RemitONE partners with GBG for global identity verification and AML compliance solutions

21^st September, 2023: RemitONE is thrilled to announce its strategic partnership with GBG, a global expert in digital location, identity verification, and fraud prevention software. This collaboration empowers Money Transfer Organisations (MTOs) worldwide to effectively verify customer identities across the globe, maintain regulatory compliance, and streamline customer onboarding.

Now, RemitONE users can seamlessly harness GBG’s cutting-edge capabilities through the renowned RemitONE Money Transfer Platform. This partnership addresses critical challenges faced by MTOs, including:

Onboarding a diverse and global customer base

Confidently onboarding good customers and managing high-risk individuals and businesses by verifying customers on an ongoing basis for politically exposed persons (PEPs) and sanctions checks
Ensuring compliance with anti-money laundering (AML) regulations
Cost efficiency

RemitONE partners with GBG as they are the global leaders in identity verification and fraud prevention. GBG’s solutions are one of the most cost-effective on the market and make compliance easy for RemitONE’s clients.

In GBG’s recent Global State of Digital Identity 2023 report, only 30% of businesses said that they screen customers against PEPs and sanctions lists. Find out more key insights here: GBG’s Global State of Digital Identity 2023 report

Take advantage of the RemitONE and GBG partnership by contacting marketing@remitone.com

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 platform to run their remittance operations with ease and efficiency by reaching out to their customers via multiple channels including agent, online and mobile.

About GBG

GBG is the leading expert in global digital identity. Combining their powerful technology, the most accurate data coverage, and talented team to deliver award-winning location intelligence, identity verification and fraud prevention solutions.

With over 30 years’ experience, GBG bring together a team of over 1,250 dedicated experts with local industry insight from around the world to make it easy for businesses to identify and verify customers and locations, protecting everyone, everywhere from fraud.

Learn more at www.gbgplc.com and follow us on LinkedIn and Twitter (@gbgplc).

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

Video | Managing Anti Money Laundering (AML) and Compliance for your Money Service Business

To ensure the smooth and secure operation of your business, it’s essential to be diligent in navigating AML requirements while remaining compliant with the latest regulations in your operational regions. In our third instalment of the ‘How to Start Series,’ Ibrahim delves into one of the fundamental pillars of your Money Service Business (MSB): Anti-Money Laundering (AML) and Compliance, he guides you through the essential steps such as:

Implementing a risk-based strategy tailored to your products/services.
Establishing a comprehensive AML and compliance framework, including its key components
Selecting the appropriate software technology that has the right capability to support your needs

Find out the insightful strategies to safeguard your MSB against potential threats, watch the full video now.

Ready to dive deeper into launching your own MSB?

Contact our expert consulting team at RemitONE today and organise a free 30-minute consultation. Let us guide you towards success and help you get your money service business up and running as fast as possible. Schedule a free consultation with our experts:

Innovation in Payments and Remittances (IPR) Awards | Finalists Announced!

We are thrilled to announce our finalists for this year’s IPR Awards. The IPR Awards is a prestigious event celebrating the exceptional achievements of the money transfer community’s best and brightest.

This year, we introduced six unique award categories including:

Innovation Award
Exceptional Customer Experience Award
Social Impact Award
Start-Up of the Year
Scale-Up of the Year
Leader of the Year

IPR Award Ceremony

Join us for our awards ceremony on Tuesday 26 September during IPR Global 2023, London, UK! Get ready for an amazing evening as we announce the winners of our esteemed awards. Enjoy a relaxed standing reception with delicious drinks and tasty canapés. The highlight of the night will be the award presentations at 7pm.

Don’t miss out on this special opportunity to celebrate excellence and network with industry leaders. Secure your ticket before our early bird discount ends this Thursday 31st August 2023!

