How to Develop a Money Transfer App
A Complete Guide
ScienceSoft relies on 34 years in IT and 18 years in creating solutions for banking and financial services to help companies design and develop robust money transfer applications.
Money Transfer Application Development: Summary
Money transfer application development helps banks and financial services companies provide their customers with an easy, fast, and secure way to perform domestic and cross-border funds transfers. Custom money transfer apps support all required currencies and transfer methods, provide full traceability of funds movement, offer advanced security of customer’s personal and financial data, and seamlessly integrate with transfer transaction processing systems.
Key project steps: business analysis, requirements engineering, project planning, application design, tech stack selection, development, integration, quality assurance, deployment, support and evolution (optional).
Timelines: 6–11 months on average.
Cost: $120K–$400K+, depending on the solution’s complexity.
Team: a project manager, a business analyst, a solution architect, a UX/UI designer, a DevOps engineer, a back-end developer, a front-end developer, a QA engineer.
With 750+ IT professionals on board, ScienceSoft offers various cooperation models and can promptly provide all necessary competencies to cover the end-to-end development of your money transfer application.
- Adding, saving, and updating personal info, a billing address, a bank account and payment card details, etc.
- Multi-language accounts.
- Geography-based KYC verification.
- Multi-factor authentication, including biometric authentication (e.g., fingerprint or facial recognition).
- End-to-end audit trail of all account activities.
- A digital assistant to help app users solve account-related issues.
Sending and receiving money
- Support for various methods of money transfer, including:
- Funds transfer to the bank account using the name, address, account number of a money recipient, SWIFT or IBAN of the recipient bank (for international transfers).
- Money transfer to the bank card using card details (a cardholder’s name, a card number, an expiration date) of a money recipient.
- In-app money transfer using an email address, a phone number, or an account ID/e-wallet address of a money recipient.
- Domestic and cross-border money transfers.
- Intrabank and interbank transfers.
- Multi-currency transfers, including cryptocurrency transfers.
- Creating custom templates for particular recurring payments (utilities, telecoms, insurance, etc.) and P2P transfers (to family members, friends), assigning a preferred transfer method.
- Notifications on successful or failed transactions, received funds, etc.
- Creating money return requests on the wrong transactions and receiving funds to the specified payment method.
Funds movement tracing
- A real-time view into sent and received funds by period, country, amount, money sender/receiver, and more.
- A complete history of the money transfer transactions.
- Automated generation of reports on the funds movement (by period, category, transaction amount, etc.).
- Tracking transaction fees by type (international transfer fees, funds withdrawal fees, etc.).
- (optionally) Immutable record of money transfer transactions in the blockchain ledger for facilitated traceability.
- Automated updates of the account balance upon money sending/receiving.
- Depositing money to the account balance from a bank account, a debit/credit card, an account with a crypto exchange platform, etc.
- Scheduled and ad hoc money withdrawal to the bank account, card, etc.
- Automated conversion of the account balance and transferred amounts to the user-defined fiat currency or a cryptocurrency.
- A configurable dashboard with up-to-date currency exchange rates.
P2P borrowing request management
- Template-based creation of borrowing requests.
- Scheduled and ad hoc submission of a borrowing request to a particular peer.
- Customizable dashboards on borrowing requests and associated transactions.
- Notifications to the lenders on the received borrowing requests and to the borrowers on the approved borrowing requests.
- Instant messaging for convenient communication between the peers.
Security and compliance
- Money transfer data encryption, including asymmetric encryption (for crypto transfers).
- AI-powered fraud detection.
- Alerts on the detected suspicious user activity.
- Transaction e-signing.
- Compliance with AML/KYC, PCI DSS, ISO 20022, PSD2 and GDPR (for the EU), other relevant global, country- and industry-specific regulations.
Essential Integrations for a Money Transfer Application
To enable fast and accurate funds movement between the involved parties, a money transfer app needs to seamlessly transmit data on the requested money transfer transactions to the processing system of a chosen bank. The latter validates the sender’s personal and financial information and passes transactions to the relevant regional or global processing networks (e.g., the ACH network, SWIFT, VISA / MasterCard / American Express card network, etc.) to finalize funds settlement between the money sender’s and money receiver’s banks.
In money transfer app development projects, ScienceSoft relies on market-available open banking APIs to connect a money transfer app to the bank’s processing system, facilitate access to the user information necessary for KYC verification, and allow real-time acquisition of up-to-date exchange rates for multi-currency transfers.
