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.