The Client and the Challenge
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).
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.
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).
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.
A user can divide the bill equally between a number of people and send requests for money to each one.
A QR-code generated by one user is then scanned by another to populate transfer form and quickly send money.
A company can generate invoices within the app and send them to the customers.
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