Unlock Faster, More Secure Payments with RemitONE’s Open Banking Solution

We’re excited to introduce the latest enhancement to our RemitONE Money Transfer Platform: the RemitONE Open Banking Solution. Competitively priced and designed to offer businesses a faster, more secure, and seamless payment experience, this powerful new feature ensures maximum value for our clients through advanced open banking capabilities. 

Open banking is revolutionising the financial industry by allowing businesses to connect directly with their customers’ bank accounts to initiate payments. By bypassing intermediaries such as card networks, open banking delivers numerous benefits: 

Key Benefits of the RemitONE Open Banking Solution: 

• Faster Transactions: Payments are processed almost instantly, providing businesses with quicker access to funds and improving cash flow. 

• Enhanced Security: Secure, direct payments minimise the risk of fraud and chargebacks, giving both businesses and customers peace of mind. 

• Cost Efficiency: Open banking eliminates many fees associated with traditional card payments, making it a cost-effective option for businesses of all sizes. 

• Streamlined Customer Experience: Customers can authorise payments through their mobile banking apps, ensuring a smooth and frictionless checkout process. 

Our RemitONE Open Banking Solution, powered by RemitONE’s award-winning technology, seamlessly integrates into the RemitONE Money Transfer Platform. This plug-and-play solution allows clients to quickly enable open banking without the need for complex technical integrations. 

This enhancement underscores RemitONE’s commitment to staying at the forefront of payment innovation, equipping our clients to thrive in a rapidly evolving digital economy. 

Get Started Today 

Take advantage of this feature to unlock the full potential of open banking for your business. Book an exploratory call today using the link below to learn how you can implement this solution and deliver a superior payment experience to your customers!

How to Expand Your SEND Operations in the UK and Europe—Without the Regulatory Hassle 

The remittance market in Europe is valued at €133.7 billion annually, with the UK market contributing an additional £23 billion. With over 27 million non-EU citizens in Europe and 10 million migrants in the UK, the potential for businesses to tap into these markets is immense. World Bank Open Data 

However, expanding SEND operations across these regions can be a complex and costly process, with significant regulatory hurdles and the need for local bank accounts. RemitONE RaaS (Remittance-as-a-Service) eliminates these challenges by offering a simplified, plug-and-play solution that enables businesses to quickly and efficiently launch and expand their remittance services in the UK and Europe—without the regulatory headaches. With RemitONE, you can fast-track your market entry and scale your operations in just a few weeks, bypassing the complexities of obtaining local regulatory licenses or setting up bank accounts, that can take 12-24 months. 

This solution is ideal for fintechs, money transfer operators (MTOs), banks, and other financial service providers looking to monetise cross-border payment corridors, expand their offerings without the burden of complex compliance requirements and launch operations rapidly. 

The key benefits of RemitONE RaaS include: 

• Cost Efficiency: Significantly reduce upfront costs by eliminating regulatory licenses, bank fees, and administrative expenses. 

• Ease of Operation: Simplify your operations by consolidating all remittance functions into one platform, eliminating the need for multiple providers or contracts. 

• Market Expansion: Enter over 180 payout countries quickly and tap into new cross-border payment corridors, building brand recognition among diaspora communities. 

• Revenue Opportunities: Monetise every transaction with minimal operational overhead, while expanding into new markets without the cost of infrastructure. 

With RemitONE RaaS, you can effortlessly expand your SEND operations in the UK and Europe, without the traditional regulatory barriers. To find out how RemitONE can support your business growth, book an exploratory call today using the link below. 

The Top 5 Cross-Border Payment Trends That Shaped 2024 

What a year it’s been for the world of payments! From breakthroughs in tech to surprising shifts in consumer behaviour, 2024 has kept us on our toes. Whether it’s the ways we send money, secure transactions, or even think about digital currencies, this year has been nothing short of transformative. But what were the key trends that stood out and reshaped the landscape? Let’s dive in and explore the innovations that made waves—and will set the stage of what’s to come. 

