An international remittance is an act of sending money to someone in another country to fulfil an obligation. By far the largest group of users of international remittance services are migrant workers sending funds back to their families in their home country to provide for day-to-day living expenses and to provide a cushion against emergencies.
Who can use it?
This solution can be deployed by Money Transfer Operators (MTOs) and other financial organisations. It supports the business rules and transaction flows to cater for agent-assisted and online, multi-currency transfers, with the funds being collected as cash from an agent, or deposited in a bank or mobile money account of the recipient’s choice.
How does International Remittance work?
The remitter can use an online portal, mobile app, or agent assistance to provide the remittance details. The payment method can vary from cash, credit/debit card, or bank transfer. A unique transaction identity is provided to the remitter, and they must send this to the recipient as authentication to enable them to collect the funds.
After providing and confirming the recipient details, transfer amount, currency and expiry time for collection, the money is rapidly transferred, and can be collected by the recipient from a bank account deposit, or as cash via an agent or a partner bank ATM.
What is in our offer?
- Multi-channel, supporting agent assistance, online, and mobile devices to send money.
- Flexibility of collection, with recipient funds being collected as cash from a registered agent or ATM, or deposited into the beneficiary’s bank account
- Collection of sender and recipient KYC data through registration functions
- Compliance with local regulatory requirements through control over business processes, including individual remittance limits and total value of remittances, applied over time
- Flexible operations through management of forex rates and fees
- Fixed and variable agent commissions and fees offer very flexible multiple pricing models
- Comprehensive reporting to monitor business performance
- Automated generation of multi-party settlement and reconciliation files
- Complementary modules for mobile money and international top-up
Why Novatti International Remittance solution?
With this customisable and flexible infrastructure, international remittance service providers of all sizes can:
- Address growing demand for large and small value remittance services, particularly in emerging markets, aided by multilingual and multicurrency capabilities. Meet local regulatory requirements through the configuration of business rules and integration to KYC (know your customer), AML (anti-money laundering) and associated services
- Gain a competitive advantage with flexible channel management minimizing operational cost
- Benefit from transaction capability to cater for peak holidays and festival times, maximizing straight-through processing (STP) rates
- Be recognized as a reliable provider of remittance services with enhanced security through maintenance of a full audit trail
The Novatti International Remittance solution is a state of the art platform that provides a comprehensive toolbox of functions to enable you to operate efficiently and manage an international remittance business to fulfil customer and regulatory requirements.