Categories

• License, Bank Account & Regulation
• Compliance
• Expanding your send and payout network
• Mobile apps & online
• Integration With Other Banks and MTOs
• Value-Add Services
• Software Platform
• Pricing Models
• System Security & Disaster Recovery
• Business Continuity
• Other

FAQ:faq

Can a client start on the rental model and move to the sale model later on?

Yes you can. You can start with the rental model and when you move to the sale model, we will discount the rental setup fee from the sale price for you. You can move to a different pricing model anytime you want; no restrictions at all. Read here on more information about pricing.

How do the pre-funding and post funding processes work?

See our response above.

How does the money move from one end to another in the RemitONE system?

You can run your entire money transfer operation on the RemitONE system. There are various scenarios in which money moves in the money transfer industry. Usually, the MSB will have a pre-funded account with a payout entity (typically a bank but not always) in the payout country. The MSB will keep the account pre-funded at all times by wiring money from the MSB’s country (source country) to the payout country at regular intervals or whenever the funds in the payout entity’s bank account are running low. The other scenario is post-payment where the payout entity pays out the transactions over a given period of time (typically 7, 15 or 30 days) and then the MSB wires the money to the payout entity. 

RemitONE integrates with a number of leading payment gateways and acquirers and can move the funds from the remitter’s bank account in the source country to the MSB’s merchant account in the source country. 

Apart from standard remittances, what other types of services can the RemitONE system support?

RemitONE’s innovative system is driven by client feedback and industry research. To stay ahead of the game, we add several new industry leading features into our platform each month. In addition to supporting cash, account, mobile and card transfer types, our system handles airtime top-ups, mobile money, electronic & mobile wallets and utility bill payments as well. The flexible and modular nature of our platform means you can customise it to fit your business model. 

Enquire here for more information. 

I want to have a web portal for my customers to be able to create transactions online and pay for them with their debit or credit cards. Is this possible on the RemitONE system?

Yes, it is possible. We provide a range of products – including our Online Remittance Manager and Webservices API – to help you achieve this. We go a step further. We provide you with a complete online debit/credit card + payment gateway + acquiring bank solution. Our platform integrates with a number of PCI-DSS compliant and certified payment gateways and acquirers across the UK, Europe, The Middle-East, Africa, North America and Australia.

Can my business send airtime/ mobile top-ups through the RemitONE system?

Yes you can. Our system conveniently integrates with the world’s leading airtime service providers. Enquire here for more information. 

I have an established money transfer business. Can I connect with international delivery networks of large banks or MTOs if I use RemitONE?

Yes you can. RemitONE platforms integrate with top-tier banks and leading MTOs with vast delivery networks worldwide. With RemitONE Connections™, you are able to tap into new markets immediately without incurring unnecessary overhead costs and having to allocate vital resources. When you sign up to any of our money transfer products, you can choose from the banks and MTOs we work with and we can connect you to them. If you are an MTO start-up, you can benefit by gaining quick access to a large delivery network. 

For more information, see RemitONE Connections™ or refer to the FAQ on RemitONE Connections™ above. 

Does the RemitONE system integrate with other money transfer operators and banks that are not on the RemitONE system?

We integrate with a number of MTOs and banks that are not on the RemitONE system. If you are using the RemitONE system, you can gain access to all these valuable integrations we have in place. 

For more information, see RemitONE Connections™ or refer to the FAQ on RemitONE Connections™ above. 

To get a list of the integrations we have in place, please contact us. 

How can RemitONE platform integrate with my correspondent entity (if the bank is not a RemitONE client)?

There are a number of ways through which your correspondent entity can accept and payout transactions. 

RemitONE Payout Interface: Your correspondent entity can simply access your white label RemitONE system to pay out transactions. All they need is a browser and access to Internet. This is the simplest and most cost–effective approach for you and the correspondent entity.  

FTP integration: This is an older communication method, but still used by a large number of players in our money transfer industry. It involves the exchange of formatted CSV files over an FTP location, with a pre-defined protocol and file structure. This protocol and file structure can differ between correspondent entities. There is normally a slight delay in the processing of files. Also, the number of functions available is normally limited to transaction exchange: new transactions, processed transactions and cancellations. 

Simply put, RemitONE system will push file with all the relevant transactional data onto an FTP server. The correspondent entity will pull that file, pay out transactions, and push an updated transactional file back on to the FTP server. The RemitONE system will then pull the new file from the FTP server and update its records. 

