In this era of digitalisation, many applications avoid the hassles of making payments. These applications have become the original mode of payment for many people. However, the question arises- how to fabricate the money transfer software? But they have yet not been accepted as official means of payment. This article delineates in detail the procedure to assemble a money transfer app.
The money remittance software is also known as a P2P payment solution. P2P or peer to peer money transfer applications act as middlemen and help people to transfer money to the other end. The transfer takes a few minutes and is instant. However, the period may be elongated due to various factors like the distance and the bank requirements.
Now, as we know the augmented popularity of the payment apps, let us know the process of money transfer app development.
How to fabricate a money transfer app?
The steps to formulate an application which helps in the transfer of money are as follows.
- Choose the P2P or peer to peer application type.
- Write the specific attributes of the application which you want to integrate with it.
- Pay heed to legal and security problems.
- Choose the nature of the tech stack.
- Select the nature of the application.
- Select the appropriate revenue model.
Types of P2P apps
Before creating any application, you should be aware of the types of apps you can create. The wire system apps are divided into two categories.
- The first type is based on the vendors who create the applications.
- The second type is based on the Currency, which is transferred.
Different attributes to be integrated into the application.
- Digital wallet.
- Notification alerts
- Transaction history to your credibility.
- Unique identifications.
- Bank account syncing.
Legal and security issues
Different countries have different legal laws regarding money transfer application. The Asian sector has different regulatory standards, and the US has its own rules. You can integrate the various security features in your apps like-
- Two-factor authentication.
- App security.
- Follow the regulations.
You can choose an appropriate extract depending upon the nature of your application. A native app can choose the following tech stacks-
- For iOS- Obj C/swift [Language], Apple XCode/Intelli App code [Tool]
- For Android- Java [language], Eclipse [Tool]/ Android Studio
Nature of the application
- Affiliate marketing method.
- Premium service method.
Five essential qualities to look for when choosing a wire transfer system.
Integration with a core banking system
By integrating your application with any core bank system, you can get various functions like processing the transactions, loans, accessing the general Ledger systems, multiple reporting tools and crediting accounts. There are different core banking systems which should depend upon the institution like a retail banking, securities trading or wholesale banking. So the wire transfer system should be compatible with your core banking system and proffer the maximum advantage to you in terms of the services.
ISO 20022- compliant
The international organisation for standardisation fabricated this ISO standard in 2004. This global Standard improves communication and understands different meanings of the transactions. Hence your wire transfer system should be compliant with this standard.
Flexible or customisable
The wire transfer system should be customisable according to the requirements of the users. If not customisable, that should be flexible enough to incorporate many different attributes for different users.
The application should be responsive enough to adapt to the screen resolution of the device on which it is operated. This will help the users to navigate through the application quickly and thus fasten the process of transactions.
Set different rules and alerts
According to your business requirements, you should be able to set different rules in the wire system app. This will help to incorporate am organised system in your working process. Moreover, there should be appropriate notification alerts regarding the transactions, confirmations or other errors.
About Webcom Systems
Webcom Systems is a proven custom mobile app development company that helps start-ups and enterprises build quality applications to achieve growth and scale. With innovative ideas and capability to build scalable and high performing software & mobile apps along with constant support, we, the globally renowned custom software and mobile app development company in India. Get in touch with us to get a consultation and free money transfer app demo.