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 Alternatively, it can replace outdated money transfer platforms, and infrastructure, offering unmatched adaptability.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: 
RemitONE Network

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 

Bank of Ceylon (UK) Limited and RemitONE Join Forces to Revolutionise UK-Sri Lanka Cross-Border Payments 

September 2024: Bank of Ceylon (UK) Limited, a fully owned subsidiary of Bank of Ceylon Sri Lanka has prudently partnered with RemitONE, a global leader in cross-border payment technology solutions. This strategic alliance is expected to significantly improve Bank of Ceylon’s competitiveness in the UK-Sri Lanka corridor, heralding a new era in their 80-year history. The collaboration marks a pivotal moment in the bank’s ongoing efforts to digitalise its services and meet the evolving needs of its international customer base. The collaboration is particularly momentous as the bank approaches its 75th anniversary on 1st October 2024, marking a significant milestone in its longstanding legacy.

The partnership addresses Bank of Ceylon’s pressing need for an enhanced online presence and expanded customer reach. By adopting RemitONE’s cross-border payment software, the bank is set to advance its technological capabilities and offer a more streamlined, user-friendly service to its loyal customers.   

For RemitONE, this collaboration represents a strategic expansion into the South Asian market, reinforcing its position as an innovator in cross-border payment solutions. The partnership underscores both entities’ commitment to embracing digital transformation in the rapidly evolving financial services sector and helping facilitate money transfers for customers at affordable rates. 

As international cross-border payments continue to play a crucial role in Sri Lanka’s economy, this partnership is set to deliver substantial benefits to both individual customers and the broader financial ecosystem. Soon, Bank of Ceylon customers can look forward to a more accessible, secure, and seamless money transfer experience. 

About RemitONE 
 
RemitONE is the leading provider of money transfer software solutions for banks, telcos, and money transfer operators (MTOs) worldwide. Organisations of all sizes use the RemitONE platforms to run their money transfer operations with ease and efficiency by reaching out to their customers via multiple channels including agent, online and mobile. 

For more information on RemitONE, please email sales@remitone.com. 

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!

Remittances: A Powerful Force for Financial Inclusion

This article is brought to you in partnership with Clear Junction, written by Dima Kats, Founder and CEO, of Clear Junction.

Given how much migration around the world has grown over the past two decades, and combined with technology making money transfers more accessible, remittance corridors, inflows and outflows have undergone significant shifts.

No matter where remittances are sent from and headed to, it’s vital that they are made with security and speed built-in. But many remittance providers are struggling to facilitate fast and cost-effective remittances due to high costs, FX conversion challenges, and logistical hurdles. And sadly, that means many people seeking efficient remittance services have struggled to access and afford them. On the other side are recipient individuals and families who depend on those services – they can’t afford to be faced with delays in receiving funds.

Traditionally, the main option for remittances were money transfer networks like Western Union or the post office. But these transfers are often slow to be processed, and in places where physical infrastructure is sparse, chances are that recipients in home countries need to be paid via non-banking payment rails. However, not all payment networks may be available or accessible in every region, limiting the reach of remittance services.

Another challenge is that many banks are hesitant to work with remittance companies due to the perceived higher risk associated with money transfer businesses, which leads to account closures or limited access to banking services.

High transaction costs, including fees associated with currency conversion, international transfers, and intermediary banks, can also eat into remittance profit margins. Finding cost-effective payment solutions that offer competitive exchange rates and low fees is a constant challenge. This means many remittances remain cash-based and therefore more prone to fast-changing FX conversion rates eating into remittance balances and provider profitability.

Fluctuations in exchange rates can impact the profitability of remittance companies, especially those operating in multiple currencies. Remittance companies need access to services with the best FX rates on the most commonly used currencies like USD, EUR or GBP in order to give the best value to their customers.

On top of all of that, employing secure and proven technology is of paramount importance, as is the knowledge that when funds are sent, they will appear in the recipient’s account in as little as a few minutes.

That’s why Clear Junction’s platform is designed to minimise the operational and financial challenges of scaling up remittance FinTechs. We understand the difficulties faced by remittance companies in establishing accounts. So, our collection accounts enable remittance companies to hold a monetary balance with Clear Junction, enabling them to gain access to domestic and international payment networks across the UK, Europe, and US and benefit from competitive FX rates when conversion is needed.

Clear Junction provide a transparent fee structure, which gives remittance companies full visibility of the costs that they will incur on making cross-border payments – unlike some traditional methods when you do not understand the fees until the transaction has been received.