API integration: This is the modern method and allows for richer functionality. This integration handles not just transaction flows but also real-time queries for rates and charges, as well as routing information. All calls are instantaneous without delay. There is no need to maintain an interchange FTP server for storing the data files. Each correspondent entity will likely have an API, so again either the other correspondent entity uses the RemitONE API or the RemitONE system will need to develop a module to utilise the correspondent entity’s API. 

What is the integration cost between my RemitONE system and another RemitONE client? What is the cost between my RemitONE system and a correspondent bank I wish to work with?

RemitONE Connections™ is a unique service which gives you access to our existing integrations with banks and money transfer operators worldwide. RemitONE Connections™ can be either a link between your RemitONE system and another RemitONE system or your RemitONE system and a third-party system of a bank or correspondent entity with whom RemitONE has an existing integration. Depending on the RemitONE system’s edition you choose, you will get a few RemitONE Connections™ for free. Then there is a one-off cost we charge per RemitONE Connection™. 

If the bank or correspondent entity you wish to work with is not already in the RemitONE Connections™ list, then we can do a new integration between your RemitONE system and the bank or correspondent entity but you will need to pay for this integration work. We can determine the cost for this integration once we review the bank’s API and workflow process with you. 

If I build my own mobile app or online portal, how can I connect with the RemitONE platform. Do I need RemitONE platform in this case?

You can build your own mobile app or online portal. You can then connect it to the RemitONE platform using our Webservices API. We offer full flexibility on how you wish to reach out to your customers. You can always use our white-label front end mobile apps or online portals or you can use your own. Regardless of the scenario, you can rely on the RemitONE engine to apply all the KYC and AML rules and process transactions. Speak to us about these options.

What payment gateways/processors does RemitONE integrate with to facilitate online credit or debit card transfers?

RemitONE’s online money transfer software comes integrated with several PCI DSS compliant payment processors. We integrate with over 25 different payment processors worldwide. Contact us to get more information on these payment processors and how you can advance to the next phase in remittances by providing a mobile or online platform to your customers. If you have an existing partnership with a payment processor, we can integrate with them through our Webservices API.

Can people send money to their loved ones via a money transfer app or website?

Yes, people can send money through mobile phones or websites. The money service business (MSB), which is typically a bank or a money transfer operator (MTO), can make use of remittance platforms such as RemitONE’s in order to allow their customers (remitters) to register online, setup virtual accounts, create beneficiaries (receivers), send money and track all their transactions in a safe and secure manner. We offer mobile capability either via a smartphone app or via the browser on a mobile device. See how our mobile money transfer software and online remittance systems are changing the industry. Arrange a demo with us. 

I am starting a remittance business. I need to tie up with delivery agents/payout partners in my destination country. Can RemitONE help me?

Yes, we can help you. There are several banks and MTOs that are on the RemitONE platform. All our clients, partners and resellers across the world are part of the RemitONE Connections™ . 

If you would like to partner with a delivery bank/agent in a destination country where we have clients, all you need to do is sign up to our platform and we will put you in touch with that bank/agent. As both you and the delivery bank/agent are on the RemitONE platform, you will be able to send and receive transactions instantly in a secure and streamlined manner. 

With RemitONE Connections™, you are able to tap into new markets immediately without incurring unnecessary overhead costs and having to allocate vital resources. To get more information, submit your enquiry here. 

What international blocklists does the RemitONE platform use?

 RemitONE’s Compliance Manager™ has been evaluated by leading regulators and used by top-tier banks and MTOs. Our NameMatch™ application checks remitter names against international AML block-lists including CIA World Leaders, DFAT Canada, DFAT Australia, EU Sanctions, FIU Netherlands, HM Treasury, MAS, SECO, UN 1267, MAS and much more. We link up with a variety of PEPs and Sanctions lists worldwide. You can even add your own custom PEPs and Sanctions lists into our platform. See Compliance Manager™ for more information.

If the AML blocklist check (HM Treasury, OFAC etc.) is done during transaction creation, and the person is flagged (i.e. his/her name is on the list), how does the administrator/agent get notified of it and how do we stop this transaction from going forward to the ACH batch file for further processing?

