SwapMoney – Online Money Transfer Solution

 

Client’s Requirements

The client needed a software solution that helps users remit money to friends and family. At the initial stage, they planned a timely and secure remittance service from the UK to Nigeria. They needed the solution to be customizable and scalable for allowing more territories and currency pairs in the future.

 

Our Solution

Advantal created a solution, called SwapMoney, to remit money from one account to another across the globe (Currently between the UK and Nigeria) per varying FOREX rates. The app facilitates secure and instant money transfers to beneficiaries that the user adds to his account. 

 

Money Remit Agents

Those agents who do international money transfer processes for their clients can also benefit through SwapMoney. They can do the AML (anti-money laundering)  and KYC (know your customer) verifications of their clients to do the money transfer. Just like users, the agents will also have their unique Ids.

 

Admin Interface

We also developed an admin interface to provide backend support for users. The support admin can update the remit status, upload information, and review user queries to resolve them. 

We also created a second level admin for log reviews and audits, user management, flag and restricting suspicious accounts, and overall report management.

 

Security Features

The user must register and log in to the system or application. Admin will allow the user only after verifying the KYC information. 

After the KYC verifications and the mandatory AML checks, the admin will award a pass and authorize the user to transfer money.