Expand Your Money Service Business in Europe without Local Licences or Bank Setup 

Most Banks and Money Transfer Operators (MTOs) that handle payouts rely on international partners to send them transactions. But what if you could manage both sides of the corridor and keep more margin? 

Watch the short video to find out how: 

Oussama breaks down how our Remittance-as-a-Service model lets you: 

• Launch send operations from the UK and Europe in weeks 

• Avoid waiting months for licences or bank approvals 

• Get a white-labelled app and website 

• Tap into ~€130B in remittances sent from Europe and ~£20B from the UK alone 

Looking to grow across borders without the heavy costs? This could be the missing piece to help you do that. 

Book a free call with our expert Oussama to explore how this can work for your business:

Episode 2: How to Start a Money Transfer Business – A Practical Guide for Founders | The IPR Podcast

The global cross-border payments industry continues to evolve, presenting new opportunities for remittance startups and financial institutions. But what does it really take to launch or expand a money transfer business in today’s landscape shaped by complex regulations, rising compliance expectations, and rapidly advancing technology? 

In Episode 2 of The IPR Podcast RemitONE’s CMO Aamer Abedi sits down with Oussama Kseibati, Head of Business Solutions, to provide a clear, actionable roadmap for anyone looking to enter the cross-border payments space. Drawing from over 15 years of industry experience, Oussama outlines a five-step framework that founders can follow to build a compliant, scalable, and competitive Money Service Business (MSB). 

Whether you’re launching from scratch or expanding into a new region, this episode offers foundational guidance to help you navigate the journey. 

Understanding the Five Core Steps 

Step 1: Research, Market Fit, and Business Planning 

Every successful business begins with research. In the case of remittances, this means understanding your target corridors, your competition, your potential client base, and the unique value you aim to deliver. Oussama recommends starting small, focusing on one or two corridors you’re familiar with, perhaps tied to your own community or existing business network. This strategic focus allows you to manage cash flow, compliance, and relationships more efficiently before gradually expanding to new regions or services. 

A well-structured business plan plays a key role in setting up for success. It should include realistic forecasting, cost structures, and clearly defined revenue streams, particularly understanding how FX margins and payout partnerships will contribute to your profit. 

Step 2: Software That Meets Regulatory Needs 

Technology is at the heart of modern money service businesses. From onboarding and identity verification to compliance screening and transaction processing, a reliable software infrastructure is essential. A robust platform should not only support regulatory needs (e.g. OFAC, UN, MAS, and HM Treasury checks) but also provide a seamless user experience for customers. 

Oussama points out that choosing the right software provider can also give founders access to built-in integrations with payout partners, payment gateways, and compliance tools.  Opting for an end-to-end platform such as RemitONE can reduce development time, streamline operations, and help ensure your system is aligned with regulatory requirements from day one.  

Step 3: Apply for the Appropriate Licence 

Depending on your jurisdiction and the nature of your services, you’ll need to apply for a financial licence, commonly known as an EMI (Electronic Money Institution) licence in the UK/EU, or equivalent. 

Founders should consider their service model carefully:

• Do you intend to hold client funds in wallets? 

• Are your transaction volumes expected to grow rapidly? 

• Will you operate in a single country or multiple regions? 

For many, a Small Payment Institution (SPI) licence offers a more accessible entry point. It allows you to operate legally while building up transaction history and operational credibility, which can later support applications for higher-tier licences like API or EMI. 

Step 4: Secure a Client Bank Account 

Opening a bank account for safeguarding client funds can be one of the more challenging steps, especially in regions where traditional banks view remittance providers as high-risk. This has led to a wave of “de-risking,” where financial institutions have withdrawn services from MSBs altogether. 

However, there are solutions. Letters of intent from banks, demonstrating willingness to provide an account once licensed, can support your application with regulators. Additionally, new digital-first banks and fintech-focused institutions are becoming more open to MSB clients, especially those operating with transparency and good controls in place. 

The client account ensures that funds remain protected until the transaction is completed, adding an extra layer of security for both regulators and customers.  