1. AI and Biometric Verification in Payments: The Future of Secure Payments 

As fraudsters get more sophisticated, the payments industry is fighting back with AI and biometrics, creating a formidable defence for identity verification. According to PYMNTS Intelligence, 51% of global users now rely on biometrics to verify online payments—proof that this technology is becoming a trusted norm. But its influence stretches beyond payments; biometric systems are also making waves in airports, stadiums, and event venues. 

Biometrics is even transforming the remittance sector. By simplifying onboarding and checkout, it ensures faster, more secure cross-border transactions while reducing friction—a win for users and compliance alike. In Vietnam, for example, embedding biometric verification led to a remarkable 72% drop in fraud-related accounts. As digital apps become the preferred method for money transfers, biometric verification seamlessly complements the transition to smooth, app-based experiences. 

Advanced biometric systems are integrating features like liveness detection (to prevent spoofing). This is why we have been proactive and introduced earlier in the year our RemitONE Liveness Feature™, which uses liveness testing and facial biometrics to detect fraud, like deepfakes or silicone masks when scanning faces. It ensures biometric data is from a real, physically present person. Integrating it into your onboarding process reduces financial risks and safeguards your company’s reputation. 

To activate this feature, reach out to us at sales@remitone.com. 

2. Real-time payments: The Fast Lane Keeps Getting Faster 

In 2024, the demand for instant, hassle-free transactions kept real-time payments (RTP) on a steep growth curve. Thanks to advances in open banking and cloud tech, payment systems have become faster, safer, and more user-friendly than ever. 

Just last month in the U.S., RTP set a jaw-dropping record with 1.46 million transactions in a single day. Globally, India remains the frontrunner, clocking 130 billion RTP transactions in 2023. And the momentum shows no signs of slowing down—according to ACI Worldwide, RTP is projected to grow by $285.8 billion and bring over 167 million more people into the banking ecosystem by 2028. 

The story doesn’t end there. Developing economies are doubling down on mobile-first approaches, boosted by smartphone adoption and supportive regulations, creating the perfect storm for RTP expansion. But with great speed comes greater risk—fraudsters are evolving too. In response, AI-powered security tools are stepping up, delivering real-time fraud detection and prevention to keep transactions safe. 

Real-time payments are reshaping the financial landscape, and if 2024 is any indication, the future is all about immediacy, security, and inclusivity. 

3. Collaborations & Partnerships: Driving innovation  

In 2024, the cross-border payments space thrived on groundbreaking collaborations, each aiming to make global money transfers faster, easier, and more inclusive. Here’s a snapshot of some standout partnerships: 

• Visa and Revolut: These two giants teamed up to launch Instant Card Transfers, offering real-time payments in over 78 countries. With just a card number, users can now send money globally at reduced fees and lightning speed. This move is a game-changer, especially for small businesses and freelancers managing international payments. 

• Tarabut Acquires Vyne: MENA-based Tarabut acquired UK’s Vyne to supercharge its account-to-account (A2A) payments. This step aligns perfectly with regulatory shifts in Saudi Arabia and the UAE, simplifying cross-border payments for both businesses and consumers in the region. 

• Mastercard and Equity Bank: Strengthening ties with Equity Bank, Mastercard enabled seamless cross-border transfers to over 30 countries across Kenya and Sub-Saharan Africa. By removing landing fees and ensuring recipients receive full-value remittances, this partnership addresses affordability and accessibility for underserved markets. 

• Nium and Kinexys: Nium and Kinexys (powered by J.P. Morgan), have taken their partnership to the next level, making international payments to Malaysia, Thailand, and Hong Kong smoother than ever. By validating bank account information in real time, they’re tackling failed payment errors head-on.  

No business thrives in isolation—collaboration is often the key to unlocking new opportunities and driving innovation. By working together, businesses can combine strengths. But let’s face it, finding the right partners can be a challenge, which is why we provide the RemitONE Hub™, where we can connect you with our trusted network of MTOs, banks, telcos, and payment gateways to elevate your business. 

