.png)
Close
A money transfer app for the banking industry enables users to send and receive payments from friends, family members, or business colleagues. This type of app is ideal for situations where a user might need to pay back a friend who just bought them dinner, pay their rent on time, or change their spending habits so they can save money each month. A money transfer app may be available as an extension of a traditional bank account or as an independent service that allows users to send payments directly from their phone's contact list.
Money transfer apps have much in common with other peer-to-peer payments apps, such as personal finance apps, group payment apps, and donation apps. Popular money transfer applications include Venmo, Popmoney, Zelle, and MoneyGram.
An app that would allow users to send money to inmates who are locked up. Consumers would make a payment and the institutions in charge would allocate the funds.
$25,000
333
A money transfer app can grow by making it easy for cross-border transfers to be completed in an efficient manner. An app that lets you send money overseas should work seamlessly with your bank account, credit card, or debit card. It should also let you convert currencies within the app.
A money transfer app for banks faces risks related to high-risk transfers, the handling of sensitive financial information, regulatory compliance, and the development of a complex application that must work across multiple banking institutions. Money transfer apps should leverage robust third party APIs for payment processing and identification verification to ensure compliance with industry standards. It is also recommended that you consult with your legal counsel to determine whether your money transfer app needs to apply for licensing with the Federal Reserve or other governing bodies.
Get a feature-by-feature breakdown with our cost estimate calculator.
Find pricing info for all other app types here.