We can configure what happens when there is a match on the blocklist(s). For example, we can set a business rule in the system which lets the agent decide if it wants to proceed with the transaction. If the agent allows it to proceed, the transaction is created and processed as normal. Or the system can be configured so that any matches on the blocklist checker will put the transaction into a hold status where a compliance officer must check and approve the transaction before it is processed. It is easy to pull up a set of transactions that require compliance approval (for various compliance failure reasons, not necessarily OFAC only). We can also add in an email alert to the system so the administrator and agent are notified. Arrange a demo with us to see how our platform helps you address your KYC and AML issues.

Can the AML blocklist checks – such as OFAC, EU Sanctions, HM Treasury, UN 1267, MAS, SECO, DFAT etc. – be performed by RemitONE’s software platform during remitter/beneficiary registration?

The RemitONE software platform performs AML blocklist checks at transaction creation time, which is more secure. However, blocklist checks at remitter/beneficiary creation time can also be added in to the RemitONE platform as it is fully customisable. Arrange a demo with us to see how our platform helps you address your KYC and AML challenges.

Do I really need a system to manage my money transfer business? Why do I need a system if I can work with spread-sheets?

Compliance is a big issue in the remittance industry and almost all central banks/regulators around the globe are encouraging money service businesses to adopt a secure, robust and compliant remittance platform that can effectively enforce proper KYC procedures and AML/block-list checks against remitters and beneficiaries and track all transactional information for compliance purposes. In fact, in the UK and Europe, it is mandatory to have a proven compliant platform in place to run a money transfer business – this means that you cannot apply for your MSB license without having a platform in place. Speak to us about this. 

Another reason why governments are asking MSBs to have remittance platforms in place is because such platforms make use of the latest technologies to improve the speed and efficiency of transactions. Modern money transfer platforms can perform all the required KYC and AML checks and provide the required information to the correct delivery agent instantly. They store all the relevant identification documents in one place and enhance customer service by making business critical information instantly available to your send and delivery agents. 

Additionally, these remittance platforms can also provide very accurate financial information about your business, profit/loss on a per transaction level and reports for auditing and compliance purposes. 

I want to set up my own money transfer business. What steps must I take to become operational at the earliest?

In order to set up your own money transfer business in your country, you essentially need to carry out the following four tasks: 

• Have a proven compliant money transfer system in place. Arrange a demo with us. 
• Apply for a money service business (MSB) license with your regulator (if you are based in the UK, we can help you apply for all types of MSB licenses such as Small Payment Institution (SPI), Authorised Payment Institution (API), Small E-Money Institution (SEMI) and Authorised E-Money Institution (AEMI). 
• Attain a special money transfer bank account with a licensed financial services institution in your country (if you are applying in the UK, we can assist you with your own remittance bank account). 
• Partner with a delivery/pay-out network in the destination country where you plan to send money. Alternatively, you can make use of our existing contacts with established delivery agents worldwide. See RemitONE Connections™ . 

RemitONE Consulting can help you get started as a money transfer operator from start-up to expansion and beyond. Our training sessions, contract and professional introductions can give your license application credibility from a trusted name. Enquire about RemitONE Consulting. 

 

Can you help with our Remittance bank account in the United States?

Yes we can. We have partnered with a consulting firm in the US who assist clients in getting remittance bank accounts through their partner bank. Contact us for more information. 

Can you help with our Remittance bank account in the UK?

Yes we can. As you can appreciate, this is one of the most challenging things to do in our industry; hence there are no guarantees. However, we have partnered with a licensed bank account provider in the UK and subject to proper due diligence we can assist you in getting a client segregated/remittance account with sort code and account number for your business. This service is called RemitONE Proton and is part of RemitONE Consulting. 

How long does it take to get our MSB license in the UK?

It is difficult to say how long it will take for a firm to get their MSB license. There are different types of MSB licenses – Small Payment Institution, Authorised Payment Institution, Small E-Money Institution and Authorised E-Money Institution. Based on what we’ve seen, an SPI license can take anywhere from 1 – 3 months; API license can take 3 – 6 months and E-Money license can take 8 – 12 months. Of course, the time it takes for you to get your license depends on a number of factors and the time frames given here are just estimates and can indeed vary.

Can you help with Money Service Business (MSB) licenses in the United States?

In the US, state by state licensing is quite a burden but RemitONE works with a  team of consultants who can guide you to choose the best state or states and plan your licensing progress effectively and affordably. The consultants will help you with the entire MSB application process in the US. 

Can you help with Money Service Business (MSB) licenses in the UK and Europe?