Visit: https://global2023.ipr-events.com/register

Congratulations to all the shortlisted companies and individuals

Innovation Award

Commercial Bank of Ceylon PLC
Currencycloud
Daytona
Hub Remit Pvt. Ltd
Sikoia
TerraPay

Exceptional Customer Experience Award

Commercial Bank of Ceylon PLC
PayInc Group Limited t/a PayAngel
TerraPay
Trust Payments
Unity Link

Leader of the Year

Jones Amegbor – Founder and CEO – PayInc Group
Ani Sane – Co-founder & Chief Business Officer – TerraPay

Scale-Up of the Year

Clear Junction
Remit Choice Limited
Samsara Remit

Social Impact Award

HelloPaisa
NOW Money
PayInc Group Limited t/a PayAngel

Start-Up of the Year

LolliCash LLC
PayOnlime
UMBRELLA CONSULTANTS LTD T/A BROLLIE

Once again congratulations to all the winners and we look forward to welcoming you to the IPR event.

Trust Payments Partners With Innovation in Payments and Remittances (IPR)

We’re thrilled to announce that Trust Payments, a leading global payments company, will be a Platinum Sponsor for the upcoming Innovation in Payments and Remittances (IPR) Global 2023 event. Explore the exclusive article below directly from Trust Payments, where they explain how to take your remittance business to new heights and unlock its full potential.

Unlocking Potential: How Collaborating With a PSD Agent Boosts Your Remittance Business

Remittance, the transfer of funds by foreign workers to their home countries, plays a critical role in the global economy. The World Bank reported that in 2022 alone, the money remittance business grew by an estimated 5% to $626 billion, making it a bigger financial inflow than foreign direct investment.

And as the world turns increasingly digital, the online money remittance sector is anticipated to grow exponentially, thus reflecting the significant role it plays in global economies. However, operating a successful money remittance business comes with its fair share of challenges, including regulatory compliance, transaction costs, and building customer trust.

In this article, we will explore how collaborating with a PSD (Payment Services Directive) agent can significantly enhance your remittance business and how to leverage their expertise and expand your business reach.

Key challenges of remittance businesses

Despite its global importance, the remittance business grapples with several challenges. Regulatory compliance is at the forefront, as companies must adhere to a complex web of local and international regulations. These laws aim to combat illicit activities like money laundering, but complying with them can be costly and time-consuming.

Furthermore, high transaction costs, driven by fees for currency conversion, transfer processing, and other service charges, can deter potential users. Lastly, gaining customer trust is critical. The international remittance business involves moving people’s hard-earned money across borders, a process fraught with risk and anxiety for customers. Maintaining transactional security while offering a smooth user experience is thus vital to business remittance services.

What is a PSD agent?

The Payment Services Directive (PSD) is a European Union regulation that oversees payment services in the internal market. A PSD agent, authorised by the Financial Conduct Authority (FCA), is a business that provides financial services on behalf of another company under the PSD legal framework.

PSD agents are under the authority of a licensed e-money or payment institution that is fully responsible for their actions.

Joining Forces for Collaboration & Business Growth

For remittance companies, collaborating with an FCA PSD agent can be a game-changer, providing distinct advantages. PSD agents are skilled navigators of the complex legal requirements, licenses, and anti-money laundering regulations. Their understanding of compliance minimises regulatory risks, freeing remittance companies to focus on their core operations.

Moreover, PSDs can help mitigate fraud and ensure transactional security. They employ sophisticated technologies and algorithms to detect unusual patterns and thwart potential fraudulent activities. Their expertise in this realm significantly bolsters the credibility of the remittance business, winning customer trust.

Here are three additional benefits businesses can gain from partnering with a PSD agent:

1. Increased technological capabilities

PSD agents bring to the table robust technological solutions. They provide secure, reliable payment platforms that integrate seamlessly with existing systems, utilising APIs for flexibility and interoperability.

In addition, they offer data analytics capabilities, supplying crucial insights into customer behaviour and market trends. This valuable information can inform strategic decisions, supporting the growth and competitiveness of the remittance business.

2. Streamlined transaction monitoring, reporting, and customer support

Collaborating with a PSD agent brings efficiencies in transaction monitoring and reporting. They possess refined mechanisms for tracking and documenting transactions, ensuring all activities are compliant and traceable. Additionally, they offer comprehensive customer support services, enhancing the customer experience and fostering loyalty.

PSD agents have sophisticated systems for tracking transactions and generating comprehensive reports that comply with regulatory standards.

