Name: Kiri Kroem

ID: 2017856

Assignment 1: Development of Mobile Remittance Service

Objective:

The objective of this project is to design, develop, and launch a mobile remittance service
that enables users to easily and securely send and receive money internationally through
their mobile devices. The service aims to provide a convenient and cost-effective solution
for individuals to transfer funds to family, friends, or businesses in different countries.

Scope of Work:

1. Market Research and Analysis:

- Identify target markets and user demographics.

- Analyze existing mobile remittance services and their features.

- Determine key competitive advantages and differentiators.

2. System Design and Development:

- Develop a user-friendly mobile app (iOS and Android) with an intuitive interface.

- Implement robust security measures, including encryption and multi-factor

authentication.

- Integrate with various payment methods, including credit/debit cards and bank
accounts.

- Create a backend system to facilitate money transfers, currency conversion, and

transaction tracking.

3. Currency Conversion and Rates:

- Integrate with reliable currency exchange rate APIs to provide real-time conversion
rates.

- Ensure transparency in currency conversion fees and charges.

4. Transaction Tracking and Notifications:

- Implement a system to track the status of transactions and provide real-time updates
to users.

- Send notifications to users at key stages of the transaction process.

5. Customer Support:

- Develop a responsive customer support system to address user inquiries and issues
promptly.

6. Regulatory Compliance:

- Ensure compliance with international money transfer regulations and anti-money

laundering (AML) laws.

- Implement identity verification and documentation processes for users as required.

Time:

The project is estimated to be completed within 12 months, with the following timeline:

- Months 1-2: Market research, analysis, and requirement gathering.

- Months 3-4: System design and development of the mobile app.

- Months 5-6: Backend system development and integration.

- Months 7-8: Currency conversion integration and transaction tracking.

- Months 9-10: Customer support system development and testing.

- Months 11-12: Regulatory compliance implementation, final testing, and launch

preparations.
Cost:

The estimated cost of the project is $600,000, broken down as follows:

- Development and Design: $200,000

- Backend System Integration: $150,000

- Currency Conversion Integration: $50,000

- Customer Support System: $100,000

- Regulatory Compliance Implementation: $50,000

- Miscellaneous (contingency): $50,000