Yes, we can help any established firm or new entity looking to establish an MSB in the UK and Europe. RemitONE has an in-house Consulting team with an excellent track record to assist you with your MSB application.  

There are several independent consultants who can help in getting a Money Service Business (MSB) license in the UK and Europe. Why should we use RemitONE?

The Second Payment Services Directive (PSD2) places special emphasis on IT rules, security protocols and enhanced compliance. As a company interested in the money service / remittance industry, you need to first demonstrate to the UK / EU regulator that you either use or plan to use a proven compliant software technology to manage your money service business.  

RemitONE provides you with both a proven money transfer platform which has been evaluated by several regulators worldwide and assist you in getting an MSB license for your business based on our technology. We have a 100% success rate in helping clients get licensed in the UK. We can also connect you to our licensed and regulated partners to help you get a remittance bank account.  

Not only that but we can also connect you to our ecosystem of clients and partners worldwide, helping you tap into several remittance markets instantly. 

If you wish to use independent consultants to apply for an MSB license, you will still need to fulfill the technology piece prior to submitting your application to the UK regulator. This means that you will still need to find a technology provider. 

RemitONE is an end to end solutions provider, guaranteeing you first class technology and consulting service at competitive rates. 

What is the Second Payment Services Directive (PSD2) and why is it important to you?

With the arrival of the PSD2, all EU and UK authorised firms must re-apply to their financial regulator in order to retain their license. Payment Institutions and Electronic Money Institutions are tasked to ensure that they have implemented new IT rules, security protocols and further enhanced compliance if they wish to be able to continue to provide their services. 

A brief example of some of the IT rules are: 

• Procedures for monitoring security incidents 
• Handling security related customer complaints 
• Implementing incident reporting systems 
• Managing the data for sensitive payments
• Detailed Business Continuity Planning 
• Risk assessments 
• Identification of fraud risks 
• Management of personal data 

Why the need for PSD2? 

• The new rules are designed to make Payment Institutions enhance and review business performance 
• The new requirements could work to improve the security of your business and so in turn improve the attractiveness of your business to customers, thus making the sector more viable and safer amidst the current market climate 
• You can make online payments to merchants without going through PayPal or Visa 
• Stronger ID checks on your customers to ensure security and fraud prevention 
• Breaking down the monopoly of the banks who will have to share customer data with merchants 
• Banks should share their API with licensed firms to facilitate payments and other functions 

What does PSD2 say about hidden fees? 

The PSD2 prohibits the use of non- transparent pricing methods for international payments. What this means is that banks and brokers cannot hide costs in the form of poor exchange rates which are much lower than the market rate seen on Google. 

How much does the RemitONE platform cost?

RemitONE caters to the needs of all types of money services businesses, be they start-ups, SMEs, money transfer operators, mobile network operators, banks and post offices. Our prices vary depending on a variety of factors including your business model, the product or service you are after and the size of your business and the monthly transaction volumes you do or plan to do. For more information on pricing, please contact us.

How much time does it take for RemitONE to setup my remittance software?

We can setup an off the shelf money transfer system for you within 10 business days. Any customisations, integrations or modifications will take slightly longer.

How does the money move from one end to another in the RemitONE platform?

You can run your entire money transfer operation on the RemitONE platform. There are various scenarios in which money moves in the money transfer industry. Usually, the MSB will have a pre-funded account with a payout entity (typically a bank but not always) in the payout country. The MSB will keep the account pre-funded at all times by wiring money from the MSB’s country (source country) to the payout country at regular intervals or whenever the funds in the payout entity’s bank account are running low. The other scenario is post-payment where the payout entity pays out the transactions over a given period of time (typically 7, 15 or 30 days) and then the MSB wires the money to the payout entity.

RemitONE integrates with a number of leading payment gateways and acquirers and can move the funds from the remitter’s bank account in the source country to the MSB’s merchant account in the source country.

How do the pre funding and post funding processes work?

See our response above.

How does the RemitONE platform handle exchange rates?

In the RemitONE system, there are three types of exchange rates – buy rate (the rate at which you buy currency from the payout entity in the destination country); sell rate (rate at which you sell currency to your source agents or end customers); system settlement exchange rate (FX rate from any currency to your system settlement currency). 

The RemitONE system can also pull in mid-market rates from real-time rate providers and you can add your margins to these rates and offer it to your agents or end customers. 

Can my business send airtime/ mobile top-ups through the RemitONE platform?

