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Enhanced Offshore Development for FinTech Global Money Transfer Platform
  1. case
  2. Enhanced Offshore Development for FinTech Global Money Transfer Platform

Enhanced Offshore Development for FinTech Global Money Transfer Platform

8allocate.com
Financial services

Identifying Challenges in Scaling and Modernizing Global Money Transfer Infrastructure

The client faces limitations in development capacity and technological modernization of their online money transfer platform, restricting their ability to rapidly extend functionality, integrate with third-party services, and improve user experience without significant investment. They need to support transfers to over 90 countries with a reliable, scalable, and secure system, while managing legacy code and ensuring seamless collaboration with an offshore development team.

About the Client

A medium to large-sized online money transfer service provider operating internationally, seeking to scale and enhance their digital platform through offshore software development and integration.

Goals for Developing a Robust, Scalable Money Transfer System with Offshore Support

  • Expand development bandwidth by establishing a dedicated offshore FinTech development team to accelerate feature development and system support.
  • Integrate third-party services such as anti-fraud, identity verification, and marketing/advertising platforms to enhance platform capabilities.
  • Implement functional features including support for physical devices, cash management functionalities, and data integration with support platforms.
  • Adopt modern software development methodologies (hybrid Scrum/Kanban) for flexible, efficient project management.
  • Ensure continuous delivery with automated testing and deployment pipelines to maintain high quality standards.
  • Support over 15 million users worldwide in conducting secure and efficient money transfers to more than 90 countries.

Core Functional System Requirements for FinTech Money Transfer Platform

  • Secure login and user authentication mechanisms.
  • Integration with third-party services such as identity verification, fraud detection, and retargeting platforms.
  • Support for physical devices including cash drawers and card readers.
  • Customer data management and synchronization with support platforms.
  • Automated testing, continuous integration, and deployment pipelines.
  • Real-time transaction processing and status updates.
  • User activity analytics and reporting dashboard.

Technology Stack and Architectural Approaches for FinTech Development

Java EE platform, version 1.8 or higher
WebSphere or equivalent enterprise application server
Spring Framework, EJB 3, and REST/SOAP APIs
Containerization with Docker
Continuous Integration using Jenkins
Logging via ELK Stack and Log4J
Database management with IBM DB2
Version control with Git
Project management tools like Jira

List of External Systems and Service Integrations

  • Third-party identity verification services
  • Fraud detection and anti-spam services such as Google Recaptcha
  • Advertising and retargeting platforms (e.g., LinkedIn, Facebook)
  • Customer support and notification platforms
  • Payment gateways and currency exchange APIs

Critical Non-Functional System Attributes

  • System scalability to support over 15 million users globally
  • High availability and reliability for financial transactions
  • Implementation of robust security measures, complying with financial industry standards
  • Performance targets including low latency for transaction processing
  • Automated testing and CI/CD pipelines for continuous delivery

Projected Business Impact and System Benefits

The development of this enhanced fintech platform aims to significantly increase the client's operational capacity, enabling secure and efficient cross-border money transfers for over 15 million customers worldwide. The project will improve system scalability, reduce time-to-market for new features, and integrate critical third-party services to boost user experience and trust, ultimately strengthening the client's market position and revenue streams.

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