Step 5: Partner with Reliable Payout Networks 

Once you’ve established your business model, tech infrastructure, and licence, you’ll need to connect with payout partners such as banks, MTOs, or telcos in the payout country, who will complete the final end of the transaction. 

Payout partners are critical for determining your transaction fees, exchange rates, and service reliability. In the early stages, pre-funding is common, meaning you’ll need to deposit funds in advance with these partners to enable instant payouts. 

Here too, a well-connected technology provider can simplify the process by offering access to pre-integrated partners or facilitating introductions to established networks. 

The Role of End-to-End Platforms in Supporting MSBs 

Remittance businesses today require more than just a digital interface. A complete solution should connect every part of the remittance chain—from onboarding and KYC to payment gateways, FX providers, compliance systems, and settlement tools. 

RemitONE’s platform, for example, supports founders throughout this journey by offering tools for transaction monitoring, sanctions screening, automated compliance, and built-in integrations with various payment partners. The goal is to give new entrants the ability to launch quickly, scale with confidence, and maintain compliance across jurisdictions. 

Watch the full podcast for the complete insights and strategies. 

YouTube: https://youtu.be/2GChfkdhaMg?si=aWj4NuQvRXl9Ly7W 

 
Spotify: https://open.spotify.com/episode/3dAbpgiDWyKklj3Guteo2F?si=569b6d23ade94344 

Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-start-a-money-transfer-business/id1822769031?i=1000718661978 

If you’re exploring the possibility of launching your own MSB or expanding into new corridors, speak to one of our consultants. Book a free session here: https://calendly.com/remitone-oussama/free-30min-consultation-website 

For questions or guidance, reach out to sales@remitone.com. 

Meet RemitONE Team in Riyadh, Saudi Arabia: Unlock AI-powered growth 

We’re heading to Riyadh to connect with ambitious businesses looking to scale. Aamer Abedi, our CMO, Oussama Kseibati, Head of Business Solutions, along with our partner Anwar Al Murshed from DTCC, will be in Riyadh 15th – 19th, September to explore cross-border payment opportunities with our AI, open banking and blockchain solutions. 

Whether you’re expanding into sending markets like the UK and Europe or navigating complex compliance demands, our AI-powered solution can help you grow and unlock new revenue.  

We provide the building blocks to future-proof your operations, even if remittances aren’t your core offering, with tools such as: 

• Automated KYC/AML 

• Scalable payout infrastructure to new sending markets 

• Value-added services including airtime, top-ups and utility bill payments 

To arrange a place and time, please email us at: marketing@remitone.com  

About RemitONE 

RemitONE is an award-winning, leading provider of money transfer software solutions for banks, telcos, and money transfer operators (MTOs) worldwide. With multi-channel access, including agent networks, online, and mobile, RemitONE empowers organisations to streamline and scale their remittance operations. 

Power Up Your Platform: The Top RemitONE Features Driving Our Clients’ Success  

What if the growth you’re chasing is already built into your system? 

If you’re using the RemitONE Money Transfer Platform, we want to make sure you’re getting the most out of it to unlock its full potential. 

Packed into your platform are powerful tools designed to boost transactions, build loyalty, reduce risk, and help you move faster. But if you’re not fully unlocking them, you’re missing opportunities.

Today, we’ll be sharing our clients features that consistently drive results and keep them ahead of the curve. 

Let’s show you what’s possible. 

Loyalty Manager: Keep Customers Coming Back 

If you’re looking to boost retention and give your remitters a reason to keep choosing you—this is the feature to activate. 

Loyalty Manager™ turns every transaction into an opportunity to reward your remitters. With this popular feature, your customers earn loyalty points every time they send money or refer a friend. These points can be redeemed to reduce transaction fees, which means every transfer becomes more affordable and more rewarding for them. 

What makes it especially powerful is how customisable it is. You can set your own rules on how points are earned, based on what makes sense for your business, whether that’s based on transaction frequency, corridors, or even new customer referrals. 