Whether you’re looking to enhance your operations or break into new markets, collaboration is the way forward. So, if you’re interested in discovering our network then just send us a quick email at sales@remitone.com. 

4. CBDCs: Are we getting there? 

Central Bank Digital Currencies (CBDCs) saw significant momentum globally, with 134 countries, representing 98% of global GDP, exploring their potential. Among the 44 active pilot projects, China’s digital yuan (e-CNY) stood out, processing transactions worth $986 billion this year, up from $253 billion in 2023. Projects such as mBridge—a cross-border CBDC initiative involving  Saudi Arabia, UAE, Thailand, and China (including Hong Kong)—highlight growing efforts to enhance international financial systems. 

Frontrunners like Nigeria, Jamaica, and the Bahamas focused on expanding their retail CBDCs to improve financial inclusion, although adoption remains slow. Meanwhile, in the West, the U.S. joined global pilots like Project Agorá, and the EU made strides with its digital euro initiative, both addressing key regulatory and interoperability challenges. 

As we head into 2025, the spotlight will be on whether CBDCs can overcome hurdles like privacy concerns, cybersecurity risks, and geopolitical rivalries to deliver their promise of reshaping global finance. 

5. Countries embracing Cryptocurrency and Blockchain 

The adoption of Blockchain and cryptocurrency soared this year, with many countries taking bold steps toward integrating these technologies into their economies. A report from TripleA revealed that over 560 million people worldwide now own cryptocurrency, marking a 34% increase from the previous year. ChainAnalysis findings found India, Indonesia, and Vietnam led the charge, driven by the growing need for financial inclusion, particularly in areas with high inflation or currency instability. 

One of the standout developments is the growing trend of integrating blockchain with AI and privacy-enhancing tools like zero-knowledge proofs, which aim to make blockchain interactions more secure and confidential. This combination is increasing confidence in decentralised systems, making them more attractive to both businesses and governments. For instance, the UAE continues to lead with projects like the Dubai Blockchain Strategy, aiming to make the city fully blockchain-powered. They’ve already achieved significant milestones by migrating all applicable government transactions to the blockchain platform, enhancing transparency and reducing bureaucracy. 

Other countries in Central and Southern Asia, like Indonesia and the Philippines, are also embracing crypto, with growing merchant services and DeFi applications. This grassroots adoption, particularly in lower-middle-income (LMI) nations, shows how crypto is helping bridge financial gaps for millions. 

The trend is expected to continue upward, with further integration of blockchain into national economies and the rise of regulatory clarity. Many countries are now adjusting their frameworks to better accommodate crypto use while mitigating risks. The European Union’s MiCA regulation, for example, is paving the way for more institutional involvement. Expect to see more countries adopting blockchain for government-backed digital currencies and public services, while stablecoins remain crucial in regions like Sub-Saharan Africa for remittances and payments. 

This year has proven to be a milestone year in the evolution of the payments landscape.  As we prepare for the challenges and opportunities of the future, one thing is clear innovation will continue to be the driving force behind progress in payments and finance. With tools like our biometric liveness feature and a global network to tap into, we’re here to help you innovate, expand, and stay secure.  

Ready to elevate your game? Get in touch with us at sales@remitone.com to learn how our solutions can help you stay ahead in this fast-evolving landscape.  

How Banks Can Reclaim Their Role in Cross-Border Payments with RemitONE

Banks, once the cornerstone of international payments, are finding themselves sidelined. Senders and receivers have now joined forces, pushing banks out of the equation. 

But all is not lost. By embracing cutting-edge tools and software, banks can avoid being bypassed by larger MTOs and telcos. By connecting via a simple API to the RemitONE Hub™, they gain access to a multitude of MTOs, banks, and telcos worldwide, enabling them to send or receive various payment types, including cash, bank account, airtime, utility bills, and mobile wallet payments. 

The Challenge: Banks on the Sidelines 

The traditional banking model for international money transfers is facing significant disruption. People now have access to digital services that make transfers quick and easy with just a tap on their phone. Fintechs and money transfer operators (MTOs) help senders move money faster and cheaper, while aggregators and telecoms ensure it reaches even the most remote places. 