With remittances worth billions of EUR and GBP flowing through our pipes, we’re trusted by a wide range of players to provide reliable technical infrastructure, fast transaction routing, and low FX rates that enable people to send money home, to where it’s needed most – at the fingertips of recipients.

What’s more, Clear Junction can help remittance companies extend their reach outside their domestic markets, enabling them to access and build strong relationships with counterparties in various geographies. Our existing clients operate as a network and often times we are pleased to see internal settlements within that network.

Amongst the advantages offered by Clear Junction is the upcoming roll out of cross-border settlements using stablecoins. Using blockchain and pegged to a reserve asset like US dollars, stablecoins offer real-time settlement and remove the intermediaries that add to fees and risks. Stablecoins hold the potential to fundamentally transform remittance flows to underserved and emerging markets, empowering more financial inclusion and economic development, at societal and global levels.

With Clear Junction, you’re guaranteed clear advantages in your remittance offerings: reduced transaction costs, faster and more secure remittance flows, and the power to reach more customers. Get in touch with us at https://clearjunction.com/contact/ if you’d like to find out how we can help your business.

Meet Clear Junction at IPR Global 2024!

Joining as Platinum sponsors, you can meet Clear Junction at our annual IPR Global event, where you can dive into deep conversations, explore potential partnerships, and discover the latest trends in the industry from leading influencers.

The top decision-makers will be there, so don’t miss this golden opportunity. Our spaces are limited, so seize your ticket now before it runs out at: https://global2024.ipr-events.com/

We look forward to seeing you!

RemitONE Liveness Feature™ Coming Soon: Real-Time Biometric Authentication for Digital Money Transfers 

We are excited to announce the introduction of the RemitONE Liveness Feature™, brought to you through our collaboration with GBG.

The pace of digital transformation has accelerated remarkably in recent years, driven by the rapid advancements in artificial intelligence (AI). This technological surge has reshaped numerous sectors, offering innovative solutions. 

In the healthcare sector, the UK’s National Health Service (NHS) integrated AI-driven facial biometric checks into their mobile app to simplify login procedures, minimising the need for in-person visits and accelerating the onboarding process. Similarly, airlines like Emirates and  Delta have also adopted biometric facial recognition for check-in, security clearance, and boarding, streamlining processes and reducing physical contact. These innovations highlight AI’s transformative power in reshaping industries and improving operations. 

At RemitONE, we have responded swiftly by introducing the RemitONE Liveness Feature™, to help your business comply with the Payments Services Regulations (PSR). These regulations require strong customer authentication for security, and our new Liveness feature ensures that you meet these standards. 

What is the RemitONE Liveness feature™?  

The RemitONE Liveness feature™ is an innovative tool that uses advanced biometric facial recognition technology for real-time authentication during customer onboarding when the customer is not physically present. 

This technology includes liveness testing, which alongside facial biometrics, detects fraudulent attempts such as deepfake images or silicone masks used during selfie submissions. This ensures that the submitted biometric data originates from a genuine person who is physically present. By integrating this feature into your customer onboarding process, you can mitigate the risk of financial penalties and protect your company’s reputation.  

Stay tuned for when this feature will go live. Follow us on LinkedIn and Twitter or subscribe to our newsletter for the latest updates. 

Interview with Wayne Gould, former Head of Financial Services, Trust Payments | IPR Global 2023

We interviewed Wayne Gould, former Head of Financial Services at Trust Payments, during our Innovation in Payments and Remittances (IPR) Global event. Discover his insights on the event, including how it has facilitated the formation of new connections, strengthened existing ones, and more.

Watch the short interview now!

Interview with David Lambert, from Paycross | IPR Global 2023

We sat down with David, CEO of Paycross during our Innovation in Payments and Remittances (IPR) Global event, to share his views on open banking, payment processing and much more. 

David is a seasoned payments professional with a rich background spanning 12 years in the industry. His expertise encompasses card payment processing, cross-border payments, open banking, and transaction data analytics, with a specialised focus on the remittance sector.

Watch the full video to find out his thoughts. 

Mastering Modern Compliance: Adapting to the Changing Landscape and Overcoming De-risking 

The essence of your money service business (MSB) survival lies in compliance. Every passing year brings forth changes, demanding continuous vigilance to keep pace with evolving laws and regulations, ensuring sustained compliance for business operations. 