And when combined with Promotions Manager™, your customers can unlock even more by using loyalty points and promotions in a single transaction. The result? Greater satisfaction, higher engagement, and stronger brand loyalty. 

Promotions Manager™: Smart Offers, More Transfers 

If you’re running a money transfer business, you know that generic discounts don’t cut it. You need offers that actually move the needle — increasing transaction volumes, encouraging repeat usage, and giving customers a reason to stick with you. 

That’s exactly what Promotions Manager™ is built for. 

This feature puts you in full control, allowing you to set up intelligent, rule-based promotions that are targeted, timely, and effective. Whether it’s a festive seasonal discount for specific corridors, a reward for frequent senders, or a special deal for partners, this feature helps you craft promotions that match your business goals and your audience’s behaviour. 

• Target smarter: Choose who sees your promotions based on corridors, transaction history, or user type. 

• Incentivise more sends: Set up thresholds like “send 3 times, get a discount” to increase transaction frequency. 

• Run timely offers: Activate short-term promos for holidays, local events, or marketing pushes. 

• Maximise ROI: Avoid blanket discounts and focus on what works, boosting transactions without wasting budget. 

It’s not just about discounts; it’s about strategy. Promotions Manager™ helps you reward the right behaviour, at the right time, with the right offer, building stronger customer loyalty and driving more transactions. 

Risk Manager™ : Spot Risks Before They Become Problems 

Risk is everywhere when you’re moving money across borders, but staying compliant doesn’t have to mean slowing down your operations or manually digging through data. 

What clients love about our Risk Manager™ is it doesn’t just flag risks — it thinks ahead. 

It gives you a dynamic, real-time view of who your riskiest customers are based on what they actually do — not just who they say they are. From sending to high-risk regions to sudden spikes in transaction volumes, our dynamic risk scoring system tracks behaviour patterns, adapts in real-time, and assigns weighted risk scores to both remitters and beneficiaries. The result? You can spot red flags early, act fast, and stay ahead. 

It’s not just for compliance teams either, the Risk Score Rules Engine lets you set custom rules that reflect your business needs. And with detailed audit trails and downloadable reports, you’ll always be ready when the regulator comes knocking. 

If you’re already juggling tight regulations and evolving risks, then it might be time to activate Risk Manager™ and make your life a whole lot easier.  

Maker Checker: Double Verification for Safer Transfers 

Mistakes in money transfers can cost more than just time; they can damage trust. Maker Checker adds a second layer of control to your operations by requiring one team member to create a transaction, and another to verify it. It’s a simple way to reduce errors, prevent fraud, and keep your financial processes rock solid and secure. 

Built for compliance, peace of mind, and flawless execution. 

Get more out of RemitONE — with hands-on expert support 

Sometimes the real game-changer isn’t a new feature, it’s having someone by your side who knows your system and understands your goals to help you move faster. 

That’s exactly what our Technical Customer Success (TCS) offers. It’s a personalised support experience built for teams who want to go further with RemitONE. You’ll have direct access to a dedicated Technical Customer Success Manager who becomes an extension of your team, someone who already understands your setup and can help you troubleshoot issues faster, scale with confidence, and get more out of the platform. 

Whether it’s navigating technical challenges, implementing new features, or simply having a regular sounding board for improvements, TCS is designed to make your day-to-day easier and more effective. You’ll spend less time stuck in queues and more time getting things done. 

It’s a flexible service shaped around your workflow, from quick weekly catch-ups to in-depth strategy calls. Whatever your rhythm, we’ll match it, so your team can keep moving. 

Let’s take some weight off your shoulders and help unlock your full potential.  

You’re sitting on the growth your competitors are already using. 

These tools aren’t “nice-to-haves” they’re how leading money service businesses (MSBs) are pulling ahead. More transactions. More loyalty. More support.

If you’re already using RemitONE, it’s time to unlock the full power of your platform. 

And if you’re not with us yet? Then let’s show you what’s possible.  

Book a free demo and see how the world’s leading MSBs use our platform to grow every single day. 

