The NovaFacies Open Source Framework

The NovaFacies Open Source Framework (NFF) is a comprehensive and adaptable platform designed to streamline the development, integration, and scaling of financial technology (FinTech) applications. NFF addresses the complexities of the FinTech landscape by promoting a modular and standardized approach, enabling organizations to build and deploy solutions efficiently while fostering innovation and collaboration within the FinTech community.

NFF achieves this through two core components:

Guidelines: This is a meticulously structured set of standards, best practices, and recommendations encompassing various aspects of FinTech application development. These guidelines cover:

• API Design: Detailed specifications and standards for designing consistent, secure, and interoperable APIs. This includes specifications for data formats, error handling, and versioning.
• Module Definitions: Clear definitions and specifications for various functional modules commonly used in FinTech applications, such as KYC/AML, payment processing, and account management. These definitions ensure modularity and reusability across different solutions.
• Security Best Practices: Recommendations and guidelines for implementing robust security measures throughout the application lifecycle, including authentication, authorization, data encryption, and vulnerability management.
• Compliance Standards: Guidance on adhering to relevant financial regulations and compliance requirements, such as GDPR, PSD2, and KYC/AML regulations.
• Deployment and Hosting: Best practices for deploying and hosting FinTech applications, including infrastructure considerations, containerization, and cloud-native deployments.
• Scalability and Performance: Strategies and recommendations for building scalable and performant applications, including database optimization, caching strategies, and load balancing.

Implementation: This component provides a flexible and adaptable approach to implementing FinTech solutions, supporting both traditional code development and modern paradigms:

• Technology-Agnostic Design: Developers have the freedom to choose their preferred technologies and frameworks, whether it’s Java, Python, Node.js, or others, as long as they adhere to the NovaFacies Guidelines.
• Modular Codebase: NFF offers a collection of reusable modules and components that developers can leverage to accelerate development. These modules can be customized and extended to meet specific requirements.
• Support for Modern Paradigms: NFF encourages the use of modern development approaches, such as:
  • Backend as a Service (BaaS): Leveraging services like Firebase, Supabase, or AWS Amplify to accelerate development and reduce backend infrastructure management overhead. This is particularly beneficial for proof-of-concept projects and MVPs, allowing for rapid iteration and validation.
  • Low-code/No-code Platforms: Utilizing platforms like Retool, Webflow, or Bubble to build user interfaces and workflows quickly, empowering citizen developers and accelerating time-to-market.
• Integration with Existing Frameworks: NFF promotes the integration of existing open-source solutions to avoid reinventing the wheel. This includes leveraging solutions for authentication (Keycloak, Auth0, Ory), data management, and other common functionalities.

By combining comprehensive guidelines with a flexible and adaptable implementation approach, NovaFacies empowers organizations to build robust, scalable, and compliant FinTech solutions efficiently. It fosters collaboration and knowledge sharing within the FinTech community, driving innovation and accelerating the adoption of open-source technologies in the financial sector.

How we do things

Promotion of modern tools

NFF promotes the use of modern tools. Using modern tools like Backend as a Service (BaaS) can offer several benefits, especially for developers working on proof-of-concept projects or MVPs. BaaS solutions provide pre-built backend infrastructure, allowing developers to focus on building the frontend and core functionality of their applications. This can significantly speed up development time and reduce costs, making it easier to get a product to market quickly.  

For example, developers can use BaaS to quickly set up user authentication, database management, and other essential backend features without having to write all the code themselves. This allows them to validate their ideas and get feedback from users early on, without investing heavily in a full-fledged backend infrastructure.  

Once the proof of concept or MVP is successful, developers can then choose to rebuild certain modules using a more traditional approach, giving them more control over the backend infrastructure. This hybrid approach allows for flexibility and scalability, as developers can start with a lean BaaS solution and then gradually transition to a more customized backend as their needs evolve.

API-First Approach

NovaFacies is built with an API-first approach, ensuring that all modules and services communicate through well-documented and standardized APIs. This design allows developers to:

• Easily integrate NovaFacies components with existing banking and financial infrastructures.
• Utilize REST or GraphQL APIs to connect frontend applications, third-party financial services, and compliance tools.
• Enable seamless interaction between different implementations, ensuring compatibility across a wide range of financial technology solutions.

