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Instant Payment App Development for Mobile Banking

The Client and the Challenge

Belitsoft was contacted by the founders of a startup from one of the EU Member States. They wanted to create a mobile app that would support SEPA Instant Credit Transfer (SCT Inst) scheme to make real-time payments. PayPal became an investor of this startup.

SEPA scheme cover 36 countries and territories, including 28 EU Member States, as well as Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra, and Vatican City State/Holy See.

Today 2079 payment service providers (PSPs) have already joined the scheme (51% of European PSPs).

According to the PSD2’s Regulatory Technical Standards (RTS), banks across the EU are required to have implemented their dedicated interfaces (open API) for third parties to use by September 2019. But the majority of banks across the EU are still struggling to implement the technical requirements of the directive - the APIs available up to now are far from ready, lacking the quality and maturity they need (UK banks are more advanced in their progress).

Why Belitsoft?

We got this contract for a number of reasons:

Expertise

Previous experience in Fintech domain and in Mobile App Development

Reasonable price

A quote that gave the customer maximum “bang for their buck”

Responsiveness and Helpfulness

Good reviews and references available online

The Solutions

Ecosystem KnowledgeAggregated Open Banking API gateway

The app uses a custom-build API Gateway - a backend app, microservice that connects the APIs from European banks that participate in SEPA Payment Scheme and provides a single API.

Our client also plans to sell access to this single API as a SaaS product.

Experienced ProgrammersPerson to Person money transfer

Users of this mobile app able to make instant payments (also known as “immediate payments” or “real-time payments”) to their contacts list using a mobile phone.

The features include sending, receiving, or requesting money from any bank account (IBAN) in Europe in seconds with 24/7availability (unlike traditional electronic payments).

Integration and CompatibilityDonation & Fundraising functionality

This money sharing app also includes the donation & fundraising feature. Users can send in-app requests for transfers to other users in their contact list. iOS users can also use the iMessage extension.

IP ProtectionBill-splitting functionality

A user can divide the bill equally between a number of people and send requests for money to each one.

IP ProtectionQR code payment functionality

A QR-code generated by one user is then scanned by another to populate transfer form and quickly send money.

IP ProtectionE-invoice functionality

A company can generate invoices within the app and send them to the customers.

The Results

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