Product design
EduPayments
Fintech platform for international students in Australia EduPayments is an innovative financial solution that enables international students in Australia to open local bank accounts, manage their money securely, and transfer funds to their home countries. The platform also provides advanced tools for education agencies, such as subuser management, making it easier to track and handle student payments.
Additional project information
- We are the Product Advisors for this international payments company based in Sydney, Australia. Since its inception in 2020, we have served as advisors and have helped with development, design, and innovation of the various services and products they have launched. We are currently advising them on further expanding their international remittance services from Australia globally, ensuring that remittances arrive anywhere in the world in just a few hours.
- Functional Requirements
- User registration and authentication
- Account creation for students, agencies, and admins.
- Identity verification (KYC) for regulatory compliance.
- Two-factor authentication (2FA).
- Digital bank account opening
- Integration with Australian banks or financial service providers.
- Dynamic form for data and document collection.
- Subuser management
- Creation of sub-accounts for agency advisors.
- Customizable permissions and access controls.
- International money transfers
- Real-time currency conversion.
- Integration with remittance services or payment APIs (e.g., Wise, OFX).
- Transfer confirmations and tracking.
- Dashboard and reporting
- Personalized dashboards for students and agencies.
- Transaction history and downloadable reports.
- Multi-currency and localization support
- Support for multiple currencies.
- Multilingual system translation.
- User registration and authentication
- Security & Compliance Requirements
- Regulatory compliance (AML / KYC / GDPR)
- Integration with identity verification providers.
- Logging and auditing of all transactions.
- Data encryption
- Encryption in transit and at rest.
- Secure access tokens.
- Fraud prevention
- Suspicious activity detection.
- Source of funds and beneficiary validation.
- Regulatory compliance (AML / KYC / GDPR)
- Technical Requirements
- Scalable architecture
- Backend using microservices or modular architecture.
- High-performance, secure database.
- Third-party API integrations
- Banks, payment processors, KYC/AML providers, currency exchange services.
- Cloud infrastructure
- Deployment on AWS, GCP, or Azure.
- Auto-scaling and load balancing capabilities.
- Responsive web application
- Intuitive user interface, optimized for mobile and desktop.
- Scalable architecture
- ✅ Project Outcome
After fulfilling all technical and functional requirements, EduPayments emerged as a robust, secure, and user-friendly fintech platform for international students and education agencies in Australia. The final solution delivered:The platform not only simplified financial processes for its users but also helped position EduPayments as a leading fintech solution in the international education sector.
- 🏦 Streamlined digital bank account opening, reducing onboarding time and simplifying the process for newly arrived students.
- 🔒 Secure international transfers and fund management, fully compliant with AML and KYC regulations.
- 🤝 Seamless collaboration between agencies and students, empowered by a subuser system that improved payment tracking and organization.
- 📊 Clear visualization of transactions and balances, thanks to personalized dashboards that enhanced the overall user experience.
- 🌐 Scalable and high-performance architecture, hosted in the cloud, capable of growing alongside market demand.
The platform not only simplified financial processes for its users but also helped position EduPayments as a leading fintech solution in the international education sector.