Money Transfer software is an electronic program used to transfer money from one bank account to another bank account or e-wallets, either within a single country or across different countries in the globe.
Money transfer software workflow
Core Features of money transfer software
Usually an advanced and complete money transfer software contains a large number of features, though few features are the heart of software. Availability of these features in software make it the backbone of software engines.
Below are list of such feature which should be there in any money transfer software
- Customer onboarding
- Strong login mechanism
- Profile control
- Two-factor authentication
- Easy and quick transaction
- Payment status/history
- Notifications & alerts
Apart from above core features, you can not neglect below points while getting your money transfer software ready.
- An enjoyable user journey
- Building a user-friendly interface
- Ensuring compliance and security
In any financial software including money transfer software, Security contains a very critical aspect.
Note down below some security, compliance features which are important for money transfer software
- Anti-money laundering (AML)
- Customer verification (KYC) protection
- Data encryption
- Recovery
- Backups
- Embedding session time limits
- IP logging
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