Mobile Banking Applications
for Foreigners

A mobile banking applications for foreigners are designed to facilitate you through money for example early salary payments, loans and financial aid for families.

Industries

Technologies/Platforms

Regarding

The Client

The client owns a huge chain of businesses that lies in the Fintech Industry.

The requirement

For Client

The client contacted us through the idea of having a solution for neobanking for the market of people that are largely untapped – Foreigners. It was vital for our clients to have a company with a background in Fin tech along with a person that has the crucial experience in working to set a regulatory business environment over banking.

Due to our experience and skills regarding the regulatory issue and its impact on Fin Tech industry we have the upper hand. Moreover, our experience team with the years of work that are the ideal fit for this work.

Engagement model

Time & Materials

Solution

Android & iOS apps with web-based
management panel

Revenue Streams

Credit card interchange and transaction fees

Effort and Duration

Time & Materials

Project Team

CTO (in consultation capacity), Solution architect, Snr. Dev Ops Engineer, Sys Ops consultant, Snr. iOS engineer, Snr. Android Engineer, 4 iOS developers, 4 Android developers, 3 backend developers, 1 Software Quality Assurance Engineer, 1 Business Analyst, Project Coordinator, Snr Project Manager

Target Audience

The target audience for the application are foreigners that are visiting the United States and have to spend the money accordingly. Every year millions of foreigners visit America to travel around and spend their vacations. As travelers they won’t be looking for banks to cater to their needs due to their limited stay.

Until recently, America did not have a product specific to this niche that can be able meet the need the foreigners’ requirements. The application that we have made intends to support this sizeable section seamlessly.

Third-Party Service Providers

Due to the fact that several online banking services available in the app are tied to the cloud-based banking platform and the solution to it directly depends upon the third-party provider. The challenge for us is that the platforms update its API frequently. So we need to have a track for the changes that make sure a staggering and stylish performance for the application.

Regulated Business Environment

For Fin techs, meeting multiple regulatory standards is a must for operating within a regulatory framework. The app we delivered to our client is fully compliant with required standards.

For the Fintech industry it is a must to meet multiple regulatory standards for operating in a certain regulatory framework. The application that we deliver is fully compliant with CFT (Combating the Financing of Terrorism), AML (Anti-Money Laundering), PCI DSS (Payment Card Industry Data Security Standards), and a number of other regulations and guidelines.

Security Issues

When it comes to neobank solutions, it is vital for us to make sure the security of the users’ data. We have equipped the app with the premium products and services that the Azure cloud platform has to offer:

The app has passed a security audit and penetration test confirming that it poses no/minutest risks to its users and their data.

The Overview Solution

When the application is downloaded the users need to sign up and through the process of KYC that rolls out through the system. In the process you can provide us with social security number/passport or ID number, personal details like first and last name, phone number, date of birth and address. Once your identity is verified from the third party service, after this user receives a message of confirmation and sets a password.

By that moment, a personal virtual card is created so the user can use it immediately. The physical card, issued by a banking partner, is delivered to the user’s physical address within a few business days or user to receive physically from dedicated nearby service centers.

Important Features

Through our conversations with clients to handle some ideation sessions to build a specific user persona that will define the journey of the user. These sessions are dedicated to design thinking. This process helps us gain a deeper understanding of the needs and motivations for the user. These processes help us have a clear vision for the features that will meet the needs for the users. Following are the important modules and features of this solution.

Family Mode

Traveling can be an up hauling task as travelers can require money at any possible time to spend with their family. So we have set up family mode so that travelers can send or receive money to their families with ease.

Early Paycheck

Users can receive their salaries before their payday and to do this, they need to ask their employers to process payroll through the app’s banking partner and their wish will be granted. In early paycheck authentication services integrated which involves the users’ employers and the paycheck verification.

Money Transfer

The transactions that can be provided to you will eventually divided to a couple of parts. The first one being the direct money transfer towards another user account and the second one being the non-user through the means of ACH transactions.

Due to this P2P payments are enabled on the application along and it allows money transfer from bank accounts from other banks. Through this the users can top up their application accounts with cards from several different international banks. Moreover, users can also use top ups with cash from any bank account directly.

Microloan

Our user will have an option to accept micro loans through the application of the banking partner without any delay. The application access will be according to the worthiness of credit based on transaction amounts and a loan grant that will be equal to a certain percentage of the sum of the transfer. The credit limit evaluation algorithm calculates and allocate the loans’ limit according to different credit checks and transactional parameters.

Apple Wallet & Google Pay
Integration

CTO (in consultation capacity), Solution architect, Snr. Dev Ops Engineer, Sys Ops consultant, Snr. iOS engineer, Snr. Android Engineer, 4 iOS developers, 4 Android developers, 3 backend developers, 1 Software Quality Assurance Engineer, 1 Business Analyst, Project Coordinator, Snr Project Manager

Third Part Integration

Process for Development

We have used the Scrum framework to execute this project. In the project the one iteration lasts likely to be 3 weeks. From two of which will be spent on implementing the requirements for the iteration backlog. Meanwhile, the third week was used for debugging and testing.

We’ve made few tweaks in Scrum process as per agile framework, technical-analysis and code-freeze retrospective is something assist the scrum team to keep intact the approach and product owner’s requirements with correct prioritization.

Technical Solution Highlights

There are several integrations with third party services that are entitled to multiple dependencies. Any potential technical issue from the service provider can generate an issue that will be beyond our control and this can affect the performance for the application. For such cases we can develop a fallback plan using cloud based auto-backups, Neptune and CDN.

Moreover, we have implemented graphQL based chats that allow users to notify the application support for error alerts. In case of any critical error, the auto backup restores the latest working build to the cloud, for worst case the mitigation tools we’ve implemented automatically upgrade the apps to maintenance mode to stop any transaction related flaws, and our recovery team spot the issue and fix it within the minutest time.

Results with Future Plan

We have taken about 12 months to deliver a MVP (minimum viable product) for the solution. These applications are implemented with required SSL and security protocols, also DSS PCI compliant and released to the application stores. With our SOA (service oriented architecture) and scalable model, Android and Apple applications are expected to cover several more than million users that need a solution that is custom based for our goals, and our clients expect these people become customers for banking partners through the time frame. Our near-term plans include integrating the check cashing feature, which allows users to deposit checks into their savings accounts online. Our goal is to maintain and support the applications to help the business of our clients to grow sufficiently, and we’ve planned and working on POST MVP releases and future releases including advance features and modules are in discovery.

Experience. Expertise. Know-How.

0 %

Client's Retention

0

Years and counting

0 %

Referral business

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Trust. Collaboration. Partnerships.

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Prepared To Become

The Digital Leader In Your Niche?

With present-day innovation, unrivaled experience, and a craving for development, Mad mind apps is prepared to rejuvenate your advanced business thought.
Fill in this form to begin the interaction

Let's Get In Touch