Yes you can. Our platform conveniently integrates with the world’s leading airtime service providers. Enquire here for more information.

I want to setup / have an online portal for my customers to be able to create transactions online and pay for them with their debit or credit cards. Is this possible on the RemitONE platform?

Yes it is possible. We provide a range of products – including our Online Remittance Manager and Webservices API – to help you achieve this. We go a step further. We provide you with a complete online debit/credit card + payment gateway + acquiring bank solution. Our platform integrates with a number of payment gateways and acquirers across Europe, Africa, North America, the UK and Australia.

Does the RemitONE platform integrate with other MTOs and correspondent banks that are not on the RemitONE platform?

We integrate with a number of MTOs and banks that are not on the RemitONE platform. If you are using the RemitONE platform, you can gain access to all these valuable integrations we have in place. For a nominal, one off fee of £500, we can connect your RemitONE platform with any of our list of correspondent entities worldwide. To get a list of the integrations we have in place, please contact us.

How can RemitONE platform integrate with my correspondent entity (if the bank is not a RemitONE client)?

There are a number of ways through which your correspondent entity can accept and payout transactions.

RemitONE Payout Interface: Your correspondent entity can simply access your white labelled RemitONE system to pay out transactions. All they need is a browser and access to Internet. This is the simplest and most cost effective approach for you and the correspondent entity

FTP integration: This is an older communication method, but still used by a large number of players in our money transfer industry. It involves the exchange of formatted CSV files over an FTP location, with a pre-defined protocol and file structure. This protocol and file structure can differ between correspondent entities. There is normally a slight delay in the processing of files. Also, the number of functions available is normally limited to transaction exchange: new transactions, processed transactions and cancellations.

Simply put, RemitONE system will push file with all the relevant transactional data onto an FTP server. The correspondent entity will pull that file, pay out transactions, and push an updated transactional file back on to the FTP server. The RemitONE system will then pull the new file from the FTP server and update its records.

API integration: This is the modern method and allows for richer functionality. This integration handles not just transaction flows but also real-time queries for rates and charges, as well as routing information. All calls are instantaneous without delay. There is no need to maintain an interchange FTP server for storing the data files. Each correspondent entity will likely have an API, so again either the other correspondent entity uses the RemitONE API or the RemitONE system will need to develop a module to utilise the correspondent entity’s API.

What is the integration cost between my RemitONE platform and another RemitONE client?

We charge a nominal one-off fee of GBP 500 to connect your RemitONE platform with any other RemitONE platform on the planet!

Can you help with our Remittance business bank account in the UK and Europe?

Yes we can. We have partnered with a licensed bank account provider in Europe and subject to proper due diligence we can assist you in getting a remittance bank account with sort code and account number for your business. This service is called RemitONE Proton and is part of RemitONE Consulting. 

Can you help me get my SPI and API licenses?

Yes we can help you acquire MSB licenses for Small Payment Institutions, Authorised Payment Institutions, Small E-Money Institutions and Authorised E-Money Institutions. To date, we have helped countless firms get licensed in the UK. We have a near 100% success rate in helping firms get MSB licensed in the UK. 

How long does it take to get our MSB license in the UK?

It is tricky to tell how long it will take for a firm to get their MSB license. There are different types of MSB licenses – Small Payment Institution, Authorised Payment Institution, Small E-Money Institution and Authorised E-Money Institution. We at RemitONE work with some of the leading remittance consulting firms in the industry and offer end to end money transfer solutions. Based on what we observe, an SPI license can take anywhere from one to three months; API license can take three to six months and E-Money license can take around 8 months. Of course, the time it takes for you to get your license depends on a number of factors and the time frames given here are just estimates and can indeed vary.

Can you help with Money Service Business (MSB) licenses in Europe and the US?

Yes, we can help any established firm or new entity looking to establish in Europe and the US. Whether you are planning to open in Spain, France, Germany or any other European country or willing to passport your license to any other country, our consulting partners can be there to help you. In the US, state by state licensing is quite a burden but our consulting partners can guide you to choose the best state or states and plan your licensing progress effectively and affordably.

Can you help with payment institution licenses in welcoming jurisdictions such as Lithuania, Cyprus, Malta, Gibraltar?

Yes, we can help any established firm or new entity looking to take advantage of what these jurisdictions are offering the companies that could benefit by establishing a presence in these countries and seizing the opportunities they offer. Our consulting partners, after listening to your needs and services, will advise you in the pros and cons of each one and will guide you in having a successful, effective and affordable licensing process.

