Money Transfer App Development

From the very beginning and through the whole project, ScienceSoft maintains close and consistent collaboration with a client’s team to get an in-depth understanding of their money transfer needs or the app vision and avoid the risk of costly redevelopment. At this stage, our consultants:

• Analyze a client’s current business situation and business needs / product vision.
• Elicit and document requirements for the application, including:
  • The required app type (web or mobile app for money transfer).
  • Requirements for the app’s functional capabilities, for example, support for particular transfer types (P2P transfers, P2B transfers), transfer methods (bank transfers, card-to-card transfers, etc.), currencies, transfer models (e.g., recurring transfers), and more.
  • The types and formats of data the app should be able to process.
  • User experience requirements.
  • Non-functional requirements for the app (performance, scalability, availability, latency, etc.), including security and compliance requirements (with AML and KYC, PCI DSS, etc.).

By accurately planning money transfer app development, ScienceSoft’s project managers lay the basis for transparent, KPI-driven cooperation with minimized risks. This stage includes:

• Defining objectives and KPIs.
• Determining project deliverables, duration, schedule and budget.
• Deciding on the roles in the project team and designing collaboration workflows.
• Identifying possible project risks, creating risk mitigation strategy and plan.
• Estimating TCO and ROI of the money transfer application.

• Architecture design. We describe how the solution’s functional modules should perform at the code level and decide on the best-fitting approach to the integration between the app’s components.
• A detailed list of features. Apart from the core features, the list covers recommended security features for the app’s infrastructure and compliance procedures to meet the required standards and regulations.
• Accurate logic for money transfer automation, including specialized logic components like custom balance calculation formulas, payment smart contracts, and ML algorithms for guided account management.
• UX/UI design for the required user roles (individuals, corporates, admins, etc.). We perform UX research, deliver prototypes, conduct usability testing, create the visually appealing style of the app, and provide UI mockups.
• A plan of integrations. We advise on optimal integration solutions (banking APIs, crypto APIs, etc.) and design custom integrations with existing back-office systems, if needed.

• Defining techs and tools required for the money transfer app development.
• Comparing different techs and tools in the context of documented business requirements.
• Selecting the optimal techs and tools.

At ScienceSoft, this stage starts with configuring CI/CD pipelines and setting up container orchestration tools to facilitate further app development, integration, deployment, and release. Upon establishing the automation environment, our team proceeds with creating the app’s back end, implementing a PCI DSS-compliant storage for app users’ sensitive data, and developing role-based user interfaces.

We perform quality assurance of each app component and check how the components work together in parallel with coding to fix possible vulnerabilities and logic errors before deployment.

At this stage, ScienceSoft’s team integrates the app with required software. We conduct integration testing to guarantee proper functioning the integrated solution.

We configure the app’s infrastructure, backup and recovery procedures, implement relevant security tools (authorization controls for APIs, DDoS protection algorithms, firewalls, IDSs / IPSs, etc.), and set the ready-to-use app live.

ScienceSoft can also assist in creating a website for app promotion or uploading the money transfer app to the required web or mobile app stores to streamline app release.

ScienceSoft offers a range of services to ensure the smooth operation of the money transfer app in the long run. Particularly, our team can:

• Monitor the app performance and handle operational issues.
• Scale the app to serve a growing number of users.
• Perform security and compliance audits.
• Develop and release new functionality according to a company’s or end users’ evolving needs.