CurrencyWire

Multi-currency card programme, payments platform and mobile app

The Currency Wire app is a multi-currency payments platform with debit MasterCard functionality. Individuals and small business can manage their balance in a number of currency wallets and make multi-currency local, SWIFT and SEPA payments. The platform has a web and Android / iOS app interface.

Challenge

At the start of our relationship with Currency Wire and Racing FX, we began a large-scale digital transformation project, building an automated payments platform from scratch. This secure platform gave clients the ability to instantly manage their payments online, taking the burden off Currency Wire’s support staff. Fintek managed all aspects of Currency Wire’s software development, from design through to deployment and ongoing maintenance. At the same time, we made improvements to the customer onboarding process, such as automating ID document upload and integrating KYC providers, further cutting the time cost to staff.

Country

United Kingdom

Timeline

2019

Industry

Financial technology

Skills

web development, mobile development, UX, UI, dev ops

Solution

Scala, Akka, Java, AngularJS, AWS

The Currency Wire app is a multi-currency payments platform with debit MasterCard functionality. Individuals and small business can manage their balance in a number of currency wallets and make multi-currency local, SWIFT and SEPA payments. The platform has a web and Android / iOS app interface.

While the cards attached to a user’s account are prepaid MasterCards, we built an algorithm to update the user’s card balance in real-time in all currencies in response to user transactions and FX rate changes. This allowed the card to behave like a debit card rather than a prepaid card, offering unique functionality over similar card programmes.

We built the Currency Wire platform from the ground up, including UX design, building and managing the infrastructure, and providing ongoing technical support.

The next phase of the project involved the integration of the multi-currency MasterCard programme. This required significant integration work with a major payments provider, along with building a high-availability transaction monitor to react instantly to incoming transactions. We built functionality allowing online clients to order and individually manage multiple cards, allowing companies an easy way to manage employee expenses, and giving individuals a way to see family members’ spending all in one place.

The final phase of CurrencyWire’s platform is the development of a brand new interface, with Android and iOS versions. We worked closely with CurrencyWire’s staff to simplify the existing interface and build an intuitive, state-of-the-art design.

Results

The card programme integration provided Currency Wire’s card with functionality above and beyond similar pre-paid card programmed. While most prepaid card programmes require the user to manually load funds onto the card before they can spend funds, we built a high-frequency, event driven system which automatically updates card balances in response to transactions and exchange rate fluctuations. As a result, the card behaves like a full-featured debit card, tracking the users’ balances on the app.

The new app is ready to be released, built around the card programme and with simple yet powerful money management tools. By using native phone app features such as using the phone camera to snap proof of ID, we’ve massively streamlined the onboarding process for the customer as well as automating much of the manual KYC work for Currency Wire staff. Our hybrid progressive web app approach meant that we’ve been able to build versions for Android, iPhone and web at minimal cost.

At the same time, we’ve upgraded the infrastructure so that the platform can easily and quickly integrate new payments, FX and banking providers. This gives the platform huge flexibility in terms of the number of currencies and countries it can trade in, along with opening up opportunities to license the platform.

We find Fintek a highly professional and dedicated development company that provides a cost effective and fast means of developing and deploying services and components for our online products.
Andy Rowland
Currency Wire founder

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