Introducing The IPR Podcast: Talking Innovation in Payments & Remittances  

We’re excited to announce the launch of The IPR Podcast, a brand-new series dedicated to bold conversations happening in cross-border payments. 

Hosted by Aamer Abedi, this podcast is built for fintech leaders, money transfer operators, banks, and anyone shaping the future of financial services. Each episode features conversations with industry experts on the trends and technologies changing the game — and what they really mean for your business. 

You’ll hear stories from the frontlines, discover new ideas, and walk away with strategies you can put into action. 

Episode 1: Trump’s Tariffs — What Could They Mean for Your Business? 

Next week, we kick off with a timely deep dive into proposed remittance tariffs in the US and how they could affect:

• Why certain corridors could become unprofitable  

• How rising costs may affect customer loyalty 

• What MTOs can do now to adapt and stay competitive 

Subscribe now and be the first to tune in.  

Spotify: https://open.spotify.com/episode/7tZYluLixpm6MhwbLQxjzL?si=rqhOGDoHRmuHdFJZUJatZA

Youtube: https://www.youtube.com/playlist?list=PLLqIwD4TK69h8higA91Ba9a1o1GU3sH2c

Apple Podcasts: https://podcasts.apple.com/us/podcast/welcome-to-the-ipr-podcast-talking-innovation-in/id1822769031?i=1000714502161

Be Part of the Conversation 

Got thoughts, questions, or ideas for future episodes? We’d love to hear from you, email us at:  marketing@ipr-events.com 

Want to be a guest? 

We’re looking for people shaping the future of payments and remittances. If you’ve got insights or experiences worth sharing, reach out to us at: marketing@ipr-events.com 

New White-Label Online Platform: Redesigned to Scale Customer Loyalty and Growth

Add powerful money transfer capabilities to your website — without the complexity.

Our new Online Remittance Manager (ORM) is a fully white-label web application that lets your customers send money securely and easily — all under your brand, without leaving your site. 

Built on a foundation of powerful features, now enhanced with a seamless new design. 

Your brand will sit proudly on a modern, intuitive platform that makes sending money simple — helping you build loyalty and drive growth. 

Instant, Simple Money Transfers

From the moment customers log in, they see what matters most: Send Money.

Quick Actions let them add beneficiaries without hunting through menus.

Recent transactions are easy to review at a glance.

Navigation is streamlined on the left-hand side for effortless access.

How much time could your customers save with this design?

Enhanced Customer Profiles for Better Insights 

The Profile section now gives a richer overview of each customer—helping you serve them better. Instantly see key details like available discount codes, submitted ID proofs, and whether they’ve completed their KYC checks—all in one place.

What would better visibility mean for your client relationships?

Quick Access to Saved Beneficiaries 

The Beneficiaries section lists all saved contacts alphabetically, so customers can quickly find who they’re looking for. With the built-in search, there’s no need to scroll endlessly—just type, find, and send in seconds. 

Detailed Transaction History with Smart Filters 

Customers see every transfer in a clean timeline. Clicking on any transaction reveals a full breakdown—including fees, status, and more. 

Smart filters make finding specific transactions easy: By date, type, or status.

And with the “Add New” button, they can jump straight into sending money again, with no backtracking needed. 

Multi-Currency Wallets Made Easy

The My Wallet section displays all the wallets your customer holds across different regions, along with the balance in each one. The left and right toggle arrows offer a smooth way to scroll through the full list—making it easy to manage multiple wallets without overwhelming the screen. It’s a user-friendly experience that keeps everything organised and accessible. 

Below, customers can also view a history of unpaid transactions, so nothing slips through.

Easy Customer Support Access  

Finally, we’ve reached the Contact Us page—an essential space where customers can reach out whenever they need support. It’s not just a lifeline for them, but also a valuable channel for you to stay informed about any issues and respond quickly. 

At the top, customers will find your company’s contact details, with an enquiry form below as a convenient alternative for getting in touch. 

Ready to impress your customers with a smarter, sleeker platform? 

