Traditional banks are notorious for their long lines and never-ending red tape. In contrast to these banks, internet banking enables users to open new accounts, conduct transactions, and carry out a variety of other banking tasks quickly and easily. Revolut and other online banking services have been increasingly popular in recent years because of this.
Revolut, which debuted in 2015, only took three years to reach 350 000 daily active users. Financial statistics show that this person-to-person marketplace is currently valued at $5.5 billion.
What is Revolut Money Transfer Software?
A system that offers many banks and multiple currencies along with cashless payment options is known as money transfer software. Furthermore, unlike conventional banks, such software is always accessible.
Revolut and other money transfer apps are referred to as “non banks.”
Neobanks don’t have any physical branches and only conduct business online. As a result, they are able to offer their clients the quickest digital and mobile financial solutions. As a result, their clients can lend, transfer, or pay money online.
Let’s start with the fundamentals before you ask how to create an app similar to Revolut.
Users of money transfer systems can access features like:
The capacity to control various transfer kinds
Multiple nations, languages, and currencies are supported.
Privacy and security standards that are unified
Multiple options for money transfers are available, including online and mobile transactions.
Integration with fraud- and money-laundering-prevention software
Monitoring of transaction fees
Software integration for currency conversion.
Why You Should Develop Custom Money Transfer Software
In 2015, Revolut was established. Since then, it has become abundantly evident that the concept of neo-banking and money transfer software is a well-liked, lucrative, and expanding sector. How therefore might one develop a Revolut-like money transfer app?
The need for money transfer services keeps rising daily. The transaction value in the digital remittances segment is anticipated to reach $127.2 million in 2022 alone, with a compound annual growth rate (CAGR) of 9.34 percent, according to Statista study on digital remittances globally.
The world is shifting online.
Our contemporary world is evolving. People are less likely to stay put for an extended period of time. Everything is getting increasingly mobile and moving online. Why would you utilise a traditional bank with physical branches and lines? You can send money and do other transactions using an innovative smartphone app. When you are just finishing your morning coffee.
Online payments and money transfers are made simpler by banking digitization. That’s not all, though. Customers of money transfer services like Revolut get access to more capabilities. For instance, insurance, blockchain technology, cryptocurrency, payment splitting, or online savings accounts. all contained in a solitary mobile app.
Revolut has been in existence for five years. Since then, numerous neo-banking applications have emerged, and numerous suppliers have started to develop an infrastructure for peer-to-peer payment apps. You can see that the demand for quick payments has increased dramatically over time and continues to outweigh the supply.
Online banking for corporate requirements
These days, corporations as well as individuals can use money transfer software. For instance, 20,000 businesses presently utilise Revolut for Business. Create a mobile money transfer solution that will be helpful to businesses and frequent customers. This is a fantastic chance to develop new business alliances and expand the neo-banking market.
Features That Every Peer-to-Peer Payment System, Like Revolut, Must Have
It’s critical to establish the fundamental components before businesses can figure out how to build money transfer apps like Revolut. The following is a list of fundamental features that every peer-to-peer payment systems needs to have:
Payment of bills
Checking IDs online
Transfers abroad and currency conversion
Payment of bills
This functionality is required to give your potential consumers the freedom to make payments online whenever they want and from wherever they are. This feature will help your product gain an edge over the competition and draw in new clients.
Users can conduct electronic transactions using e-wallets, which might be software applications or web services.
Users can interact with the service and use contactless payments in any nation they travel to by integrating such a wallet, saving them the time and effort of constantly opening new bank accounts.
Checking IDs online
Online ID verification aids in determining whether your software communicates with actual people. Online ID verification confirms that your users are who they say they are. Such a procedure guards against fraud for both your product and your clients. You can make your own peer-to-peer payment system safer for your consumers by incorporating an online ID check. They are feeling safer thanks to it. We advise adding automated verification requests and establishing financial restrictions.
A payment statistics system is a collection of tools that makes it easier to categorise all of a user’s transactions by volume, status, recipient, or even country.
These functions are particularly beneficial for people who enjoy managing their finances. As a result, your platform will be more practical and user-friendly, bringing in new clients and improving their experience.
Reminders and alarms
Any alert is significant. It enables you to update your consumers on all activity taking place in their banking accounts. You might let users know how their transactions, payments, or subscriptions are progressing, for instance.
Transfers abroad and currency conversion
Traditional money transfers may be drawn out, costly, or delayed.
Additionally, traditional banks frequently need you to go to a physical branch to complete a transfer. Users would be able to send and receive money in a matter of swipes and seconds if internet transfers and swaps were integrated into banking apps.
One language can be used while developing a peer-to-peer money transfer app. For MVP objectives, such as presenting your product to clients and investors, it is sufficient.
However, it may be worthwhile to think about incorporating other languages in the future. This would aid in your global expansion and growth, bringing in more new clients in every nation.
Actually, the support isn’t a feature. It is a set of features that ensures your clients may access assistance when they have inquiries or issues. At the very least, your support system should have live chat, email, or call services. The most practical option, though, continues to be online chats. Asking a query via the in-app chat will get your consumers a response as quickly as possible. Users must feel secure utilising a product.
To interact with international banks and money transfer systems via API and other protocols, integrations are necessary. Different banks that your clients use might be connected using money transfer software. so that customers can use your app to manage their money. By utilising your money transfer solution, your customers will be able to access their assets located in various locations throughout the world. For open banking between banks and clients, for instance, ICICI Bank provides an API.
Building a Remittance & Money Transfer App Like Revolut: A Step-by-Step Guide
At Sloboda Studio, we advise beginning the development of a P2P money transfer software with the discovery stage. Research on the competitive market is part of that phase. This aids in identifying the essential and distinctive elements your project needs. Moreover, the best technological answers are required for these aspects.
constructing a user-friendly UX
Start developing a user-friendly UX concept and product prototypes after the discovery phase. Keep in mind that mobile devices, particularly smartphones, will be used to use your money transfer software in addition to desktop computers. Your product must therefore be modified for a variety of devices.
Development of Money Transfer Software
Your team will focus on integrating all of the key features during this phase. Consider more than just the front-end and back-end when creating a Revolut substitute app. Remember that user management modules must also be included.
During the development process, we advise adhering to agile principles and working in sprints. Such a strategy will enable you to meet frequently, view the outcomes of your effort.
Implementing reporting and accounting
Reporting and accounting are necessary for every money transfer software in order to keep track of activities, provide sophisticated money transfer reports, set restrictions, and assess revenues and losses. This will enable you to examine your app’s statistics in the future. Your customers will have the ability to view account statistics and manage their assets at any time.
Your money transfer software needs to maintain the highest level of security, just like any financial system, to ensure the protection of your consumers. Think about utilizing identification verification. Companies can check users and stop fraud with the aid of services like Know Your Customer (KYC) and Anti-Money Laundering (AML). Compliant with counter-terrorism financing is also strongly advised.
The process of developing money transfer software is exciting yet time-consuming and difficult. But it’s always worthwhile. Both traditional banks and businesses can operate online.