Which leaves the lingering question: Where does that leave banks? How can they stay relevant in this shifting landscape? 

The Solution: The RemitONE Hub™ 

RemitONE offers a powerful solution by acting as a bridge between banks and the wider fintech ecosystem. 

The RemitONE Hub™ is a secure, flexible platform to manage and process money transfer transactions. Powered by modern technology, it offers real-time transaction monitoring, tracking, detailed reporting, and customisable features, all offered within a white-labeled solution. 

What makes the RemitONE Hub™ stand out? 

• Relevance: connects all key entities in the supply chain—MTOs, banks, and telecoms—ensuring that every participant benefits from the ecosystem. 

• Flexibility: seamlessly integrates with existing systems, allowing banks to plug in with minimal disruption. Alternatively, it can replace outdated money transfer platforms, and infrastructure, offering unmatched adaptability. 

• R1 EcoSystem™: gain access to the expansive RemitONE network to open doors into untapped corridors and unlock fresh revenue streams. Take a look at a quick snapshot below: 

Here’s how RemitONE Hub™ reconnects banks to the global money transfer network: 

1. Connecting Sending Partners 

Sending Partners: The entity responsible for originating the fund transfer, whether through a digital platform or traditional method. 

On the sending side, the RemitONE platform integrates with: 

• Fintechs  

• MTOs 

• Aggregators 

2. Empowering Receiving Partners 

Receiving Partners: The entity that receives the funds on behalf of individuals or businesses, whether through a digital platform or traditional method. 

On the receiving side, RemitONE connects banks to: 

• Fintech 

• MTOs  

• Aggregators 

• Telecom Operators 

This interconnected framework ensures that banks remain an integral part of the financial journey, from sender to receiver. 

With RemitONE’s all-in-one system, the complexity of managing multiple platforms is eliminated, saving your team valuable time and reducing the risk of human error. With fewer systems to manage, your processes become more efficient, allowing your bank to operate smoothly, stay ahead of competition, and remain fully compliant—staying firmly in the good books of regulators. 

Conclusion: The Future of Banking in Cross-Border Payments 

The financial world is moving forward, and so must banks. By embracing platforms like RemitONE, banks can transform potential challenges into opportunities, becoming central players in the global money transfer network once again. 

We’ve already empowered leading banks like Stanbic Bank, Banco do Brasil, Attijariwafa, and UBA—and you can be next. 

The RemitONE Hub™ is not just a solution; it’s a lifeline for banks striving to stay ahead in a rapidly digitising world. With its ability to connect banks to the innovators driving the money transfer revolution, RemitONE ensures that no one gets left behind. 

Book a FREE consultation with our expert consultants, and let’s get your bank back in the cross-border payments game. 

Driving Innovation and Customer Trust: The Role of Compliance, Speed, and Transparency in the Evolving Payments Landscape | IPR Global 2024 

In today’s fast-evolving payments landscape, security, compliance, and customer expectations are more interconnected than ever. As businesses strive to innovate and meet the growing demand for faster, more transparent payment solutions, integrating compliance from the start is no longer a choice—it’s a necessity. 

We gathered our panel of experts from top companies in the field to share their insights and strategies. 

Panellists:  

• Michael Bermingham, Co-Founder & Chief Business Officer, Nium 

• Anastasia Serikova, VP, Head of Revenue and Growth, Visa Direct at Visa 

• Kunal Choudhary, Money Transfers Strategy Lead, Worldpay 

• Mitchell Fordham, Chief Revenue Officer & Co-founder, eSIM Go 

Moderator: 

• Oussama Kseibati, Business Development Officer, RemitONE 

1. Balancing Innovation with Security: How Are Companies Integrating Compliance to Enhance Trust in the Payments Landscape? 

