Leading International MTO, AFF, Adopts the RemitONE Money Transfer System

Real Transfers, a highly respected MTO with offices in Australia, Ireland, New Zealand, Switzerland and the UK and specialising in Latin American markets, particularly Brazil, has signed up with RemitONE to use the industry leading RemitONE Money Transfer Management Solution (R1 MTMS) for its international money transfer operations.

Having partnered with several important players in the remittance industry, Real Transfers wanted a robust, secure and feature-rich money transfer platform that could flexibly integrate with third-party systems of banks, ID service providers, rate feed providers and others whilst coping with Real Transfers' impressive growth.

Real Transfers plans to make use of RemitONE’s ‘R1 Community’ scheme to tap into new markets with RemitONE introducing Real Transfers to several banks and MTOs that are already on the RemitONE platform.

Mr Juliano DeMoreas, MD, Real Transfers, commented, “I am very happy with the RemitONE system and even more with your customer service. I can tell that you really value your customers. We look forward to working with RemitONE to provide convenient remittance services at competitive rates to our customers.”

Mr Anwar Saleem, MD, RemitONE said, “We are very pleased to be working with Real Transfers. Their staff are extremely friendly and professional and we value our special relationship with them. I envision great cooperation between RemitONE and Real Transfers as we both focus on technology and strive to deliver an enhanced customer experience. We look forward to a long term relationship.”

WiUS Remittance Inc., an innovative and technology focussed MTO based in Canada that is dedicated to transferring money around the world in the timeliest and cost effective manner via the POS, online and mobile channels, has adopted RemitONE’s proven remittance platform.

With an inventive approach to remittances, WiUS was seeking a robust and scalable money transfer system in order to meet its unique and growing requirements with regards to its multichannel remittance offering. WiUS also wanted to have full control over issues pertaining to regulation and compliance. After evaluating several vendors, it chose RemitONE.

RemitONE will provide a complete money transfer management solution to WiUS that would address WiUS’ business needs and help in its growth through the R1 Community, a network of banks and MTOs across the world that are already on the RemitONE platform.

With around 65 branches in Bangladesh and one in the UK, Bank Asia were looking for a reliable technology provider in the remittance industry to provide them with an end to end remittance solution that can enable them to create, manage and pay out remittance transactions in a cohesive and automated manner.  They were seeking a robust remittance system with a central repository to manage transaction delivery efficiently. They evaluated several vendors and chose RemitONE because of the credibility and proven success of its systems worldwide.

Bank Asia are a progressive financial institution with a historical focus on cutting edge technologies. An additional reason they chose RemitONE was for its expertise in developing online and mobile remittance technologies which can benefit Bank Asia's customer base.

Mr Azad , CEO of Bank Asia Exchange UK, said "We really look forward to using RemitONE's money transfer management solution to manage our global operation. In the next phase of operation, we will make use of the RemitONE system's flexibility to accept transactions from our correspondent agents worldwide and distribute them through our delivery network in Bangladesh."

Mr Anwar Saleem, MD of RemitONE, commented, "We are very excited to be working with Bank Asia. We are thrilled about the future of the remittance industry and are proud to be working with Bank Asia to make the entire remittance experience as convenient and pleasant as possible for the end customer."

A market leader with over 500 agent payment points spread across 28 countries, Kaah Express was seeking a sophisticated money transfer system to manage its expanding agent network and rapidly increasing transaction volumes. Kaah Express wanted a robust and secure system that could be rapidly tailored to suit its business model without compromising on KYC and AML compliance issues.

Kaah Express assessed several vendors and chose RemitONE because of its reputation in the market and due to the feature-rich and easy to use products it provides to banks and MTOs across the globe.

RemitONE and Kaah Express look forward to a long term relationship.

AB Bank were seeking a trusted brand in the remittance industry to provide them with an end to end remittance platform that will enable them to create, manage and pay out remittance transactions in a seamless and automated manner across global corridors. Currently, AB Bank accept remittances from many third party exchange houses across the globe for which AB Bank pay out using their delivery network in Bangladesh. Hence, they wanted to use a robust remittance system as a repository to manage transaction delivery in an automated and efficient manner. They evaluated several vendors and chose RemitONE because of the credibility and proven success of its systems worldwide.

AB Bank are a forward-thinking financial services provider and so another reason they chose RemitONE was for its expertise in developing online and mobile remittance technologies, both of which AB Bank plan to offer to their customers in the very near future.

