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P2P Money Transfer App

Innovative P2P Money Transfer App development from scratch. Full-scale payment app creation within 6 months, delivering a functional platform with a rich feature set.

Money Transfer App

The RNDpoint team completed a large-scale project on innovative P2P Money Transfer App development from scratch. Our coders conducted full-scale app creation within 6 months, delivering a functional platform with a rich feature set to the client on time. Here is a detailed overview of the challenges and the decisions we made to address them. 

Client’s profile

Our client is an innovative European bank, operating since 1994 and providing clients with new state-of-the-art financial products. It provides cutting-edge FinTech services for retail clients and businesses, holding the title of one of the top banks in its region. The client’s name is NDA-protected and further will be referred to as the Bank.

Client’s Requirements

The Bank came to us with an ambitious project of P2P payment system development from scratch. 

The business idea was to extend the Bank’s service coverage with a money transfer app and give the current clients and new users a seamless and secure channel for financial transactions. 

Since the project is NDA-protected, we refer to the system as a P2P Money Transfer App for privacy purposes.

Bussiness challenges

The RNDpoint team came across many challenges in the process of working on the P2P Money Transfer app. 

The Bank was very demanding in every aspect of the development process, with its technical specialists and business representatives meticulously compiling the required features and functionality list. We held many meetings with the Client’s technical department so that they could observe the development process behind the scenes and obtain expertise in this area. 

A separate challenge was the provision of quick loading of the platform’s elements in the app. We also placed a strong emphasis on stellar UX/UI design solutions to comply with the Bank’s high-tech brand identity.

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The initial project stage presupposed a pilot app (MVP) containing only the core functionality. Our coders created a prototype application, demonstrating deep FinTech expertise, and a full understanding of the project. The Bank was satisfied with the MVP and entrusted us with the entire platform development.

The project took over 6 months to complete, lasting from March to September 2021.  

The technology mix used for this project included:

  • Swift
  • Kotlin
  • Java
  • Spring
  • CI/CD
  • AWS Lambda
  • Figma 

A team of seven experts worked on the app, including:

  • Project Manager
  • Business Analyst
  • Back-end developer
  • iOS developer
  • Android developer
  • QA engineer
  • DevOps engineer

Solution Delivered

The RNDpoint team developed the P2P Money Transfer App from scratch. 

The initial stage of our project work involved deadline and functionality negotiations. After that, the development work started. We worked extensively on the UI/UX design to deliver a top-tier product for the Bank. The team used the Apple Pay integration and also linked the core banking system with the bank’s gateways to allow transaction processing.

As the app was developed for iOS and Android platforms, the Bank’s major requirement was the speed of user transactions. 

The initial arrangement with the Bank presupposed that RNDpoint would be responsible for end-to-end software development and the in-house team’s training on the app’s operation and maintenance. The Bank planned to support the app and continue its development and updates in-house. 

Security Requirements 

Our experts have implemented top-tier security solutions for data and operations protection in the app. The platform’s support of the latest SDK versions and availability of many handy features allowed the RNDpoint team to: 

  • Set up the Jailbreak and Root checks. 
  • Integrate and fine-tune the SSL-pinning process. 
  • Use the latest SDK versions with improved protection mechanisms, new APIs, and new device support. 
  • Apply AppTransportSecurity (ATS). 
  • Implement TLS-based traffic encryption mechanisms for the HTTP protocols. 
  • Set up two-factor authentication. 
  • Use KeyChain and KeyStore for fully secured critical data storage (e.g., login data, credit card details, etc.).  
  • Ensure full app session completion and all client data deletion from the user device. 
  • Disable sensitive user data recording into the user device’s register. 

Admin Panel 

The RNDpoint developers created a functional and user-friendly admin panel to enable the Bank’s staff to administer the app without involving IT specialists. The Bank’s responsible representative is granted an “admin” status in the app, which allows them to view client data and interact with users regarding any complaints or technical issues they might face.  

The system’s administrator can perform a broad range of functions in the admin panel, such as adding/editing/deleting financial data, phone numbers, bank documents, and other settings to ensure the app’s proper functioning. 

Virtual Card Design 

The app’s users can customize the looks of their virtual cards. The RNDpoint team implemented this solution by setting up a design code database in the app’s admin system. The Bank’s staff can add new designs manually by using the tab “Create New Design.”  

Game Settings 

The Bank launched a promo game in the mobile app to boost user engagement. We created a separate section in the admin panel for configuring the game’s settings. 

Project Outcomes 

The solution created by RNDpoint coders is a messenger app that allows money exchanges. The created app’s core features include: 

  • Money transfers. The P2P Money Transfer App provides several options for transactions: bank account – card (without 3D Secure), card-card (with 3D Secure), and transfers by telephone number. 
  • Money requests. The app’s users can create invoices and send them to other users. Once an invoice is received, the user gets a push notification and can log in to the app to view the details and complete the payment. Non-users receiving invoices via the app are offered to visit the app’s webpage to enter their card details and make the transaction. 
  • User Experience. The app was designed with a simple sign-up and onboarding process in mind. There are two sign-up pathways for users depending on whether they have an account in the Client’s bank. Existing clients only need to enter their phone numbers and IDs, with the app retrieving their identity information from the bank’s core system. New users need to provide a phone number and email address and upload the identification documents to go through the quick verification process. 
  • Ease of use. The P2P Money Transfer App makes it easy to transact digitally. Users only need to download the app and indicate the recipient’s phone number. The app connects to the sender’s phone book and derives the payment requisites from external sources via APIs. 
  • Bill splitting. The app offers a user-friendly function of bill splitting that users can apply at a restaurant or bar, dividing the bill into equal parts or entering specific sums they want to pay. This feature enables quick refunds from friends for their part of the bill you’ve covered.  
  • Customizable templates. The app makes recurring payment processing way easier with useful templates you can save and use to get or send payments. 
  • Card ordering. Users can order physical or virtual payment cards inside the app, choosing the one with the most suitable service terms. Overall, the solution can cater to the Bank’s existing clients as well as new users owning Mastercard/Visa cards from other banks. 

The project was successfully completed in September 2021, with the Bank satisfied with the app’s functionality, end-to-end security, and operation speed.

technologiesAndroid, iOS
locationCentral Europe
timeline4 months
The setup was incredibly fast and the quality is excellent. It didn’t take much time for them to start delivering on tasks once I engaged them. The project management is smooth, and communication is straightforward. They’re friendly and responsive.
Dries Bovijn
Product Design Firm
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