P2P Money Transfer

Peer-to-peer (P2P) money transfer service takes place between individuals via the Internet or a mobile phone. It allows customers to use an online interface or mobile application developed by a financial institution to designate the amount of funds to be transferred.

P2P Money Transfer

To start a P2P money transfer business, you should determine your geographical market. In other words, you should know what countries your service will support. Local transfers are less expensive and less risky than the international ones.

The most popular P2P money transfer business models:

  • Cash to Card - cash deposits to bank cards through external systems: payment points - networks or retail cash desks (gas stations, stores network, etc.)
  • Card to Card - transfers from a card to other card of any bank in the world via the service website
  • Mobile to Mobile - transfers from one mobile phone account to another
  • Mobile to Email - transfers from mobile phone accounts to e-mail accounts
  • Cash to Email - transfers of cash money to e-mail accounts
  • Card to Email - transfers from cards to e-mail accounts

Administrative options:

  • Control over transactions
  • Payment gateways: add & manage any payment gateway into the system
  • Add & manage contracts:
    • Set the rules of a contract: limits, commission rates, currency exchange rates, thresholds
    • Set the limit rules : per transaction/day/week/month, per operations, top up/withdrawal/money transfer between accounts
  • Dispute resolution system (DRS): solve arguments between users
  • Reporting & analytics:
    • Basic - transaction reports
    • Advanced - data analytics and visualisation based on a business model
  • XML or Web Services Integration: a connector that acts as a "translator" between customers and suppliers allowing different formats or programming languages ??(usually XML) to be compatible
  • System logs & alerts: store the history of all events inside the system

Typical list of actors for P2P money transfer business model:

This business model is very simple and requires only one admin system role. The on-demand admin role can be divided into several roles in a more sophisticated version:

  • Chief financial officer (CFO) - responsible for the financial and economic essence of the business
  • Compliance manager - manages the merchants and ensures the security of their involvement in the KYC system (know your customer)
  • Anti-fraud manager - responsible for fraud risk management and dispute resolution between all members in the system

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