NB! Cryptocurrency transfer processing requires integration with dedicated blockchain networks of the crypto coins that a money transfer app supports. ScienceSoft employs ready-to-use cryptocurrency APIs (e.g., Coinbase API, CoinGate API) to streamline the connection of a money transfer app to the required blockchain networks.
Depending on the business model, a money transfer app may also need to be integrated with an accounting system of the app provider, for example, to instantly record data on the received transaction fees. Additionally, the solution may be connected to a data analytics system to share relevant data required to analyze the app users’ behavior, which is essential, e.g., for app monetization via in-app advertising.
Business analysis and requirements engineering
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 money transfer app vision and avoid the risk of costly redevelopment. At this stage, our consultants:
- Analyze a client’s current business situation and business needs/the product vision.
- Elicit and document requirements for the money transfer app, including:
- The required type of a money transfer app (web or mobile).
- 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.
- UX requirements.
- Non-functional requirements for the app (performance, scalability, availability, latency, etc.), including security and compliance requirements (with AML and KYC, PCI DSS, ISO 20022, 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.
Money transfer application design
- 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.
- 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 (open banking APIs, crypto APIs, etc.) and design custom integrations with existing back-office systems, if needed.
Tech stack selection
- 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.
To optimize project duration and costs, ScienceSoft suggests employing ready-made components (building blocks for the app logic, prebuilt UI components, OOTB deployment scripts, etc.), if applicable.
Money transfer application development
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 eliminate possible vulnerabilities and logic errors and fix any defects before deployment.
Integration with other systems
At this stage, ScienceSoft’s team integrates the money transfer app with required software. We conduct integration testing to guarantee proper functioning the integrated solution.
Application deployment and release
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.
NB! 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.
Support and evolution (optional)
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.
- Business needs analysis/Product conceptualization.
- Optimal feature set, architecture design, and tech stack for the app.
- A plan of integrations with the required systems.
- Security and compliance consulting.
- Providing a money transfer app implementation plan, including a risk mitigation plan.
- Money transfer app conceptualization.
- Architecture design.
- App development.
- Developing APIs to expand the app’s integration capabilities.
- Application integration with the required systems.
- Quality assurance.
- Support and evolution (if required).
Why develop a money transfer app with ScienceSoft
Money Transfer App Development: A Success Story by ScienceSoft
Implementation of Money Transfer Functionality for an Asian Bank with 3M+ Customers
ScienceSoft designed and implemented web and mobile apps that enable instant money transfers for 3M+ customers of an Asian bank with more than 90 branches. Our team developed functionality for funds transfer between a customer’s own accounts, between the accounts and cards issued by the bank, interbank transfers, international transfers, and P2P transfers using a phone number.
Plans the project (deliverables, schedule, budget), coordinates the team, monitors the project progress and reports it to the client.
Analyzes a client’s business needs/app vision, elicits functional and non-functional requirements for the money transfer app.
Architects the money transfer app and integration points for its components and required systems.
Designs the user experience and role-based user interfaces of a money transfer app.
Configures the automation environment (CI/CD, containerization, etc.) for facilitated app development, integration, testing, release.
Delivers UI of a money transfer app and fixes the defects found by the QA team.
Delivers the server-side code of a money transfer app, integrates the solution with the required systems, fixes the defects found by the QA team.
Creates and implements a test strategy, a test plan, and test cases to validate the quality and security of the money transfer app, reports testing results.
- Full control over the project.
- A limited pool of talents, which affects project quality and duration.
- Excessive training costs to acquire specific skills.
Turn to ScienceSoft to get a consultation on project planning, defining the skill gaps, and more.
- Prompt access to the required tech competencies.
- Balanced project costs.
- High requirements for in-house management to properly coordinate the teamwork.
Turn to ScienceSoft to quickly ramp up your development capacity with specific tech skills.
Our Customers Say
We chose ScienceSoft as a technology partner for the mobile banking development project for both iOS and Android platforms. We were pleased with the outcomes of the project, as well as with the collaboration mode. ScienceSoft brought to the table substantial expertise in mobile application development and explicitly customer-centered approach to the application design. Besides, they proved to be a reliable and agile technology partner. We especially appreciate their professional approach to security issues, which were among our main concerns due to strict regulations.
Khalid Ahadov, Executive Director at Unibank
ScienceSoft’s Tech Stack for Money Transfer App Development
In money transfer app development projects, ScienceSoft’s team usually relies on the following technologies and tools:
Back-end programming languages
Our .NET developers can build sustainable and high-performing apps up to 2x faster due to outstanding .NET proficiency and high productivity.