I would like to become a RemitONE Reseller and promote your products and services in my region. Is this possible? What is the procedure?

Yes, RemitONE is always looking to partner with Resellers in different regions. If you believe you have the experience and resources to promote our products and services in your region, please send us your company profile along with your CV via email to info@remitone.com. We will then contact you.

If I use the RemitONE system, will I have access to correspondent banking networks too?

When you sign on to the RemitONE system, we can introduce you to those correspondent banks that are already on the RemitONE platform. If an agreement is reached between you and the correspondent bank, you can instantly send transactions to those banks through our system. You can use the RemitONE system to tap into the delivery networks of some of the largest banks in Africa, Latin America and SE Asia.

What Business Continuity Program does RemitONE have in place?

In order to ensure Business Continuity, we have the following procedures in place: 

• Continuous Development: We deal with clients and prospects on a daily basis and because we have clients in different parts of the world, we are constantly adding new features and functionality to the core systems to cater to different markets, especially in the realm of KYC and AML Compliance. This ensures that we keep enhancing our software systems and upselling and cross-selling into existing and new markets. On average, we add around 40 industry features to our various money transfer systems on a monthly basis. 
• Security Management: Because we are in the money transfer industry, we place special importance to Security. We continually strive to ensure our systems are highly secure. We deal with the most respected Data Centers and Security Certificate providers in the country. We use industry leading security protocols. We ensure all security measures we take are in compliance with the regions we operate in. 
• Document Management: In order to address personnel turnover, we strive to ensure all documentation pertaining to our business, systems, user manuals, source code, Web Services API documents, system use and other documents are all kept up to date, ensuring that all essential business critical documentation is managed effectively in an automated manner through the use of CRM and Accounting systems. 

Does RemitONE have a Disaster Recovery Program?

Yes. We use multiple load balanced Virtual Private Servers, with a replicated database backend. This helps to ensure that a simple failure does not disrupt system functionality. In addition to the up-to-the-second replicated database, full database dumps are taken daily, and copied to an offsite location. Each week the entire backup data is copied to a separate site as off-site backup. 

In the event of complete server failure, the most recent backup would be used to reconstruct the RemitONE System on another server in the Data Centre. 

In the event of the UK Data Centre being lost or inaccessible, the remote location backup could be used to reconstruct the RemitONE System on another of our servers hosted in Singapore, or vice versa. 

What type of pricing models do RemitONE have?

RemitONE offers two types of pricing models – rental and sale. The rental model is a Software-as-a-Service (SaaS) model where the client pays a one-off setup fee for the product and then pays a monthly rent which depends on the number of transactions the client makes per month. Hardware (hosting, IT infrastructure) and software (support and maintenance) costs are included in the monthly rent. 

The sale, or on-premise model is a license/DIY model where the client buys the license to use our systems. For more information on pricing, please read here. 

I want to set up my own money transfer business. What steps must I take to become operational at the earliest?

In order to set up your own money transfer business in your country, you essentially need to carry out the following four tasks:

• Have a reliable money transfer system in place. Arrange a demo with us.
• Apply for a money service business (MSB) license with your regulator (if you are based in the UK, you need to register with HMRC and apply for a Small Payment Institution (SPI) or Authorised Payment Institution (API) license with the Financial Conduct Authority).
• Attain a special money transfer bank account with a licensed financial services institution in your country (e.g. Barclay’s Bank in the UK).
• Partner with a delivery/pay-out network in the destination country where you plan to send money. Alternatively, you can make use of our existing contacts with established delivery agents worldwide. See RemitONE Connections.

RemitONE Consulting can help you get started as a money transfer operator from start-up to expansion and beyond. Our training sessions, contract and professional introductions can give your license application credibility from a trusted name. Enquire about RemitONE Consulting.

Do I really need a system to manage my money transfer business? Why do I need a system if I can work with spread-sheets?

Compliance is a big issue in the remittance industry and almost all central banks/regulators around the globe are encouraging money service businesses to adopt a secure, robust and compliant remittance platform that can effectively enforce proper KYC procedures and AML/block-list checks against remitters and beneficiaries and track all transactional information for compliance purposes.

