Breaking Barriers: The Journey of Developing Node.js Integration with Terrapay and MoneyGram

Introduction: MoneyGram and TerraPay?

MoneyGram and TerraPay are two popular financial services that have gained popularity in the Middle East market due to their fast, reliable, and convenient money transfer services. The Middle East market is a region with a high demand for international money transfer services due to the large number of expatriates living and working in the region. Both companies have been successful in providing reliable and convenient services to their customers, making them go-to options for people in the Middle East who need to send or receive money from abroad.

• MoneyGram has a strong presence in the Middle East market with over 1,200 agent locations across the region. The company's low fees and fast transfer times have made it a popular choice for people sending money to and from the Middle East. MoneyGram also offers a range of payment options, including cash pick-up, bank transfer, and mobile wallet transfer.
• TerraPay has also gained popularity in the Middle East market due to its digital platform that enables fast and secure cross-border money transfers. TerraPay has partnered with leading banks and financial institutions in the region to offer a seamless and convenient way to send and receive money.

Business Challenge?

Our customer needed ready-made rules for routing clients to the necessary money transfer system. The business also needed to be able to? create their own custom rules that can be adapted to the specific needs of the bank and its clients. Such an approach greatly simplifies the process of interaction between banks and payment systems, increases the speed of payment processing, and improves the convenience of using mobile bank applications for clients. The main challenges associated with implementing Node-RED integration were the following:

• Research and development phase. In order to start the development, first it was necessary to draw a sequence diagram, with a display of all called methods and their order of calling.
• Rules engine design. Our system not only allows ready-made integration with Terrapay and Moneygram, but also provides the possibility of creating custom rules that define which money transfer system will be used,? depending on different parameters (such as the amount of money, country, currency of the payment, etc.).

Benefits Of Integration with TerraPay and MoneyGram for Banks

Integration with TerraPay and MoneyGram can bring several benefits for banks, including:

• Increased Revenue. By integrating with TerraPay and MoneyGram, banks can expand their reach and offer their customers a wider range of payment options. This can help attract new customers and increase transaction volumes, resulting in higher revenue for the bank.
• Enhanced Customer Experience. TerraPay and MoneyGram offer fast and secure payment solutions, which can improve the overall customer experience. Banks can leverage these solutions to provide their customers with a seamless and hassle-free payment experience, which can lead to higher customer satisfaction and loyalty.
• Reduced Operational Costs. TerraPay and MoneyGram provide efficient and cost-effective payment solutions. Banks can leverage these solutions to streamline their payment operations and reduce operational costs. This can help banks improve their profitability and competitiveness in the market.
• Risk Management. TerraPay and MoneyGram offer robust risk management systems that can help banks mitigate fraud and other security risks. By integrating with these systems, banks can enhance their security protocols and protect their customers' financial data.
• Global Reach. MoneyGram operates in over 200 countries and territories, providing banks with access to a vast global network of customers. TerraPay, meanwhile, connects different payment systems and financial institutions, allowing banks to reach customers in markets where they may not have a direct presence. By leveraging these networks, banks can expand their reach and tap into new markets.

Overall, these benefits can help banks stay competitive and meet the evolving needs of their customers in today's digital age.

To What Extent Integration with TerraPay and MoneyGram will Improve the User Experience for the Bank's Clients?

Integration with money transfer systems, such as MoneyGram and TerraPay, can significantly improve the user experience for the bank's clients in the following ways:

• Simplicity and Speed of Services for Clients. Clients can easily and quickly send money transfers through the bank's mobile application, using the money transfer system they are already familiar with. This can significantly reduce the time and effort usually spent on searching for and choosing the most suitable money transfer method.
• Comfort and Economy of Clients’ Financial Resources. Сlients can choose the most profitable and convenient method of money transfer for them, depending on the destination country, amount of money and currency. This can increase the satisfaction of the bank's clients and increase their loyalty to it.
• Improvement of the Ease of Use, Security and Functionality of Bank’s Mobile Application. This can lead to an even greater improvement in the quality of the user experience and an increase in the number of satisfied customers.

See the Importance of Integration on Practice

Let's consider the case when a bank client wants to send a money transfer to his friend who is in another country.

1. The Bank that didn’t integrate TerraPay and MoneyGram?

The client may find that he cannot send a money transfer through the bank's mobile application and will have to contact the bank branch to send money. This may cause additional inconveniences, such as long waiting in lines, the need to fill out a large number of paper forms, etc. In addition, the client may face high commissions for transfers through third-party services.

1. The Bank that integrated? TerraPay and MoneyGram

The client can easily send a money transfer through the bank's mobile application, having chosen the appropriate money transfer system, and perform the transfer in a few clicks. This will improve the client's user experience and increase their satisfaction.

Thus, a bank that has integration with MoneyGram and TerraPay can provide its customers with a convenient and fast way of sending money transfers, which can lead to an increase in customer loyalty and an improvement in the conversion of leads into customers.

Why We Don’t Advise Banks to Do Integration by Themselves?

The Research and Development phase takes a lot of time, efforts and financial resources. Why? The complexity is related to the fact that? developers must study and understand the features of the payment systems with which they are going to integrate, study their APIs, understand the methods of authorization, payment processing, etc. In addition, it is necessary to develop and test routing rules and business logic, define error-handling mechanisms, and take into account many other important moments.

Thus, instead of independently dealing with the research and development phase and “reinventing the bike”, the bank can just purchase an efficient ready-made solution that has already passed all stages of development and testing.?

Technology Stack

• Node.js is responsible for authorization services and API calls of money transfer systems
• Node-RED stores the business logic (according to what rules to route clients to one or another money transfer system), and is responsible for the rules engine of the integration

The Benefits of Integration with? Node-RED:

• Flexibility. Node-RED makes it easy to create and customize data flows, real-time data processing and transformation. This allows you to quickly change the integration if necessary.
• Extensibility. With a huge number of nodes available, you can easily expand your integration by adding new systems, APIs, and functionality.
• Ease of use. Node-RED has a visual interface that allows you to quickly create integrations without having to write code. This greatly simplifies the process of creating and managing integration.
• Node.js support. Node-RED runs on the Node.js platform, which is widely used in web development and has many packages and libraries that can be used in your integration.
• Customization. Node-RED allows you to create custom rules and functions, allowing you to create integrations that exactly fit your needs and business processes.
• Scalability. Node-RED is highly scalable and can be used for both small projects and large integrations with multiple systems and APIs.

Conclusion

Developing integration with Terrapay and Moneygram using Node.js and Node-RED was a difficult but interesting task. Despite some difficulties in the process, we were able to create a flexible and scalable system that allows banks to quickly and easily connect their mobile applications to payment systems that are very popular in the Middle East market.

Why Do Banks Need to Address 42flows.tech for Integration??

We provide banks the opportunity to use ready-made solutions for routing clients to the necessary money transfer system, as well as create their own custom rules that can be adapted to the specific needs of the bank and its clients. This greatly simplifies the process of interaction between banks and payment systems, increases the speed of payment processing, and improves the convenience of using mobile bank applications for clients.

Need an integration partner for your bank? Look no further! Contact us at [email protected] for more details.

You are also welcome to read about other digital solutions of our company in our Case Study section.