When planning to integrate essential components into your fintech application using Rehive, understanding the typical costs, timelines, and resources involved is crucial. This article provides an overview of what you can expect in terms of expenses, the duration for completing various integrations, and the necessary resources.
For the cost and timelines below we are making the following assumptions:
Assigned resources have experience building fintech apps and integrating with third parties.
Assigned resources have sufficient experience in the software stack.
Minimum frontend customizations are made to achieve the functionality.
Excludes maintenance and hosting costs.
Support for mobile and web applications.
Excludes timeline and costs for recruiting/onboarding resources if needed.
Excludes QA and testing time estimates.
Cost considerations
KYC (Know Your Customer) integration
Cost:
Provider fees: Varies by provider, typically charge per verification or offer subscription plans based on the volume of verifications.
Development costs: $5,000 - $10,000
Factors influencing cost: Number of verifications, level of detail required (e.g., basic ID verification vs. enhanced due diligence), and region-specific regulatory requirements.
Deposits integration
Cost:
Provider fees: Depends on the payment processor or banking partner. Costs may include setup fees, transaction fees, and monthly service fees.
Development costs: $10,000 - $20,000 per payment method.
Factors influencing cost: Payment methods supported (e.g., bank transfers, credit cards), transaction volume, and currency types.
Withdrawals integration
Cost:
Provider fees: Similar to deposits, costs are influenced by the financial institution or payment processor. Expect transaction fees and potential service fees.
Development costs: $10,000 - $20,000
Factors influencing cost: Withdrawal methods, transaction volume, and any additional security measures required.
Currency conversions integration
Cost:
Provider fees: Typically include transaction fees and possibly a percentage of the conversion amount.
Development costs: $7,000 - $15,000
Factors influencing cost: Number of currencies supported, frequency of conversions, and the chosen conversion service provider.
Additional integrations (Card issuance, Savings, Lending, Stock brokerage)
Cost:
Provider fees: These integrations can vary significantly. Costs may include setup fees, API access fees, transaction fees, and compliance costs.
Development costs: $5,000 - $30,000 per integration
Factors influencing cost: Specific services required, regulatory environment, and the complexity of the integration.
Timeline and resource considerations
KYC integration
Timeline: 2-4 weeks
Resources needed: Backend Developer
Frontend customizations: Typically not needed unless specific user interface adjustments are required.
Deposits integration
Timeline: 4-8 weeks
Resources needed: Backend Developer, Frontend Developer
Frontend customizations: May be needed for both mobile and web apps to ensure a seamless user experience for funding accounts.
Withdrawals integration
Timeline: 4-8 weeks
Resources needed: Backend Developer, Frontend Developer
Frontend customizations: Often required for both mobile and web apps to provide users with a smooth and intuitive withdrawal process.
Currency conversions integration
Timeline: 3-6 weeks
Resources needed: Backend developer, Frontend Developer
Frontend customizations: Generally necessary for both mobile and web apps to display conversion options and rates to users effectively.
Additional integrations (Card issuance, Savings, Lending, Stock brokerage)
Timeline: 6-12 weeks
Resources needed: Backend Developer, Frontend Developer
Frontend customizations: Typically required for both mobile and web apps to incorporate these services into the user interface and ensure a consistent user experience.
Conclusion
Integrating essential components into your fintech application involves various costs, timelines, and resources, influenced by the specific requirements and complexity of each integration. By understanding these factors, you can better plan your project and ensure a smooth integration process.
Rehive can provide custom development services or introduce you to third-party software development agencies that can help.
For more detailed information and guidance, please visit the Rehive documentation, or contact our support team for personalized assistance.