RemitONE is a leading provider of complete web-based, end-to-end, multi-agent, multi-currency, multi-corridor money transfer management solutions for banks, money service businesses and other organisations. Its multi-channel solutions enable organisations to run their money transfer operations in a seamless and successful manner. RemitONE's various money transfer platforms empower its clients' customers to send and receive money via Agents, ATMs, Mobile Phones, POS terminals, Prepaid Cards and the Web.

The Consultative Group to Assist the Poor (CGAP) explored the potential of branchless banking reaching the unbanked. Mark Pickens, MFI Specialist at CGAP, used data from 8 branchless banking service providers including  M-Pesa in Kenya and Tanzania, Banco Postal in Brazil, FINO in India, GCash and Smart Money in the Philippines, WIZZIT in South Africa, and WING in Cambodia. The research shows that branchless banking reaches the unbanked in significant numbers and at a pace that surpasses the growth of MFIs. 

In a separate study, a 2008 survey found that 75 percent of M-Pesa users were already using their mobile accounts to store money. Over 95 percent of the survey respondents found the service not only safer but faster, more convenient, easier to use, and cheaper than traditional methods.

These developments indicate a range of exciting opportunities in servicing the 200 million migrants and the billions of poor people across the globe with no bank accounts to their name.

There are nearly 5 billion mobile subscribers in the world and more airtime vendors than all the bank branches in the developing world. It shouldn't be a surprise, therefore, that M-Pesa has already inspired 60 copycat businesses across the world.

According to an estimate by CGAP, mobile banking service providers could witness revenues of around $8 billion by 2012 by simply expanding their services to the presently unbanked masses.

Although m-banking is gaining traction in countries including Australia, Britain, Singapore and South Korea, it is in the developing world where m-banking is exerting its immense potential.  M-banking is the best opportunity yet to deliver financial services to the 1 billion people in the world who don't have a bank account, but do have a cell phone.

According to Ross Levine, a Senior Economist at Brown University, the quality and reach of a country's financial services are crucial determinants of economic growth

This year, Safaricom projects it will transfer the equivalent of 20 percent of Kenya's GDP through M-Pesa. Olga Morawczynski, an M-Pesa Expert from the University of Edinburgh, estimates that rural households that are mobile money subscribers see their incomes increase 5 to 30 percent.  See the article "The M-Banking Revolution" for more information.

Another important development on the mobile remittance front was announced month between MTN Group, one of the leading mobile wallet deployments in the world, and Western Union. The purpose of this partnership is to introduce international mobile remittance services in the 21 countries where MTN operates, allowing MTN subscribers to conveniently send and receive Western Union Money Transfer transactions using their MTN MobileMoney accounts.

Technology convergence is rapidly being realised today and technology solutions from growing industries such as Remittances and Telecommunications are coming together to transform the way the banked and the unbanked bank!

RemitONE are a leading provider of highly advanced and robust multi-currency and multi-region money transfer software systems for banks and money service businesses, empowering their customers to send money flexibly via POS Agents, Online Remittance, Prepaid Cards and Mobile Phones.

RemitONE will be providing a complete remittance management solution to Unity Link in order to help them accommodate growth and streamline business operations and cater for their online and mobile customers. The solution will also ensure KYC & AML compliance to simplify the regulatory tasks for Unity Link.

Mr Douglas Mensah, CEO of Unity Link, commented "RemitONE have a highly advanced money transfer management system with state-of-the-art technology that our business will immensely benefit from. They have a qualified and experienced team of business and technology professionals who understand the challenges in our industry. We are looking forward to working with them."

Mr Anwar Saleem, MD of RemitONE, commented "We are pleased to be working with a respected money service provider like Unity Link. There is great synergy between our organisations in that we both strive to deliver enhanced customer service. We look forward to a long term relationship with Unity Link."

NetServices, an important MoneyGram agent, is operating outlets and payment centers in Senegal. The RemitONE solution will facilitate communication between these terminals and NetServices' own Remittance server application which will integrate with MoneyGram's API via advanced Web Service integration.

Mr. Malick Seye, Business Development Director of NetServices, commented "We had been searching for a software consultancy specialising in remittance solutions for some time. We are very pleased with RemitONE's consultative approach and are impressed with their proposed solution to address our business needs. This is the beginning of a long-term relationship."

Mr. Ziad Mannan, Director of R&D at RemitONE said "We are very excited to be working with NetServices on this project. This is a large scale project involving various technologies and vendors including MoneyGram and Ingenico. We look forward to strengthening our relationship further with NetServices by continually providing and supporting them with our technologies to ensure their business growth."