They document every transaction in detail, ensuring traceability, and present this data in user-friendly, accessible formats. This organised, precise reporting enables remittance businesses to have clear oversight of their operations, which in turn helps them identify patterns, track growth, monitor compliance, and make data-driven decisions.

3. A broader network

A partnership with a PSD agent can significantly expand the reach and network of your remittance business. With their international affiliations, PSD agents can help extend your services to new markets, augmenting your customer base. This geographical expansion boosts revenue potential and reinforces your standing in the global remittance arena.

How to Get Started with a PSD Agent

Collaborating with a PSD agent can significantly boost your remittance business by addressing the challenges faced in the industry, such as regulatory compliance, transaction costs, and customer trust.

By leveraging a PSD agent’s expertise, technological capabilities, and network, you can navigate complex legal requirements, mitigate fraud, streamline operations, and expand your business reach.

At Trust Payments, we have over 20 years of experience supporting financial services institutions with fast settlements and high approval rates. Our overnight settlement service makes remittances faster. We offer instant pay-in and pay-out functionality and a seamless payment experience for your customers.

If you’re ready to take your remittance business to new heights and unlock its full potential, we encourage you to contact our expert team today!

Video | Finding the Right Licence for Your Money Service Business

In the second instalment of our informative “How to Start Series,” Ibrahim takes a deep dive into the crucial topic of licences and their significance when establishing your very own money transfer business. Obtaining the suitable licence is significant, as it legitimises your venture, safeguards your customers, and builds trust within the market.

In this video, Ibrahim explains the various licences applicable to money transfer businesses, shedding light on their distinct features and requirements. Understanding the types of licences available is vital to ensuring a smooth and legally compliant operation in this industry.

Ready to dive deeper into launching your own MSB?

Understanding the basics of Remittances: World Of Payments IPR Training – Key Takeaways

Last month, we successfully launched our first IPR training session, led by our esteemed payments expert, Ibrahim Muhammed. With a remarkable track record of over 20 years in the industry, Ibrahim brought unparalleled expertise and insights to the program.

Designed specifically to enhance participants’ knowledge and skillset in the money transfer industry, our series of trainings aim to educate and propel individuals forward in their professional journey.

Our first training kicked off with World of Payments, an introduction to the fundamentals of the key concepts and dynamics of the remittance industry. If you couldn’t attend the live sessions, don’t worry as you can still sign up at a reduced rate and access the on-demand session.

It’s a great opportunity to enhance your expertise, earn CPD points, and secure a certification. You can register online here: https://payments2023.ipr-events.com/register

Now let’s dive right in and explore some of the key takeaways from the 2-day online sessions.

The Surging Importance of Remittances for Economic Growth

The impact of remittances on economic growth in developing nations cannot be understated. In 2022, countries received transfers worth over $700 billion from diasporas working abroad. These funds serve as a critical source of income for families, bolstering their purchasing power, healthcare access, and educational opportunities.

Interestingly, remittances have surpassed other categories, including foreign direct investments, in their contribution to economic growth. This substantial inflow has prompted global jurisdictions to impose stricter sanctions, emphasizing the need for formal remittance channels that promote transparency and traceability of funds.

Understanding the Remittance Ecosystem Players

A crucial aspect of achieving success in the payments industry is understanding the diverse roles of participants within the remittance ecosystem. From financial institutions to technology providers, regulators to consumers, each stakeholder plays a vital role in facilitating the seamless transfer of funds across borders. By comprehending the complexities of this ecosystem, MSBs can identify potential partnerships and collaborations that align with their business goals, fostering growth and expansion.

Forming Effective Partnerships with Aligned Goals

Collaborating with the right organisations can unlock new opportunities, expand your customer base, and enhance service offerings. By joining forces with compatible organisations, you can benefit from each other’s strengths and drive mutual growth. Actively building and nurturing these partnerships can help enable long-term success.

Rise of Prepaid Cards and Wallets

Ibrahim shed light on the growing prominence of prepaid cards and digital wallets as convenient and sustainable payment options. With their ease of use, accessibility, and flexibility, these solutions offer a viable alternative to traditional banking systems. MSBs can leverage prepaid cards and wallets to tap into new customer segments, enhance financial inclusion, and provide seamless cross-border transactions.

