Purple Flower

Nov 19, 2024

Virtual Wallets: Foray into Accounting and Lessons in Fintech

Purple Flower

Nov 19, 2024

Virtual Wallets: Foray into Accounting and Lessons in Fintech

It's all Accounting

Spending my early career in Nigerian banking and fintech taught me one crucial lesson: virtual wallets are more than just digital accounts.

The Virtual Economy Accounting Challenge

In consumer finance, I repeatedly encountered a fundamental problem: how do you track value representation and transaction activities in a virtual economy?

  • It's more than just checking your customer balance and their transactions.

  • Transaction is not just a debit or credit it's a mixture of multiple activities across all stakeholders: your wallet, the bank, your payment gateway, internal ledgers etc.

  • I doesn't matter how much you paid for core banking solution,you will customize build wrappers

    and migrate.

My Fintech Insights

  • Traditional core banking systems are rigid and it's for a good reason.

  • Customization becomes always endup in nightmare overtime.

  • Tracking value flows requires complex accounting - it's all about ledgers.

Toknai: Designing Your Financial Ledgers

I built Toknai to solve the accounting complexity I witnessed in fintech. It's not just a ledger system; it's a flexible platform for designing your financial rules. My thought process was what if tokenai is the engine in which you can build all these accounting rules on?

What Makes Toknai Unique

  • Custom ledger design

  • System and treasury ledger design

  • Flexible accounting rules

  • Easy fee distribution tracking and remittance

  • Treasury and commission management

Real-World Accounting Flexibility

Features like:

  • Chained transaction flows

  • Webhook integrations

  • OpenAPI compatibility

These aren't just technical terms – they're your tools to build and scale.

My Personal Challenge to Developers

How much can you customize your financial tracking? Toknai gives you the baseline; you create it (if you need help convincing management and why you need another ledger service - better call korede@toknai.xyz )

The Promise of Simplified Accounting

No more:

  • Endless Java and .NET lines

  • Complex core banking modifications

  • Accounting system limitations

Just pure, adaptable financial tracking.

Get started

toknAI by Harborlabs

©2024

toknAI by Harborlabs

©2024