Our redesigned Online Platform and Mobile App aren’tjust better looking — they’re built to help you:

• Deliver a world-class experience
• Scale faster
• Work smarter

Book a demo today to explore the platform firsthand, get expert answers to your questions, and discover how to turn clicks into conversions — and customers into loyal fans. 

How to Build a Leaner, Smarter Money Service Business in 2025

In an era of rapid regulatory change, rising customer expectations, and digital disruption, how can money service businesses (MSBs)—companies that facilitate the transfer, exchange, or payment of money—not only survive but thrive? 

In our recent webinar, we gathered our top experts and unpacked the most pressing challenges facing MSBs today and shared proven strategies to help you scale, streamline compliance, and embrace innovation. 

Here are the top takeaways:

1. Scale Smarter with our All-in-one Hub 

A major pain point for MSBs is integrating with multiple systems and partners from send and payout providers to value-add services like ID verification platforms, open banking tools, and payment gateways.  

RemitONE Hub™ solves this by offering two flexible options: connect via a single API or use our ready-made interface. Either way, you gain instant access to a global network of payment companies with the likes of Visa, Mastercard, Orange, MoneyGram, and many more. 

With access to over 2.5 billion bank accounts and 3 billion wallets, the RemitONE Hub™ gives you the tools to scale without stress. You stay in control of your payouts, partner terms, and operations—all from one place. 

We’ll help match you with the right partners based on your target corridors and budget to help meet your goals. What normally takes years, we help you achieve it in a few months. 

2. Shortcut to Launch into New Corridors 

Expanding to new corridors can feel like a maze of licences, banks, and paperwork. But it doesn’t have to be that way. 

With our Remittance-as-a-Service (RaaS), you can plug into our network of licensed partners across the UK, EU—and soon, the US and Canada. That means you can go live faster, spend less upfront, and stay fully compliant—without going it alone 

3. Stay Compliant with Compliance Manager™ (COM) 

Compliance and fraud prevention remain top priorities for MSBs. Our Compliance Manager™ (COM) automates 80% of those repetitive manual checks, runs real-time KYC/AML screening across 350+ global sanctions lists, and helps you monitor risk scores, transaction patterns, and suspicious activity. 

And it’s not just for MSBs. For central banks and regulators, COM offers live visibility into incoming and outgoing remittance flows—making it easier to track volumes accurately and close those reporting gaps. 

In short? You stay compliant, catch fraud early, and get to focus on growing your business.  

4. Reduce Costs and Settlement Delays with Open Banking 

We know how frustrating slow settlements and high fees can be—especially when you’re trying to keep things efficient. That’s why we support open banking. You can tap into direct bank-to-bank payments, which means faster processing times, fewer card-related fees, and reduced friction that often comes with traditional payment methods. We’ve already rolled this out across the UK and Europe through our partners, and it’s making a real difference. 

Even in countries without open banking, we provide alternative integrations with local processors. 

5. Offer Multifunctional Wallets for the Future of Finance 

Let’s be honest—digital wallets aren’t optional anymore. They’re a core part of how people move money today, and we’re making sure our clients are ready for that shift. 

We support everything from peer-to-peer transfers, bill payments, airtime top-ups, prepaid cards, and wallet-to-wallet transactions. Whether your customers are paying for groceries, sending money to family, or topping up Netflix—we’ve got it covered. 

We’ve also made sure our wallets connect to telcos, banks, and blockchain partners all with compliance built in from the get-go. 

It’s all part of how we’re helping MSBs stay relevant, inclusive, and ready for whatever comes next. 

6. Leverage a Flexible Platform Built for Growth 

One recurring theme throughout the webinar: flexibility is key. Whether you’re a startup finding your footing, a licensed MTO looking to scale, a send or payout partner, a central bank, or a sub-account issuer like an e-money institution, your needs will keep evolving. That’s why we’ve built our platform to move with you. Our white-label solution adapts to your regulatory landscape, your operations, and your goals—without locking you into one way of working. 

Because here’s the thing: if your platform isn’t flexible, you can’t adapt. And if you can’t adapt, you’ll get stuck—while your competitors sprint ahead. 