ScienceSoft's Java developers build secure, resilient and efficient cloud-native and cloud-only software of any complexity and successfully modernize legacy software solutions.
ScienceSoft's Python developers and data scientists excel at building general-purpose Python apps, big data and IoT platforms, AI and ML-based apps, and BI solutions.
ScienceSoft delivers cloud-native, real-time web and mobile apps, web servers, and custom APIs ~1.5–2x faster than other software developers.
ScienceSoft's PHP developers helped to build Viber. Their recent projects: an IoT fleet management solution used by 2,000+ corporate clients and an award-winning remote patient monitoring solution.
ScienceSoft's developers use Go to build robust cloud-native, microservices-based applications that leverage advanced techs — IoT, big data, AI, ML, blockchain.
Front-end programming languages
ScienceSoft leverages code reusability Angular is notable for to create large-scale apps. We chose Angular for a banking app with 3M+ users.
ScienceSoft achieves 20–50% faster React development and 50–90% fewer front-end performance issues due to smart implementation of reusable components and strict adherence to coding best practices.
By using a lightweight Vue framework, ScienceSoft creates high-performant apps with real-time rendering.
With Next.js, ScienceSoft creates SEO-friendly apps and achieves the fastest performance for apps with decoupled architecture.
When working with Ember.js, ScienceSoft creates reusable components to speed up development and avoid code redundancy.
ScienceSoft’s achieves 20–50% cost reduction for iOS projects due to excellent self-management and Agile skills of the team. The quality is never compromised — our iOS apps are highly rated.
There are award-winning Android apps in ScienceSoft’s portfolio. Among the most prominent projects is the 5-year-long development of Viber, a messaging and VoIP app for 1.8B users.
ScienceSoft cuts the cost of mobile projects twice by building functional and user-friendly cross-platform apps with Xamarin.
ScienceSoft uses Cordova to create cross-platform apps and avoid high project costs that may come with native mobile development.
ScienceSoft takes the best from native mobile and web apps and creates the ultimate user experience in PWA.
ScienceSoft reduces up to 50% of project costs and time by creating cross-platform apps that run smoothly on web, Android and iOS.
ScienceSoft will save you from double or even triple expenses associated with platform-specific coding by creating cross-platform apps in Flutter.
Databases / data storages
Our Microsoft SQL Server-based projects include a BI solution for 200 healthcare centers, the world’s largest PLM software, and an automated underwriting system for the global commercial insurance carrier.
We’ve implemented MySQL for Viber, an instant messenger with 1B+ users, and an award-winning remote patient monitoring software.
ScienceSoft's team has implemented Oracle for software products used by GSK and AstraZeneca. We’ve also delivered Oracle-based SCM platform for Auchan, a retail chain with 1,700 stores.
Cloud databases, warehouses and storage
We use Amazon Redshift to build cost-effective data warehouses that easily handle complex queries and large amounts of data.
We use Amazon DynamoDB as a NoSQL database service for solutions that require low latency, high scalability and always available data.
Azure SQL Database is great for handling large volumes of data and varying database traffic: it easily scales up and down without any downtime or disruption to the applications. It also offers automatic backups and point-in-time recoveries to protect databases from accidental corruption or deletion.
We leverage Azure Cosmos DB to implement a multi-model, globally distributed, elastic NoSQL database on the cloud. Our team used Cosmos DB in a connected car solution for one of the world’s technology leaders.
Building a mobile money transfer app of average complexity requires $120K–$180K in investments, while developing a comprehensive web-based money transfer solution may cost $400K+.
Below, ScienceSoft outlines the major factors that affect the cost of a money transfer app development project:
- The chosen sourcing model (in-house, outsourced).
- The type of a money transfer app – web or mobile.
- (for mobile apps) Supported mobile platforms (iOS, Android, cross-platform).
- The number and complexity of the app’s functional modules.
- The number and complexity of integrations with external systems (a bank’s processing system, an accounting system, a data analytics system, etc.).
- The number of user roles (individuals, corporate users, etc.) and UX and UI requirements for each role.
- Performance, scalability, availability, security requirements.
- Necessary data storage capacity.
- Fees for the required cloud services, prebuilt app components, integration APIs, security tools, etc.
ScienceSoft is an international IT consulting and software development company headquartered in McKinney, Texas. We provide end-to-end application development services to help companies design and build reliable and secure money transfer apps. In our projects, we employ robust quality management and data security management systems backed by ISO 9001 and ISO 27001 certifications.
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