FAQ: Software Platform

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 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 platform 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.

What Others Say

Every successful business needs reliable technology. Within a very short span of time, Daytona Capital Management has risen to provide money transfer services to over 30 countries. This could not have been possible without the support and ‘technological backbone’ provided to us by RemitONE.

Mr Sohail Nizami, Executive Director
Daytona Capital Management, UK

I work closely with RemitONE on a number of Money Service Business opportunities and RemitONE continue to be enormously diligent and professional in their approach to the sector.

David Lambert, CEO
L68 Consulting

The speed with which RemitONE were able to deliver an advanced money transfer management solution with bespoke features we requested is amazing. We deal with many agents using different remittance systems sending us transaction information in various formats. RemitONE MTMS has helped us overcome this issue and has allowed us to penetrate new markets and manage remittance data in an automated manner.

Sohrab Mustafa, SVP & Head of ID
United Commercial Bank

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