IPR Training Sessions – Offering CPD Points and Certification

We have more exciting upcoming events you can sign up for. Discover the full schedule of events and reserve your spot now at: https://www.ipr-events.com/.

Remember, tickets are limited and allocated on a first-come, first-served basis. To ensure your participation please secure your seats early.

Don’t miss out on these exclusive opportunities to expand your knowledge, connect with industry experts, and stay at the forefront of cutting-edge developments.

We look forward to seeing you in our IPR training sessions!

Video | Unlocking Success: Launching Your Money Service Business with Purpose

Discover the key steps to launching a thriving Money Service Business (MSB) in our latest video. Join Ibrahim Muhammad, a senior consultant with over 20 years of experience in Money Transfers, as he delves into the “why, how, and what” of starting an MSB.

Gain insights into defining the purpose of your business, addressing the requirements for success, and specifying your unique offerings. This video provides a comprehensive roadmap to help you navigate the challenges and opportunities in the MSB industry. Don’t miss out – watch the video now!

Ready to dive deeper into launching your own MSB?

RemitONE Winners of the Remtech Innovation Remittance Solution Award at GFRID | United Nations Summit in Kenya, Africa!

We are delighted to announce that RemitONE has secured the prestigious Innovation Remittance Solution Award at the RemTECH Awards 2023 – GFRID | United Nations Summit in Kenya. This incredible achievement underscores our commitment to revolutionising the payments and remittance industry through cutting-edge solutions.

The RemTECH Awards, organised by CrossTech and held as part of the GFRID | United Nations Summit in Kenya, served as a platform to honour remarkable achievements and advancements in the fintech industry. Over three days, industry professionals from around the globe congregated to celebrate and engage in an enlightening conference.

Our success in the Innovation Remittance Solution category can be attributed to the groundbreaking tools we have developed. Notably, our Multi-Online Remittance Manager™ and Multi-Mobile Remittance Manager™ have played a pivotal role in advancing financial inclusion. These game-changing solutions bridge the gap between the banked and unbanked populations, providing greater accessibility and convenience for money transfers through our digital innovations.

We had the privilege of being assessed by esteemed judges who acknowledged the significance of our innovation. Leon Isaacs, judge and CEO of DMA Global, presented us with the award and praised our approach. He emphasised, “RemitONE has seen a problem and looked at various solutions and put them together in a way that truly works for the people who use their services or could utilise their services, which I think is innovative in many ways.”

Representing RemitONE at the event, our Managing Director of Africa, Ababacar Seck, accepted the award and delivered an inspiring acceptance speech. He reiterated our commitment to empowering clients, including banks, money transfer operators (MTOs), startups, and central banks, with innovative solutions tailored to their specific needs.

This award serves as a testament to our relentless pursuit of innovation and excellence. At RemitONE, we remain dedicated to shaping the future of the payments and remittance industry and improving the lives of migrants and their families worldwide.

To learn more about our award-winning Money Transfer Software reach out to us at sales@remitone.com.

Introducing RemitONE Loyalty Points

Loyalty points play a pivotal role in building long-lasting customer relationships. Rewarding them with points serves as a powerful motivator for them to consistently engage in transactions with your brand.

In this short video, our Associate Sales Director, Oussama Kseibati, discusses the benefits of loyalty points, how they work on the RemitONE system, and the best ways to take advantage of them.

What next?

If you’re looking for new money transfer technology, or you’re currently using the RemitONE Money Transfer Engine, get in touch with our Payments Experts to see how Loyalty Points can benefit your business.

Schedule a free consultation with our experts:

Building Operational Resilience in a Digital Industry: Security, KYC and Compliance

Operational resilience has become a critical concept for businesses in the digital age, where disruptions can occur at any moment, and the impact can be significant. To ensure operations are delivered through disruption, organisations need to be prepared, adaptable, and ready to respond to any unforeseen events whilst staying compliant and secure, but how? We gathered our experts to discuss exactly that.

