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Seamless Global Finance: How a FinTech Leader Built a Revolutionary Wallet Solution
Overview
Our client is a widely recognized financial technology (FinTech) solutions provider. The client provides fintech solutions to banks, governments, financial institutions, schools and the retail sector. As part of a multinational group offering solutions globally, the company specializes in building modular and scalable fintech products for card-issuing, reporting, reconciliation, wallets etc.
For their customers across Europe and Africas, the customer was looking to build a digital wallet solution capable of linking to multiple banks. Additionally, the wallet must support trading on multiple currencies and cryptocurrencies.
Use Case
The client approached Aascent InfoSolutions to develop a digital wallet solution that allowed users to link multiple bank accounts, trade on foreign currencies and support multiple cryptocurrencies. Such a solution would be particularly useful in Europe, where people commute frequently and carry cross-border transactions. Day trading across borders becomes easy and efficient with the option of multiple currencies within the same wallet. The integration of multiple cryptocurrencies also makes the wallet a powerful financial toolset.
The multi-currency wallet holds a unique appeal to today’s global user.
Customers who travel globally benefit from the ability to store and transact in multiple foreign currencies using a single payment tool without the hassle of exchanging currency at unfavorable rates or carrying multiple physical currencies.
Moreover, customers can avoid heavy conversion fees that are typically charged by financial institutions or foreign exchange services. Users can make purchases or withdrawals in the currency of their choice without paying additional charges.
A multi-currency digital wallet also helps users to hedge against exchange rate fluctuations as they can hold funds in different currencies and convert them when the exchange rates are favorable. Not to mention benefits like the ease of cross-border transactions, access to global merchants, facilitation of international trade etc. The integration with cryptocurrency means that users can buy, sell or trade digital assets along with conventional fiat currencies. This additional financial flexibility opens up investment opportunities.
Solution
Building a versatile, secure and robust digital wallet has its own share of challenges, primarily related to the architecture required to support the multi-currency and multi-crypto aspects seamlessly. Since Aascent InfoSolutions has expertise in fintech application development and proven experience in this domain, we built an innovative solution that ticked all the boxes. Building both iOS and Android applications, we also enabled API connectivity and microservices to interface with the core engine, while creating a user-friendly admin interface and front-end design. We decided to leverage Node.js for its performance and scalability benefits.
The resultant digital wallet is a unique, market-leading solution that offers unparalleled financial control to the user, all from the convenience of their smartphone.
Technology Stack
Mobile
Android
iOS
Front-end
Angular
Back-end
Node.js
PHP
Benefits and Outcomes
Single Financial Hub
Global Reach
Market Differentiation
Accelerated Launch
Aascent InfoSolutions streamlined processes and expertise cut the time-to-market by an impressive 50%.
In the customer’s own words, “Aascent InfoSolutions has exceeded our expectations with their innovative approach and technical prowess. The multi-currency, multi-crypto digital wallet developed by them has revolutionized our service offerings, empowering our clients with unparalleled financial capabilities.”
The case study showcases the potential of a strategic partnership between a fintech customer and a solutions provider like Aascent InfoSolutions. By simplifying the multi-currency transaction process and pushing the boundaries of what is possible within a digital wallet, we empowered our customer to unleash new levels of financial freedom both at individual and business levels.