Worse still, you’ll waste valuable time patching together workarounds instead of moving forward. We’ve seen it too many times, which is why we’ve made it our mission to keep things open, partner-friendly, and ready for what’s next.  

Real growth happens when your platform moves with you—not against you. 

Ready to Future-Proof Your Business? 

The remittance and payments landscape is shifting fast, and the businesses that thrive are the ones that stay agile, compliant, and connected. 

At RemitONE, we’re not just building software. We’re helping MSBs grow smarter, launch faster, and operate with confidence, no matter where you’re headed next. 

If any of these challenges sound familiar, or if you’re curious about what’s possible with the right tech and support behind you, we’d love to talk. 

Book a free consultation call with our expert consultant or drop us an email for any questions at: sales@remitone.com  

Trump’s Threats to Cross-Border Payments: What It Means for Your Business  

It’s been a short while since Trump stormed back into office, and he’s already shaken things up with his hard-hitting policies—and, as always, he’s not one to shy away from bold and upfront decisions. But with every action comes a ripple effect, and in the world of cross-border payments, those ripples are turning into shockwaves. From proposed remittance taxes to intensified compliance risks, Trump’s latest moves are shaking up how money flows in and out of America. 

So, what does this mean for businesses, migrants, and economies relying on these payments? Let’s find out. 

1. Will Deportations of Migrants Impact Remittances? Here’s What the Data Says  

Mexicans, a huge diaspora, and one of the major remittances senders in the US, but we may see stricter immigration policies putting this financial lifeline at risk. The “Remain in Mexico” program has already led to nearly 11,000 migrants being sent back, potentially reducing the number of workers in the U.S. and, with them, the flow of cross-border payments. Since Trump’s arrival, 23,000 arrests have been made and 18,000 deportations, whilst it has risen significantly compared to the Biden administration it still remains lower than the peak levels seen during the early crackdown of Trump’s first term.  

So, what does this tell us? When Trump first took office, deportations surged as part of his hardline immigration stance. But over time, the wave slowed down. Now, despite his promise to deport 11 million people, the sheer complexity of the process appears to make that goal unlikely. In fact, this could even open a window for some undocumented migrants to secure legal status. But let’s say, hypothetically, mass deportations would happen—would remittances take a massive hit? Not necessarily. Many undocumented migrants are low-value remitters, meaning their contributions wouldn’t cause a drastic drop. What would shake remittance flows, though, is something much bigger: a tax on remittances. 

2. Will a Remittance Tax on US-Latin America Transfers Disrupt the Market? 

The proposed 10% remittance tax from the US to Latin American regions is an effort to minimise illegal immigration but can cause a significant dent on transactions, impacting money transfer operators, banks, and other players in the payments ecosystem by reducing revenue and lowering demand in certain corridors. 

For countries like Mexico, El Salvador, and Haiti—where remittances inject nearly $150 billion annually, this could be a devastating blow. Families who depend on these funds risk losing critical income, putting entire economies under strain. 

If implemented, Money Service Businesses (MSBs) may have no choice but to raise fees, potentially driving customers toward alternative solutions like digital wallets and crypto. Interestingly, Trump seems to support crypto, so could this be the turning point that finally makes it more secure and mainstream? 

3. Trump and Stablecoins: A Game-Changer for Cross-Border Payments? 

There’s hope on the horizon—Trump’s pro-stablecoin stance could be the catalyst to reshape cross-border payments. While Trump has halted any action to progress America’s CBDC, he’s taken more steps to advance the crypto movement. In a tweet, he unveiled the U.S. Crypto Strategic Reserve, which will include XRP, SOL, and ADA, with Bitcoin (BTC), Ethereum (ETH), and other key cryptocurrencies that will be added to “the heart of the Reserve.” Since the announcement, the value of the first three coins surged by 62%, while BTC and ETH have climbed up by 10%. This momentum is pushing forward Trump’s goal of making the U.S. the “crypto capital of the world.” 