Moderator:

Oussama Kseibati, Associate Sales Director, RemitONE

Our panellists include:

Kathy Tomasofsky, Executive Director, MSBA
Richard Spink, Sales Director – Channels & Partnerships, GBG
Ibrahim Muhammad, Payments Consultant, Finxplor
Nadeem Qureshi, CTO, USI Money

What is Operational Intelligence?

Before we dive into the key pillars, let’s first define operational intelligence.

Operational intelligence refers to an organisation’s ability to adapt and adjust operations during disruptions, ensuring they are well-prepared for unexpected situations. It differs from disaster recovery and business continuity plans, as it focuses on proactive measures for operational optimisation rather than reactive responses to disruptions.

What are the key pillars of operational resilience?

Based on the inputs from Nadeem and Ibrahim, the key pillars of operational resilience are as follows:

Prevention: Proactive measures taken to prevent or minimise the impact of disruptions or shocks to business operations.

Preparation: Having proper measures in place to respond to any unforeseen events, including identification of critical business services, and ensuring they cause the least disruption to the ecosystem.

Robustness: Measures taken to minimise the risks and interruptions caused by the occurrence, and to ensure continuity of operations.

Recovery: Ability to recover effectively and efficiently.

Adaptation: The ability to adapt to changes in the environment and to be resilient in the face of challenges and uncertainty.

Learning: Continuous learning and improvement from past experiences.

To sum this up, having a complete framework in place to protect consumers, ensures market integrity, and safeguards vulnerable customers, which is key for operational resilience.

Why is it important to have operational resilience?

Operational resilience has always been important, especially in recent years, where the recent pandemic has brought it into sharp focus. It forced organisations to adapt quickly and left a lasting impact on the business world. Some changes include the organisation’s employees working from home and amending their supply chain processes.

This also meant regulatory bodies like the Financial Conduct Authority (FCA) had to be more vigilant and ensure that firms are capable and ready to handle such unplanned situations. Similarly, companies themselves have a responsibility to have measures in place to ensure that they are prepared for anything that comes their way.

So, what are some of these measures? Employee safety is a top priority, as well as ensuring that all people processes are up-to-date and robust. Companies should aim to have agile systems in place to enable them to pivot quickly when needed, and investing in up-to-date technology is a smart move to ensure you’re able to operate seamlessly even in the face of disruption.

Kathy pointed out that some American companies do not pay attention to small details such as training staff on email scams and viruses. Therefore, establishing new procedures is vital to continually evolve the businesses safely. This also builds good business practices and saves time and effort in the long run, as you’ll already have procedures in place to deal with unexpected interruptions. Being prepared also helps identify potential risks and plan accordingly, minimising damage when things go wrong.

But the benefits go beyond just risk reduction. By ensuring that every department within your organisation is on board, you’re creating a culture of readiness and adaptability that can help your business thrive in the ever-changing landscape.

What challenges do firms face in developing the required framework for operational resilience?

One main challenge Nadeem addresses is the struggle many organisations face when trying to grasp the meaning of operational resilience – they often view it as another part of their continuity or disaster recovery plans when it is, in fact, a distinct and complementary approach.

Another common misconception is that companies need to create a whole new department and invest a considerable number of resources, time, and money into operational resilience. In reality, it’s more about building on existing policies and improving them in stages over time. It involves identifying gaps, assessing risks, and continuously evolving and adapting to new challenges. Companies also fail to reassess if the technology they have access to or are currently working on is both robust and future-proof.

Ibrahim also identified post-pandemic issues that businesses are still dealing with, such as developing the required framework for operational resilience in the post-pandemic scenario. These include sudden shifts in how business is conducted, which can lead to losing key resources, an inability to serve customers through offices, and financial constraints. Additionally, there are regulatory requirements that need to be addressed, adding further operational burden to businesses.

What is digital ID? Why is digital ID necessary? How does it impact KYC and AML?

Digital ID is verifying one’s identity, confirming they are who they claim to be. Know Your Customer (KYC) is a process that does not require physical confirmation of the customer’s identity. Instead, it confirms that the details provided by the customer appear to be legitimate and consistent with the service they are trying to access.

Anti Money Laundering checks (AML) go a step further than KYC and involve compliance with regulations. AML checks look for any potential association with financial crimes or politically exposed individuals.

