Harnessing Blockchain Capabilities To Simplify And Secure Money-Sharing And Crypto Transactions
Expertise: Application Development
Verticals: Finance & Banking
A leader in cross-currency, cross-border money movement, the client makes money-transferring affordable and easy. The client wanted people to overcome the barriers of sending money to loved ones and friends living in different areas. By bringing money-sharing solutions, the client has helped people all over the world stay connected and share money seamlessly whenever and wherever required. The client also streamlined same-country money transfers. The money-transferring solution has helped people send money to their family members for paying bills and doing recharges effortlessly. Moreover, the app has been designed to cater to the unique set of needs of immigrants and expatriates who may need to make money-transfers in a foreign nation.
Time Duration 6 Months
Team Effort 3 Persons
Business NeedsThe client had the vision to streamline money-transfers happening across the world. It wanted people to work with a robust money-transferring solution that was not only secure but also affordable and easy to use. To empower its consumers, the client had the following business needs that it wanted to implement at speed.
- Building an end-to-end platform for sending money across borders
- Developing a crypto wallet for buying, selling, and transferring blockchain-powered assets, including Bitcoin, Litecoin, and Ethereum
- Incorporating scalability into the mobility infrastructure to enable more users to use the app
- Enforcing security and compliance policies to establish the identity of app users
Strategy & SolutionThe client was looking forward to collaborating with a blockchain growth partner that could implement its business vision in the real world. Here is where our blockchain development team stepped in. As a dependable blockchain development company, we have deep expertise in offering a suite of development, consulting, and implementation solutions involving a variety of blockchain platforms. We did multiple pre-production review meetings to get an understanding of the scope of the project. Several meetings later, we decided on using Angular, Node.js, and MongoDB to build the money-transferring solution from scratch. Moreover, we even resorted to using Kraken Exchange Service to help end-users buy, sell, and transfer their crypto assets across the platform. Not just that, we developed and deployed an admin wallet on Kraken. This wallet was a medium for platform users to engage in crypto transactions. We even programmed the platform to let the admin collect a small amount of fee for every transaction. Besides, we even allowed the admin to alter the transaction commission fee. As the client had plans to integrate a range of fool-proof crypto services, we made sure to integrate IdentityMind KYC services, too. From streamlining real-time funding through debit cards to plastic money processing and validation and also processing ACH payments, we used Payliance. To streamline the flow of payments across the platform, we leveraged API-money. This particular API helped us build an ecosystem where every payment could comply with different regulatory protocols related to data protection and fund-transfer.
The first step toward building a robust money-transferring solution was to make its user interface (UI) snappier. Here is where our front-end developers came in. The team designed the UI using the Angular framework that had simplicity built on top of it. Here are a few highlights of the blockchain app's front-end.
- Built a snapper UI that is easy to use for first-time users
- Made the new-user signup process faster and simpler
- Incorporated multiple data safety protocols to improve UX
- Designed dedicated screens to define the steps for sending money easily
To build the solution's backend, our development team used Node.js. This way, we used a server that could handle peak loads and massive requests optimally. We used different exchange frameworks and APIs to ensure that the transactions and money-transfers happened seamlessly and at scale. Here are the top features of the platform's backend.
- Harnessed Kraken to streamline the process of buying, selling, and transferring crypto coins, such as Bitcoin, Ethereum, and Litecoin
- Leveraged API-Money and Payliance to send money safely and swiftly across borders
- Integrated reliable KYC services to minimize incidences of frauds related to client onboarding and transactions
- Implemented Cron schedule for receiving the latest coins exchange rates
In the beginning, our development team used the agile work methodology that has been integral to each one of our engagements. Using this work methodology enabled our team to make sure it handled project requirements easily and quickly. Here are a few highlights of the development process that we followed in executing this project successfully.
- Attended several pre-development meetings to understand the project's scope
- Pre-defined project deadlines and set milestones from the get-go
- Defined the area of responsibility for all project stakeholders
- Managed all the client requests even when the production was still going on
- Tested deliverables before submitting them for the client's review
- Gave post-deployment support for the app to the client
The process that Flexsin followed was transparent in every sense of the word. From day one, we knew ..
Business OutcomesOnce the blockchain-powered application went live, the client saw an immediate and astonishing rise in its adoption. The blockchain application catered to everything from data protection to fund safety at speed and scale. Besides, the blockchain was implemented to boost the transparency of the money-transferring and crypto-transaction processes from end to end. Here are the business outcomes that came once the application was deployed.
- Accelerated and simplified the process of sending and receiving funds, including crypto assets
- Brought down the transaction processing time by 23 percent
- Made the presence of intermediaries and third parties redundant
- Reduced the chances of fraudulence that happened during client onboarding
- Adhered to and even improved anti-money laundering practices in the fintech sector
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