For many years financial institutions like banks are ruling the money transfer industry. They have a big network of banks, which makes them leaders in the money transfer industry
After the transformation of internet technologies. Financial institutions are transformed into fintech companies and these companies are developing software for money transfer. This had a very good impact on both domestic and international money transfers.
Many Fintech companies are developing software for money transfer business using digital technologies. Their services are versatile, convenient, fast, and cost-efficient. They offer many different options, such as Bank Transfer, Mobile Airtime, Mobile Money, Bill Payments, Cash pick-ups, E-Wallets, and door-delivery services.
Fintech has helped refine these services by providing the software for money transfer business and reaching more people. Internet-enabled smart devices have made digital remittances mainstream. Customers can make transactions and send money with a click of a button from any device, may it be a desktop or even a mobile device. Regardless of any part of the world. But for this, they need robust software systems and there are many vendors offering these services.
In this post, you’re going to learn the top things you should look for when considering this robust money transfer software to do money transfer business, But before we get started, it’s important to note that the first few sections of this article discuss the features, challenges, and new technologies required to have in software to be used for money transfer business.
These first few sections are important to help you better understand overall money transfer software systems. However, if you’d rather get right into the essential software features, feel free to skip the first few sections.
Now let’s get started!
It doesn’t help any customer that there isn’t a universal software system or website to send and receive money. So many fintechs are flourishing, developing software for money transfer business, making it easy for every customer to send and receive payments. Of the various software available, some Fintech companies have grown in popularity because sending and receiving money can be done instantly, across the world.
So what is the software for money transfer business, The software is used to
Make businesses smoother, quicker, and safer.
Ease the transactions happening on a daily basis.
To integrate multiple payout and pay-in agents.
By banks to payout customers.
To generate reports for Management, Compliance Officers, and end customers
Features of the money transfer software system
Quick, Easy & Simple
Well Organized Transaction Manager
Highly Secured And Protected
Instant Money Transfer
Transfer Money To and from any Bank Account
Send and request money
Collect KYC data
Exchange rates management
Multiple pricing models
Notification for Management and end-users
Multiple API integrations for payout and pay in partners
Email and SMS gateways
Payment gateway integrations
Live Chat Integration
There are challenges to ensure that the software is developed in such a way that it needs to be secured and needs to provide access only to the account owner and who comply with the compliance rules. Only after proper verification of KYC, the accesses should be allowed not to make transactions. Not just this but the software should ensure the privacy of the data stored and by implementing the 2-factor authentication. Fintech offering the software and Mobile app development should provide all the below challenges. Below are a few things to keep in mind before signing a contract with any vendor.
Risk of privacy
Risk of correctness or accuracy
Risk of fraud
Risk of conflict
Ways to Make Money Transfer Software System Development More Secure than Ever
SSL and TLS
AVS (Address Verification System)
On-demand server solution
Providing your customers a seamless software system is a must along with other offerings that can help to differentiate an institution from the competition. An efficient money transfer software system ensures a good user experience by making sending and receiving money easy, fast, cost-effective, and automated. Fintech should also make sure they will implement the payment regulations
The software can help, provide personalized digital service, fewer interactions with Companies and branches, and higher quality. customers will be able to transfer funds easily in just a few clicks or swipes for reasonable fees.
Providing feedback and notifications about the status of transfers will instill confidence in the consumer that they are in good hands with their financial institution.