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.
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.
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.
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.
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.
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.