Another reason why governments are recommending automated remittance platforms to money service businesses is because such platforms make use of the latest technologies to improve the speed and efficiency of transactions. Modern money transfer platforms can perform all the required checks and provide the required information to the correct delivery agent instantly. They store all the relevant identification documents in one place and enhance customer service by making business critical information instantly available to your send and delivery agents.

Additionally, these automated remittance platforms can also provide very accurate financial information about your business, profit/loss on a per transaction level and reports for auditing and compliance purposes.

What is a money transfer business?

Essentially, a money transfer or money service or remittance business involves offering a service to collect money from the sender and deliver it to the beneficiary. This can be a local service within the same country or a cross-border/international service between two or more countries. 

A business managing the remittance process is called a money service business (MSB) which can include banks and money transfer operators (MTOs). 

In most cases, the remitter will go to a physical location (shop, kiosk, etc.) and hand cash to the MTO teller which is then sent to the beneficiary in another country. The MTO will agree with a delivery agent (typically a bank) an exchange rate between the send and delivery currencies along with any additional charges, such as commissions, head office fee, etc. The remitter will be given a receipt showing all the details including who the money should be picked up by and how much delivery currency will be given. 

The MTO then deposits the cash into their bank account, and when it has collected a large amount, it will typically make a bulk transfer to the delivery agent in the destination country. This is usually done daily, weekly or monthly, depending on the agreement between the MTO and the delivery agent. 

The delivery agent delivers the money to the beneficiary at the agent’s physical location (shop, agent outlet etc.) once they receive instructions from the MTO. 

Depending on the agreement between the MTO and the delivery agent, the latter may deliver the money on credit, or request for a deposit to be kept up-front from the MTO. The delivery agent will usually charge a commission for its service. 

Each send-receive cycle is referred to as a transaction. 

The MTO usually makes a profit in two ways: 

• By offering a lower exchange rate to the remitter than what the MTO must pay to the delivery agent. 
• By charging a fee or commission for the service (this fee usually varies depending on the amount being sent). 

Some newer developments in the remittance industry are: 

• Allowing the remitter to create and pay for a transaction through a mobile phone or an Internet portal or website. In this scenario, the remitter does not have to physically go to a shop or an agent outlet. 
• Remitter and beneficiary receipts can be sent automatically by email or SMS text messages. 
• Remitter can send utility bill payments, mobile money and airtime top-ups via multiple channels including agents, mobile phones, online portals and self-service kiosks. 

Our solution diagram provides more information. Arrange a demo with us to find out more. 

 

Where can I find information on Money laundering regulations?

This information is usually found on your central bank or regulatory body’s website. Following are some helpful links: 

Financial Conduct Authority (FCA) 

Australian Transaction Reports and Analysis Centre (AUSTRAC) 

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) 

Central Bank of Nigeria 

Monetary Authority of Singapore (MAS) 

Financial Crime Enforcement Network (FinCEN) 

What international block-lists does the RemitONE platform use?

RemitONE’s Compliance Manager™ has been evaluated by leading regulators and used by top-tier banks and MTOs. Our NameMatch™ application checks remitter names against international block-lists, including OFAC, HM Treasury, DFAT, CIA World Leaders, UN and EU Sanctions. See Compliance Manager™ for more information.

If we already have a provider of OFAC check service, how can it be integrated with the RemitONE platform?

In this case, we will do API integration with this provider. The provider will need to give us its API through which our platform will call this provider for OFAC checks. Arrange a demo with us to see how our platform helps you address your KYC and AML issues.

Can the OFAC checks be performed during remitter/beneficiary registration?

Currently, the OFAC checks are performed at transaction creation time, which is more secure. However, OFAC checks at remitter/beneficiary creation time can also be added in. Arrange a demo with us to see how our platform helps you address your KYC and AML issues.

If the OFAC check is done during transaction creation, and the person is flagged (i.e. his/her name is on the list), how does the administrator/agent get notified of it and how do we stop this transaction from going forward to the ACH batch file for further processing?

We can configure what happens when there is a match on the OFAC list. For example, we can set a business rule in the system which lets the agent decide if it wants to proceed with the transaction. If the agent allows it to proceed, the transaction is created and processed as normal. Or the system can be configured so that any matches on the OFAC checker will put the transaction into a hold status where a compliance officer must check and approve the transaction before it is processed. It is easy to pull up a set of transactions that require compliance approval (for various compliance failure reasons, not necessarily OFAC only). We can also add in an email alert to the system so the administrator and agent are notified. Arrange a demo with us to see how our platform helps you address your KYC and AML issues.