Join us in this discussion as we explore the dynamic trends shaping compliance, uncovering strategies to proactively anticipate and adapt to upcoming changes, enabling businesses to stay ahead. 

Moderator 

  • Rob Ayers, Business Development, Bates Group 

Panellists: 

  • Ibrahim Muhammad, Senior Payments Consultant, Finxplor 
  • Nadeem Qureshi, CTO, USI Money 
  • Jonathan Jensen, Global Regulatory Policy Advisor, GBG 

How has the landscape of compliance in payments and remittances changed over the years and what are the driving forces behind these changes?  

Ibraheem reflected on the earlier era in the mid-’90s when operations took precedence over compliance, with front offices catering to customers and back offices managing processes without dedicated compliance teams. However, events like 9/11 marked a turning point, prompting companies to recognise the vital role of compliance and the necessity for dedicated compliance teams. Ibraheem believes technology advancements, regulatory changes, and evolving customer expectations as the primary driving forces behind these changes. 

Jonathan also observed a heightened emphasis on a risk-based approach in recent years, noting a departure from rigid, prescriptive regulations to more flexible frameworks 

Nadeem echoed the sentiments of his fellow panellists and shed light on the pandemic-induced surge in regulatory pressure, compelling firms to prioritise operational resilience programs. Regulators increasing demand on firms to implement such programs was another noticeable shift, reflecting the evolving nature of compliance requirements in response to global challenges. 

Can you provide examples of regulatory changes which have had a significant impact on the payments and remittance industry? How have organisations adapted to comply with these changes? 

In the wake of the pandemic, there’s a growing emphasis on implementing resilience and operational strategies. There are concerns firms are unprepared for the Consumer Duty regulation that commenced in July 2023. This regulation demands higher standards for customer care, aligning products/services with customer needs, and ensuring fair pricing. Nadeem discussed essential considerations for firms, such as ensuring tailored customer services for individuals with disabilities and effectively identifying the needs of vulnerable customers. He cautioned that many firms have yet to implement these regulations in their operations, suggesting seeking advice from advisors, consultants, and relevant departments to avoid potential penalties for non-compliance. 

Jonathan also noted a recent regulatory change acknowledging the advantages of technology. He highlighted the Joint Money Laundering Steering Group’s (JMLSG) publication advocating for biometric checks to prevent fraudulent onboarding, showcasing a regulatory shift towards acknowledging and leveraging technological advancements for enhanced security and fraud prevention in the industry. 

We at RemitONE have recently collaborated with GBG to introduce the RemitONE Liveness feature™, a vital defence for our clients in today’s technology-driven world. The risk of impersonation looms large, causing considerable financial losses for companies due to fraudulent activities. Therefore, safeguarding your system with this tool is crucial to combat fraudulent onboarding effectively. 

This technology includes liveness testing, which alongside facial biometrics, detects fraudulent attempts such as deepfake images or silicone masks used during selfie submissions. This ensures that the submitted biometric data originates from a genuine person who is physically present. By equipping your systems with this tool, you can effectively prevent fraudulent onboarding, reducing the risk of severe financial losses and potential damage. Looking ahead, such advancements promise a future where companies can safeguard their operations more effectively, fostering trust and security with their customers. 

This feature is coming soon. Subscribe to our newsletter to find out when it goes live.

What are the primary reasons behind financial institutions’ decisions to de-risk and how can payment providers mitigate the impact of de-risking on their operations? 

There is a growing need for stringent policies within banks to combat financial crime, highlighting the persistent challenge posed by cross-border regulatory disparities, as noted by Nadeem. Banks weigh commercial viability and transactional volume heavily, often leading to sector exits. However, with the evolving landscape, there are more available options like payment service providers and EMIs offering umbrella accounts, catering to small and medium-sized enterprises (SMEs) transfer operators.  

There are also different regional variations approaches to de-risking. Ibraheem referenced a case where a UK politician’s account closure, sparked media attention on political implications, which led the FCA to address the issue, by tightening regulation. Stakeholders should take a collaborative approach in the payment ecosystem for a more nuanced, risk-based approach rather than blanket policies. There is also a UK trend of reluctance in onboarding PEPs due to high incorporation costs, this reinforces the need for a risk assessment based on sectors and jurisdictions rather than denying access. This approach could streamline onboarding while minimising risks associated with certain customers.  

The panellists collectively agreed with the necessity for adaptive, risk-centric approaches within financial institutions to mitigate de-risking impacts on payment providers and foster a more inclusive yet secure financial landscape. 

