Tarrakki approached DRC Systems intending to develop a mobile platform that could simplify the process to invest directly in mutual funds. This client even asked us to search and find out the web service provider to make investments in the mutual funds of India and to retrieve the details of different funds.
Our tech team and strategists carried out some research and found out the related APIs to retrieve the fund details and make the entire transactions. That’s not all, we were asked to review three APIs in detail to retrieve the scheme details and transactions.
As it was a completely new domain for us to explore, we faced several challenges but we understood the mutual funds’ operations to finalize the application flow. This is a glimpse of the challenges we faced during the development of the application:
Our development team is competent enough to work with APIs and carries huge experience in integrating multiple third-party APIs with complex structures. This entire API integration was not at all any difficult task for our experienced developers.
The main challenge was to understand the mutual fund operations and how these funds transactions are carried out by the BSE and the registrar and transfer agents. It was extremely important to understand the operational details to implement the correct API to invest in mutual funds.
The next challenge we came across was to double-confirm the details with the different RTAs to embed the transaction reverse feeds. This helped us in understanding the settlements of the mutual funds’ transactions and made sure that the transaction is updated regularly on time.
We then calculated the PMT for the goal-based investments for every goal and the internal rate of return for the client’s portfolio as well as implemented the dynamic summary of the investments. We faced several challenges but conquered each one of them, one challenge at a time.
Our highly skilled team explored multiple third-party APIs and was successful in carrying out the following operations:
We delivered a scalable solution and had extensive testing of the user-onboarding including the AOF and MACH Mandate. This helped us with successfully uploading the mutual fund transactions including the direct investment in SIPs and goal-based investment using different strategies.