What sort of steps can we take once a person or transaction is flagged?

Firstly, you decide what you want to do with the transaction after it has been flagged (whether to proceed or not). You can also modify the status of the sender to ‘blocked’ so that no further transactions can be made from this sender. If you don’t wish to completely block the sender, you can mark the sender as ‘suspicious’, which means transactions from this sender will be held for extra checking. You can also add notes against the sender for informational purposes. On the beneficiary side, a beneficiary can be blocked so that transactions to that beneficiary are not allowed. 

Arrange a demo with us to see how our platform helps you address your KYC and AML issues. 

I am starting a remittance business. I need to tie up with delivery agents in my destination country. Can RemitONE help me?

Yes, we can help you. There are several banks and MTOs that are on the RemitONE platform. All our clients, partners and reseller across the world are part of one community – RemitONE Connections.

If you would like to partner with a delivery bank/agent in a destination country where we have clients, all you need to do is sign on to our platform and we will put you in touch with that bank/agent. As both you and the delivery bank/agent are on the RemitONE platform, you will be able to send and receive transactions instantly in a secure and streamlined manner.

With RemitONE Connections, you are able to tap into new markets immediately without incurring unnecessary overhead costs and having to allocate vital resources. To acquire more information, submit your enquiry here.

Can people send money to their loved ones via a money transfer app or website?

Yes, people can send money through mobile phones or websites. The money service business (MSB), which is typically a bank or a money transfer operator (MTO), can make use of remittance platforms such as RemitONE’s in order to allow their customers (remitters) to register online, setup virtual accounts, create beneficiaries (receivers), send money and track all their transactions in a safe and secure manner. We offer mobile capability either via a smartphone app or via the browser on a mobile device. See how our mobile money transfer software and online remittance systems are changing the industry. Arrange a demo with us.

What about KYC and AML Compliance when providing branchless remittance services?

The customer (remitter), depending on where he/she resides, is required to register online and then submit all relevant copies of his/her documents by post to the MSB’s address. The MSB – typically a bank or a money transfer operator (MTO) – will then carry out its due diligence on the applicant. Upon the MSB’s approval, the applicant can login via the Internet or through his/her mobile phone to send money home. This ensures that KYC protocols are followed. 

Reliable money transfer platforms such as those provided by RemitONE are tied into several blocklists such as OFAC, BoE (HM Treasury) and European Sanctions. Whenever a money transfer transaction is created within the system, a check is done on the remitter and the beneficiary against these block-lists to ensure AML compliance. Arrange a demo with us to see how our platform helps you address your KYC and AML issues. 

What payment gateways/processors does RemitONE integrate with to facilitate online credit or debit card transfers?

RemitONE’s online money transfer software comes integrated with several PCI DSS compliant payment processors. Contact us to get more information on these payment processors and how you can advance to the next phase in remittances by providing a mobile or online platform to your customers. We can integrate with other payment processors through our Web Services API.

I have an established money transfer business. Can I connect with international delivery networks of large banks or MTOs if I use RemitONE?

Yes you can. RemitONE platforms integrate with top-tier banks and leading MTOs with vast delivery networks worldwide. With our RemitONE Connections, you are able to tap into new markets immediately without incurring unnecessary overhead costs and having to allocate vital resources. When you sign up to any of our money transfer products, you can choose from the banks and MTOs we work with and we can connect you to them. If you are an MTO start-up, you can benefit by gaining quick access to a large delivery network.

Contact us for more information on the MSBs we work with.

Apart from standard remittances, what other types of services can the RemitONE platform support?

RemitONE’s innovative platform is driven by client feedback and industry research. To stay ahead of the game, we add over 40 new industry leading features into our platform. In addition to supporting cash, account, mobile and card transfer types, our platform handles airtime top-ups as well. The flexible and modular nature of our platform means you can customise it to fit your business model.

Can a client start on the rental model and move to sale model later on?

Yes you can. You can start with the rental model and when you move to the sale model, we will discount the rental setup fee from the sale price for you. You can move to a different pricing model anytime you want; no restrictions at all. Read here on more information about pricing.

Does RemitONE help start-up companies acquire MSB license and bank accounts?

Yes, RemitONE works with leading consulting firms who specialise in helping MTO start-ups apply for Money Service Business (MSB) licenses and also acquire remittance bank accounts. See R1 Consulting for more information.