Client

The client is Wirecompare, a FinTech startup based in Ireland. Founded in 2017, the company aims to improve customer experience in financial services such as international money transfers.

Project goal

As banks imposed large fees and employed high exchange rates, international money transfers were costly for companies and individuals. However, there were numerous global payment platforms such as WorldFirst, OFX, CurrencyFair, Azimo, etc., offering a lower commission.
Wirecompare wanted to help users reduce fees by connecting them with trusted financial service providers while enabling to define the best options and carry out online transactions.
Furthermore, the organization needed to allow tracking currency rates and obtaining real-time quotes while displaying the most up-to-date information such as speed, fees, ratings, ways of payment, etc.
Collaborating with Arateg, a FinTech startup aimed to build a money transfer platform that would connect trusted providers with users across the globe.
One of the key project objectives was to let the client view statistics on each vendor for different periods and directions (e.g., the most expensive or popular transfer directions), as well download analytics reports in Excel spreadsheets.

Project summary

Project duration

4 months

Team

a backend developer, frontend developer, UI/UX designer, quality assurance engineer, project manager

Technologies

PHP, Laravel, React, jQuery, RabbitMQ, Redis, GitLabCI

Solution

To develop a money transfer platform, we analyzed the customer’s requirements, wrote a technical specification, estimated the work scope, and assigned tasks between the team members.
The project included 6 steps:
  1. discovery stage
  2. wireframing and prototyping
  3. user interface (UI) and user experience (UX) design
  4. web platform development
  5. testing for bugs, errors, security vulnerabilities, performance, compliance with a software requirements document, etc.
  6. product launch
Since one of the most important customer’s requirements was to have the opportunity to view statistics for each financial service and for different periods, our software engineers created a custom admin dashboard.
In addition, this data visualization dashboard allowed the client to generate analytics reports and download them as Excel spreadsheets.
Furthermore, our software engineers embedded a math formula that calculates the place of the connected financial company in the search results. This formula takes into account 6 factors, for instance, rating, transfer speed, CTR (click-to-rate), extra factor (whether the company has purchased a sponsorship plan or not), etc.
case study, custom software development for a FinTech startup

When building an online financial platform, our team solved the following challenges:

  1. It was important to provide users with the possibility to track currency rates with notifications. Since rates constantly change, a monitoring system had to be enabled.
    With Redis and RabbitMQ, software engineers at Arateg created a currency rate monitoring system. To track even minor changes and offer real-time data, our team built a custom worker that sends requests to APIs of the connected financial services every 10 minutes.
    By using Redis—an in-memory data structure store—we enabled the information cashing, so that users would be instantly notified if exchange rates changed.
    With the view of ensuring continuous and seamless operation of this logic, our web developers employed RabbitMQ, a message broker and task queue technology. In case the system works improperly, RabbitMQ provides an automatic restart.
    Aiming to prevent possible failures, our software experts leveraged a CI/CD pipeline based on GitLabCI. If something stops functioning, fast redeployment is made.
  2. Each page of an online financial platform had to be optimized for search engines in the required languages while ensuring high Google search rankings. However, standard template engines didn’t suit for providing this functionality as they would negatively affect the user interface responsiveness and page load speed.
    To address this challenge, our web development team used PHP to build a custom system on the backend, which is available in an admin panel. This system automatically generates SEO data—meta title, meta description, keywords, etc.—in the necessary languages.
    Additionally, the customer needed to connect multiple financial services to the platform, each having their own application programming interfaces (APIs). In order to make integration, we brought all APIs to a common denominator.
    case study, features of a money transfer platform

The key features

Our custom web application development company delivered a money transfer platform that includes the following features:
  1. Online money transfers between more than 170 countries
  2. Currency rate monitoring in real-time
  3. Notifications on changes in exchange rates
  4. Data visualization
  5. Statistics reports for each financial service
  6. The possibility to download statistics in Excel spreadsheets
  7. Transfer service comparison
  8. An admin panel with SEO data
  9. Automatic generation of SEO titles, descriptions, etc. and translation to the required language
  10. Monetization via sponsorship and commission

Result

Cooperating with our custom web application development company, Wirecompare created an online financial platform that allows making international transactions to over 170 countries while saving up to 80% on bank charges and margin spread.
With the delivered solution, a FinTech startup managed to get analytics data on each connected money transfer provider, visualize statistics, and improve user experience. Using the system, the organization automatically notifies subscribed users about changes in exchange rates.

What Wirecompare says

client review from CTO at Wirecompare
CTO, Wirecompare

Working from scratch, Arateg designed and developed a turnkey website that included functionality such as a ranking system and API integration within 6 weeks. The team communicated well and delivered work within the deadlines.

After understanding the project requirements, Arateg created a top-class product while remaining reasonably priced. Customers can also expect excellent project management skills.

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