Technology-Agnostic and Fully Customizable

The framework does not impose a specific technology stack, giving users full control over their development choices. Organizations can:

• Pick and choose any backend or frontend technology that aligns with their business needs.
• Implement financial applications using cloud-based, on-premise, or hybrid solutions.
• Benefit from multi-language support, allowing backend development in Node.js, Python, Java, .NET, or any other preferred stack.

Promotion of Modern Backend-as-a-Service (BaaS) Frameworks

NovaFacies actively encourages the use of Backend-as-a-Service (BaaS) platforms to streamline development and reduce operational overhead. Supported solutions include:

• Open-source BaaS frameworks such as Supabase, Appwrite, Directus, and Strapi for complete control over backend operations.
• Commercial BaaS solutions like Firebase and AWS Amplify for enterprises seeking managed cloud services.
• Modular microservices architecture, ensuring that financial applications remain scalable, maintainable, and adaptable to future needs.

Integration of Open-Source, No-Code, and Low-Code Solutions

Recognizing the increasing demand for rapid development, NovaFacies embraces low-code and no-code platforms to enable faster financial product deployment. Key benefits include:

• Open-source low-code/no-code frameworks such as Budibase, Appsmith, and BudiBase to build interfaces with minimal effort.
• Drag-and-drop development tools that empower non-technical users to create financial applications without deep coding expertise.
• Pre-built UI components and workflow automation features, reducing time-to-market for new financial services.

Security, Compliance, and Best Practices

While NovaFacies does not seek direct compliance certifications (e.g., PCI DSS, GDPR, PSD2), it provides:

• Built-in security best practices, including encryption, authentication, and secure API management.
• Technical documentation and pre-configured modules to simplify compliance with industry regulations.
• Guidelines for regulatory adherence, ensuring that financial applications remain compliant with evolving legal frameworks.

NFF’s Initial Implementations

Details can be found here: Resources.

In the past, building a fintech solution was a bit like constructing a building entirely from scratch. You had to design the architecture, lay the foundation (backend), and then build the structure (frontend) – all with a lot of manual coding.  

Today, we have much more efficient options. It’s like having pre-fabricated components and specialized tools that speed up the process. You can still build from scratch if you want, but you can also use:

• No-code/low-code tools: These are visual platforms that allow you to build applications with minimal coding. It’s like assembling a house from pre-built modules – faster and easier.  
• Backend as a Service (BaaS): Instead of building your own backend infrastructure, you can use a BaaS provider to handle things like databases, servers, and authentication. Think of it as renting the foundation and basic utilities for your house, so you can focus on building the rest.  

Examples of Modern Implementations

Imagine you’re building a neobank. A few years ago, this would have been a massive undertaking, requiring a huge team of developers and a lot of time. Today, you can get a neobank up and running much faster using backend-as-a-service for the backend and no-code/low-code tools for the frontend. This allows you to quickly test the market and, if successful, replace components with custom-built ones as needed.  

Another example is creating a loan application process. Traditionally, this would involve building multiple microservices to handle user input, credit scoring, and other steps. With a modern approach, you might use a backend-as-a-service backend and an open-source workflow engine (think Camuda).  

Or, let’s say you need to move data between different parts of your system for reporting or compliance. Instead of building a dedicated microservice, you could use a tool like N8N, an open-source workflow automation platform. N8N allows you to connect different applications and automate data flows without writing any code.  

Initial Implementation

The foundation behind NFF will start by building two main implementations:

• Node.js: This is a popular JavaScript runtime environment that is well-suited for building scalable and performant applications. It’s like choosing a reliable and widely-used construction material for your house.  
• Backend as a service: The specific backend as a service provider hasn’t been chosen yet, but there are many open-source options available. This approach offers flexibility and speed, allowing developers to focus on building the core functionality of their applications.  
• Low Code/No Code web interfaces: NFF will provide multiple low-code/no-code web interface options, each designed to integrate seamlessly with different backend technologies.

By embracing modern tools and technologies, NFF Implementations make building fintech solutions faster, easier, and more accessible than ever before.