What role does customer due diligence (CDD) play in modern compliance efforts and how can organisations balance customer experience with the need for rigorous customer due diligence requirements? 

CDD is the core of compliance, but there needs to be a balance between conducting necessary checks without disrupting the customer experience, as expressed by Jonathan. Leveraging appropriate technology to streamline processes and ensure a seamless experience for customers while effectively fulfilling CDD requirements is crucial. 

Ibraheem highlighted the varying approaches taken by companies, tailoring due diligence based on regions and types of products or services offered. He explained that transactions to high-risk jurisdictions warrant enhanced due diligence, while those to lower-risk areas could involve less stringent checks for customer convenience. Additionally, Ibraheem pointed out that different services, such as cash pick-ups versus account transfers, require varying levels of scrutiny, aligning due diligence with the nature of the service provided. 

Nadeem echoed the sentiments of Jonathan and Ibraheem, emphasizing the importance of aligning enhanced due diligence (EDD) with the commercial model, service type, and territorial risks. He underscored the benefits of applying a risk-based approach, suggesting that robust internal systems established through such an approach can yield long-term benefits for organisations in compliance efforts. 

What next?  

At RemitONE, our commitment is to provide you with cutting-edge technology, compliance solutions, 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 with our experts today! 

Innovation in Payments and Remittances (IPR) Awards 2023

RemitONE is delighted to announce the winners of the 2023 Innovation in Payments and Remittances (IPR) Awards. 

Start-up of the Year Award 2023 

Winner: PayOnlime 

Honourable mention: Lollicash 

Scale-up of the Year Award 2023  

Winner: Clear Junction  

Honourable mention: Remit Choice Limited 

Leader of the Year Award 2023 

Winner: Jones Amegbor, Founder & CEO (PayAngel)

Excellent Customer Service Award 2023 

Winner: Trust Payments & Unity Link 

Innovation Award 2023  

Winner: Currencycloud 

Social Impact Award 2023 

Winner: HelloPaisa 

Honourable mention: PayAngel 

All entries were thoroughly evaluated by our esteemed judges comprised of global senior experts in the payments and remittance industry:  

  • Leon Isaacs, CEO & Founder, DMA Global
  • Kathryn Tomasofsky, Executive Director, MSBA
  • Lindsay Lehr, Managing Director, PCMI  
  • Rob Ayers, CEO, Fintech-Advisors
  • Sharon Gibson, CEO, JMMB Money Transfer
  • Veronica Studsgaard, Founder & Chairman, IAMTN

After the initial assessment, the award finalists were unveiled in August 2023. This was followed by the second stage, during which the judging panel reviewed all the finalist entries and selected the winners in each category through an anonymous scoring method. 

The award winners were announced at the IPR Awards ceremony during the IPR Global Hybrid 2-day event on Tuesday 26th September, in London, UK. 

From Left to right pictured: (Top left) Larissa Rocha, Wayne Gould, Adel Taher, Jones Amegbor, Sohail Nizami and Joseph Lamptey. (Bottom left) George Boateng and Lindsay Lehr. (Top right) Rob Ayers and Adel Taher. (Bottom right) Sohail Nizami and Leon Isaacs.

About Innovation in Payments and Remittances (IPR)  

In 2018, RemitONE launched Innovation in Payments and Remittances (IPR) to bring together various industry supply chain members to drive positive change. Through events and research reports, IPR brings together senior business leaders dedicated to enhancing the industry, enabling them to think big, share best practices, engage, learn, discover, create opportunities and shape change. With the power of collective insight, we can push innovation and industry growth boundaries and benefit from better outcomes. 

The first IPR event was held in the iconic London landmark, The Shard. In 2021, due to the pandemic, the event was hosted online and attracted over 3,000 registrations worldwide. The IPR events are organised throughout the year to help industry stakeholders, visionaries and business leaders make informed decisions that ultimately benefit the consumer. 

About RemitONE  

RemitONE is the leading provider of end-to-end money transfer solutions for banks, money transfer operators (MTOs) and fintech start-ups worldwide. Our award-winning money transfer, compliance software products and consulting services – including MSB licensing, bank account provisioning and connections to our clients and partners – are tailored for the global money transfer market.  

Organisations of all sizes use our platforms to run their remittance operations with ease and efficiency by reaching out to their customers via multiple channels, including agent, online and mobile.  

For more information, or to access all the photos from the IPR Awards ceremony, please contact marketing@remitone.com