Software for money transfers is a system that allows users to perform any banking operations on non-cash payment and multi-currency transactions. Such software is available at any time and works without interruption, unlike the usual banking system. Every day, more and more people use their smartphone to conduct household daily transactions. The number of users of online banking is growing and already reaches 150 million. Given the above data, we understand that the popularity of Internet payment platforms is growing due to the availability of the service, the simplicity of processing operations. Now there is a lot of information in the easy access that will help you create money transfer app development according to a structured scenario.
Money transfer software is a system that allows you to use non-cash payment methods, which is quite convenient for most users. It is a quick way to make payments, exchange currency, send and receive various money transfers (online and mobile). Let’s see why you should choose such applications:
- ?onvenience for users
In the digital world, it is difficult to imagine a person who does not use money transfers. The advantage of an online banking mobile application is that you can make a banking transaction at any time without wasting time in line. Such applications can be used not only by physical users, but also by financial institutions. For them, whole manuals for the middle of the software have been created.
- Growing demand for the use of banking applications
The amount of transactions is growing every day and according to some sources is trillions of dollars. Demand is only increasing, which makes it possible for new business owners to fill this lucrative niche.
- Ability to design an app for enterprises
The convenience of online banking operations is available not only for individuals, but also for legal entities. This opportunity will be useful for those who seek to create a new business partnership. In this way, you simplify payments between customers and service providers.
What Type of Money Transfer Software Do You Need?
While understanding the latest industry trends is important enough to develop custom money transfer software, it’s certainly just the beginning. The following is the process of determining the type of software you need. Below we have selected the most common types of money transfer applications.
- P2P payment systems
Equal in use (P2P) payments exclude the participation of outside financial intermediaries. P2P payments are different from a traditional online system, which carries the input of a lot of detailed information to complete the transaction. Using P2P payments, it is enough to know the recipient’s card number or phone number. Known for virtually no fees, great coverage, and availability around the clock, P2P payments are perfect for sending money to your friends, paying for goods, services and services, fundraising, and more. PayPal is a famous example of a free P2P payment system.
- Money Transfer Software Called B2B
Business-to-business (B2B) payments are transactions that you can make between each other, i.e. between two merchants. Unlike business-to-customer (B2C) payments, they are large in volume and much more structured.
While B2C payments are increasingly coming online, B2B customers are more discreet, with most businesses still counting on and relying on paper checks alone. Thanks to the growth of commerce in electronic form, there are more and more B2B payment solutions with different sets of functions.
- Digital Translation Services
A digital money transfer is a payment sent from an individual who is located abroad. As the name suggests, this is done online in such a case a person does not need a bank account or an e-wallet. Unlike traditional money transfers, most digital services have same-day transfers and lower transfer fees, tracking how money is found using the app. In addition, thanks to the latest electronic verification of identity cards and more practical ways of sending, digital money transfers are easier to use than existing analogues.
- Applications for replenishment of mobile account
A mobile application for replenishment of the account is a service of replenishment of the account, which allows you to replenish prepaid mobile phones without visiting the store and without buying a voucher to replenish the account.
- Digital Bill Payment Service
An electronic bill payment service is a software, application or website on the Internet designed to pay bills quickly and easily. Despite the differences in price, convenience and reliability, such applications allow users to pay all their bills from one place. Other features may include process automation, same-day payments.
The most important functions of money transfer software
We have already learned that money transfer solutions are divided into different types depending on their main purpose. Common functions are as follows:
- Register/log in. The interface should be as simple as possible, including important information about the platform and its functions.
- Two-factor authentication. Security is the foundation of online banking. It is necessary to show users that their data and finances will be strictly protected by two-factor authentication. You also have the option to implement biometric authentication (Face ID/Touch ID).
- Send/request money. This is the main function of the online application. Your goal is to bring it to the ideal and make sure that it works correctly.
- Standing orders or templates. It will make it much easier for the user to create permanent transactions based on those that have been conducted several times.
- Status/history of payments. All payments are at hand, at any time you can check and see where the money was spent or where they came from.
- Messages. With the help of notifications, the client is always aware of the events taking place in the bank.
- Transfers to and from your bank account. Possibility to replenish the wallet at any time.
- Round-the-clock user support. Customers of the bank should be sure that they will be able to ask you all the questions of interest.
Inoxoft is a provider of quality software development. In addition, we specialize in the development of software for money transfers, for P2P transfers, the development of custom B2B transfer systems and other fintech solutions. Our financial products satisfy any client, fast collection and processing of data, as well as the introduction of effective cybersecurity practices and compliance with software requirements.
