specifically for the West African market. The system combines modern technology with deep understanding of local banking requirements, regulatory compliance needs, and operational realities.
The product is designed to enable financial institutions to:
Modernize their banking operations with digital-first approaches
Maintain regulatory compliance with built-in controls
Scale operations efficiently with automated processes
Provide excellent customer service through multiple channels
Make data-driven decisions with comprehensive reporting
This PRD serves as the foundation for continued development, market expansion, and feature enhancement of the RISWIS platform.
Document Version Control
Version 1.0: Initial comprehensive PRD
Last Updated: January 2025
Next Review: Quarterly
Stakeholders: Product Team, Development Team, Business Development, Compliance Team
Last updated