Mobile Money Transfer App Development
To simplify the process of global money transaction
About
The customer wanted to build a custom money transaction platform that simplifies currency distribution for their global users. It must be scalable, intuitive & meets the global compliance norms for fraud detection, tax evasion & anti-money laundering. It would simplify currency distribution and facilitates instant fund transfers anywhere in just a few taps.
Platform
Cross-platform
Industry
Fintech
Region
UK
Key Features
The mobile solution helps manage secure fund transfer transactions based on the integration of reliable & available third-party solutions for payment processing.
User authentication
Multi-layer login verification to validate the user identity before processing digital cash transfer via the mobile app with real-time status tracking of processed transactions
Wide support
Contactless payment system for users that supports 1000+ credit unions and bank accounts
International transfers & currency exchange
Allow users to enjoy stress-free cross-border fund transfers such as sending euros and receiving dollars in just a few swipes
Live rates and currency trends
Real-time update on exchange rates before making the final transactions to benefit from discounts on transfer fees
Challenges
- No system to enable global compliance norms for fraud detection, tax evasion, anti-money laundering
- Unavailability of real-time currency conversion mechanism
- No tracking mechanism for user & transaction management
- Lack of system which can support multiple platforms
Solution
Our proficient team utilized Microsoft’s ecosystem to develop the entire money transfer platform with related components. The solution was built in a planned phase manner, starting with a “Proof of Concept” to test and validate market acceptance of the proposed concept to develop the final platform.
Central platform
We utilized .NET’s capabilities to develop a centrally hosted transaction platform that manages the fund transfer transactions. Our team leveraged Azure and SQL Server to manage mission-critical database workloads for this platform. It offered limitless scalability and performance and security to manage fund transfer transactions.
Third-party integrations
We used secure & available third-party payment processing & fund transfer solutions like Currency Cloud for currency conversion & Open Exchange Rates for currency value checks. Twilio was for text-based messaging alerts on transactions, ID3 Digital for Know Your Customer (KYC) processes.
Mobile application
With Xamarin we built an easy-to-use cross-platform mobile application that helped minimize development costs, increase device adoption, and app usability.
Business analytics
We utilized Power BI’s innate dashboarding capability to create templates for generating & extracting reports for platform users.
Technologies Used
Project Snapshots
100%
transparency and traceability of transactions
5x
increase in operational efficiency
Highest
customer satisfaction achieved till date
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