There is a growing interest in digital identity programs, leading to their implementation in countries such as Estonia, Sweden, and some African nations. However, digital identity as a topic is tied up with politics, making it a complex issue. In countries where digital identity is in use, it has been largely successful; on the other hand, many countries have not been as successful due to a lack of political will. Despite this, the demand for digital identity is increasing, and it is likely that we will see more implementation and integration of it in the future.

Richard predicts that the future of online identity verification will revolutionise the way we sign up for services. By linking AML compliance tokens to an individual’s digital ID, personal information such as age and address will be securely stored in a vault, allowing only the necessary information to be shared. This will streamline the process of accessing services whilst maintaining security and privacy.

Kathy acknowledges that the adoption of digital ID systems in the US may face political opposition due to concerns over data ownership and privacy. Despite this, there is recognition that such systems are necessary for effective AML programs, as digital money is becoming more common. Therefore, finding a way to implement digital ID systems while addressing data ownership and privacy concerns is crucial for maintaining operational resilience in the financial sector. A collaborative engagement between significant people from diverse departments can channel various viewpoints.

How can we simplify KYC identity verification (IDV) checks for key players?

The KYC IDV checks for key players could be simplified through digital verification, but regulation varies across the world, leading to a fragmented system. For instance, the UAE uses facial recognition tied to government ID, while Spain and Italy do video-capturing conversations, however, this may not be as scalable as they’re reliant on call centres. While in the UK, US, and Australia, the process is more data-driven, causing less friction for consumers. To address these challenges, governments and tech companies should exchange data, but the lack of trust often prevents the two parties from forging together, making them hesitant to collaborate.

Moreover, the use of innovative technologies such as social media biometrics, semantic analysis, and APIs for open banking can help cut down the process. Reviewing current procedures and incorporating relevant touchpoints and online portals can also streamline the process, making it more agile. The slow implementation of digital IDV must also be addressed to meet customer expectations set by fintech innovation. The UAE pass app is an example of the successful simplification of KYC, allowing users to verify their IDs and sign and share documents digitally in a secure manner.

What are the main challenges facing Money Transfer Operators (MTOs) regarding compliance and regulation?

Some of the main challenges according to Nadeem include insufficient time spent investigating constant shifts, lack of periodic policy reviews, and the need for third-party audits to provide external viewpoints for improvement frameworks. These challenges highlight the importance of staying on top of regulatory changes and maintaining compliance.

Richard also adds that businesses demand a global solution that works everywhere, which is challenging due to different regulations in each country, as highlighted previously. ID documentation and databases also vary in the information provided, making it difficult to create a universal solution that delivers transparency and granularity.

Does the challenge of varying regulations over multiple jurisdictions impede or enable innovation?

The existence of various regulations across multiple jurisdictions enables more innovation. Although the technology exists, the problem lies in finding organisations that can be trusted to deliver such solutions. In fact, many innovations arise from people facing daily challenges and finding new solutions. In today’s constantly evolving regulatory landscape, it’s important for businesses to accept it as the new norm and raise their standards to gain a competitive edge. One successful example of this is open banking in the UK, which was made possible by regulatory changes and has opened opportunities for innovative financial products and services.

In summary, having operational resilience is crucial for businesses to not only survive but thrive in today’s fast-paced digital environment. By being prepared, adaptable, and ready to respond to any unexpected events, businesses can reduce risk, save time and money, and ensure their operations continue smoothly.

What next?

At RemitONE, we endeavour to provide the most compliant technology and licensing solutions, alongside expert advice on how to remain compliant when starting or scaling your business.

RemitONE’s Compliance Manager™ has been evaluated by leading regulators and used by top-tier banks and MTOs. Our NameMatch™ application checks remitter names against international AML block-lists including CIA World Leaders, DFAT Canada, DFAT Australia, EU Sanctions, FIU Netherlands, HM Treasury, MAS, SECO, UN 1267, MAS and much more. We link up with a variety of PEPs and Sanctions lists worldwide.

For AML and Compliance support, or to hear more about how the RemitONE solutions can support your business, get in touch at sales@remitone.com