In the evolving payments landscape, security and compliance aren’t just obstacles—they’re integral to innovation and customer trust. Michael highlighted that integrating compliance directly into product development can actually streamline processes rather than create friction. By building end-to-end solutions that embed compliance from the start, companies can meet regulatory standards, mitigate fraud risks, and open doors for more secure, seamless transactions. This approach not only can potentially position companies as leaders in compliance but also offers clients and partners a smoother, more reliable service. 

Anastasia echoed Michael’s view, emphasising that products must work in close harmony with compliance. Open, continuous dialogue with regulators is crucial to ensuring that innovation and security progress together. Recent cross-border payment targets set by the Financial Stability Board—such as the goal for 75% of cross-border payments to arrive within an hour, with the remainder arriving within one business day by 2027. While challenging, it can push the industry to ultimately improve transparency and customer satisfaction. 

2. Shifting Customer Expectations and the Impact of Seamless Payments and Remittances on Satisfaction  

Customer expectations should naturally evolve as innovation progresses, highlighted Kunal. If they aren’t changing, something’s off. He broke this down into three key areas: transparency, speed, and convenience. Worldpay’s recent report found 84% of consumers want one-click payments, 67% prioritise ease of use when choosing a preferred payment method, and an impressive 97% say that fast payouts are crucial for a positive remittance experience. Integrating these elements into your payment processes is essential for a seamless customer journey. 

When it comes to customer loyalty, fees are a major factor—73% of respondents consider them when choosing a remittance provider. Even more telling, 98% said transparency from the beginning of the transaction is key to keeping them loyal. In contrast, hidden fees or a lack of transparency can break trust, leading 20% of customers to abandon a transaction and seek alternatives. Failure to meet expectations on transparency or fees could leave customers feeling blindsided, eroding their confidence in the brand. 

Michael added to Kunal’s point, highlighting the growing demand for real-time payments. Today’s customers want to know exactly where their money is at every step of the journey. While speed is crucial, transparency about the transaction’s status throughout the process is just as important. Customers are increasingly frustrated when they don’t have visibility into the status of their payments, which can detract from their overall satisfaction. 

3. Case Studies: Leading Companies Elevating Customer Experience 

Mitchell shared how Western Union is utilising eSIM technology to enhance customer convenience and loyalty. Through their digital wallet, the company offers eSIM options that allow customers to stay connected while travelling abroad, making it easier to manage finances, communicate with family, and access their services. This added benefit not only enriches the customer experience but also helps retain users by offering more value. Additionally, this approach allows Western Union to gather data that can be used to further refine and improve their services. 

Worldpay, one of the largest payment acquirers, has a robust global infrastructure supporting over 180 markets and processing more than 50 billion transactions in multiple currencies. This vast expertise enables them to help merchants expand into new markets and enhance the customer experience, pointed out Kunal. Worldpay’s ability to innovate in fraud prevention through AI and machine learning helps ensure flag fraudulent activity beforehand and prevent it moving forward. While their focus on offering a wide range of payment options helps meet diverse customer needs. Their continued commitment to enhancing the payments experience through these technologies has enabled merchants to expand into new markets with greater confidence, benefiting both businesses and customers alike. 

A growing trend in the payments industry, highlighted by Anastasia, is the increasing demand for faster, more transparent payments, particularly for Small to Medium Enterprises (SMEs). A notable example is Revolut’s instant payouts for businesses, a service powered by Visa Direct. This has been driven by the need for speed and clarity in payments. 

4. Promoting Financial Inclusion Through Payments and Remittances in Underserved Regions 

In regions like Latin America, particularly Brazil, the introduction of real-time payments through PIX has been a game-changer. This system allows users to send and receive payments instantly, bypassing traditional banking systems and making financial transactions more accessible. Additionally, the ability to store and use foreign currencies in digital wallets is helping underserved populations meet daily financial needs, especially in times of crisis. This has opened up new opportunities for individuals, such as remote workers and freelancers, who can now receive payments from employers across different regions without relying on traditional bank accounts. 

