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.