Anastasia highlighted several initiatives powered by Visa that contribute to financial inclusion. She shared how Visa has facilitated rapid state payouts during crises, such as in Guatemala following a natural disaster. Through Visa’s payment rails, the government was able to distribute funds quickly to almost 3 million people. Looking ahead, Anastasia predicts that digital wallets are expected to play an even larger role in financial inclusion, making it easier for people in underserved regions to access financial services. 

Mitchell also discussed the significant role of mobile operators in providing financial services to underserved regions, particularly through companies like MTN and Digicel. However, a more innovative approach where not only can money be transferred between phone numbers, but the mobile operator also provides a SIM card to the recipient. This creates opportunities to better understand user behaviour, track interests, and gather insights about customer segments. By offering mobile plans at affordable rates, these operators are able to deliver a range of services that offer more value than just low fees, which in turn helps foster stronger brand loyalty and financial inclusion. 

What next? 

At RemitONE, our commitment is to provide you with cutting-edge technology, compliance solutions, an expansive network, and expert guidance to navigate the ever-evolving landscape of remittances. Whether you’re just starting out or looking to scale your business, we’ve got you covered. 

Want to see how RemitONE can elevate your business? Book a free consultation to discover how we can supercharge your business 

Flutterwave: Simplifying Cross-Border Settlement for Multinationals in Africa

This article is brought to you in partnership with Flutterwave, written by Sid Gautam, SVP–Enterprise at Flutterwave.

Having trouble transferring money for your business from Africa across borders? You’re not alone. International business transactions can seem like an overwhelming task due to the hidden fees and complications that are frequently involved with cross-border settlements. No more worries, Flutterwave provides an easy and cost-effective answer to your international settlement needs.

Recently named Fast Company’s Most Innovative Company in Europe, Middle East, and Africa, Flutterwave stands out as Africa’s leading payments technology company, providing an efficient and transparent cross-border payment solution. The company has established a solid reputation with over 630 million transactions worth more than $31 billion in total payment volume, and 20 million+ API calls per day.

Seamless Onboarding Processes

On the eight-year journey of simplifying payments for multinationals in Africa and beyond, Flutterwave has learned and we have adapted our onboarding processes to be straightforward with 24/7 support always available throughout the process. Our Know Your Business (KYB) process is enhanced to get you set up quickly and efficiently. This follows with other important mechanisms needed to ensure your operations are live and running in no time within stipulated regulatory requirements.

Extensive Reach and Settlement Expertise

Leveraging an extensive payment infrastructure network spanning over 30 African countries with a presence in the UK, US, and EU, Flutterwave is the cross-border payment partner of choice in Africa. Our settlement solution facilitates seamless payment operations for multinationals across Africa and African businesses growing globally.

Currently, we serve merchants across several industries: payments, hospitality, ride-hailing, aviation, gaming, logistics, and digital infrastructure to mention a few.  With support for multiple currencies as well as local and international payment methods such as mobile money, bank transfers, cards, and Google Pay, your larger enterprise will be in the capable hands of our cross-border payment solutions facilitating fast, transparent, and cost-effective payment solutions.

Regulatory Compliance and Maximum Security

At Flutterwave, operation excellence and minimizing counterparty risk are our top priorities. Strict adherence to regulatory compliance through owned licenses and a network of partners across several countries within and outside Africa means cross-border transactions are settled within relevant payment policies and regulations. To ensure maximum security for merchants’ data and funds, we have risk and compliance systems and teams across several countries carrying out extensive compliance checks to mitigate anti-money laundering (AML) and combating the financing of terrorism (CFT) risks.

We also invest heavily in payment infrastructure security such as maintaining the highest PCI-DSS & ISO 27001 certifications, in line with global best practices. This ensures that whether managing B2B first-party treasury flows or third-party supplier payouts, Flutterwave’s cross-border payments adapt to specific business needs legally and securely.

In Conclusion: with Flutterwave, enterprises can streamline their cross-border settlements, ensuring speed, transparency, and cost-effectiveness. Join global merchants such as Uber, Worldpay, Piggyvest, Bamboo, Air Peace, Microsoft, and Flywire running their cross-border settlement efficiently and securely from Africa to the world and vice versa. Let’s talk!