Two posts by Donald Trump on Sunday, March 3, 2025, on his Truth Social account. 

So, what does this mean for remittances? Stablecoins offer faster, cheaper, and more accessibility, eliminating high fees and long processing times, making this a more attractive alternative to existing transfer methods to senders.  

Of course, regulation follows. Trump’s administration has called for a federal regulatory framework for digital assets to bring clarity. If well executed, this could boost financial inclusion and drive crypto adoption, but if it becomes too strict, it can do the opposite, where it stifles innovation and progression.  

4. Crypto in Crisis: What’s shaking the market? 

The cryptocurrency market took a plunge over the weekend, and while crypto is no stranger to volatility, this time the drop wasn’t just about digital assets—it was about politics, economics, and the shifting global financial landscape. 

A major trigger was the Trump administration’s new tariff hikes on imports from Mexico and Canada, which sent investors retreating from risky assets like Bitcoin, creating a domino effect across the sector. Then there was the regulatory uncertainty. The U.S. government’s new restrictions on crypto exchanges and stablecoins fuelled distrust, prompting even more selloffs. On top of that, fresh inflation data and Trump’s aggressive trade policies led to a reassessment of potential Federal Reserve interest rate cuts, putting even more pressure on risky assets like crypto. 

Ironically, part of the turmoil can be traced back to Trump’s own cryptocurrency summit on March 7. The announcement of a strategic bitcoin reserve—a government-controlled stash of digital assets initially caused Bitcoin’s price to drop by 6%. While the move signalled greater government involvement in crypto, it left many investors questioning what that would actually mean in practice. The market’s uncertainty around this policy likely contributed to the larger crash that followed. 

5. Stricter Compliance: A Roadblock for Remittances? 

The designation of cartels as terrorist organisations, combined with tighter immigration policies, is set to intensify compliance pressures on MSBs. They must now exercise even greater due diligence to avoid any unintended links to sanctioned groups. 

For migrants, this means longer wait times, extra fees, and fewer options to send money home. If traditional corridors start shutting down, people will have no choice but to look elsewhere, whether that’s the age-old hawala system or the rising use of crypto and stablecoins, a shift that could play right into Trump’s pro-digital currency agenda. 

Whereas for giants like Western Union and MoneyGram, who move billions to Latin America, the stakes are high. Stricter AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations will be unavoidable, but for some financial institutions, the risk might be too much. We’ve seen this play out before where banks pulled out of Somalia’s remittance corridors when terrorist groups gained traction, leaving thousands stranded without access to funds. Could Latin America perhaps face the same fate? 

Keeping up with ever-changing regulations is more than just a headache—it’s a matter of survival. A single compliance slip-up can trigger heavy fines or, worse, force a business to shut its doors entirely. Yet, many companies still juggle multiple software tools, manually stitching together fragmented systems to stay compliant. 

This approach isn’t just inefficient; it’s risky. When regulations shift overnight, you need a solution that evolves with them. That’s why we built an all-in-one platform with compliance at its core. Unlike other providers, we continuously adapt to market trends and regulatory changes, ensuring you aren’t left scrambling when new rules emerge. 

Take our Liveness feature for example. With biometric-powered selfie checks, remitters can instantly confirm their identity—cutting fraud risks while keeping regulators satisfied. Plus, through our platform, regulators and central banks can track all inbound and outbound transactions, ensuring total transparency. 

 It’s this kind of innovation that makes compliance less of a burden and more of a competitive advantage. 

So if you want to streamline your operations and power your growth, book a free demo with us and let’s discover how.

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!

The Future of Payments and Remittances: Innovations, Real-Time Payments, and Global Financial Inclusion | IPR Global 2024 

The payments and remittance industry stands on the brink of remarkable transformation, driven by innovative technologies, evolving consumer expectations, and a pursuit of frictionless digital transactions. This evolution raises essential questions about global economic inclusivity and whether security and compliance frameworks can keep pace with rapid advancements.  

Leading voices in the industry share insights into the trends shaping this landscape, focusing on real-time payments, digital wallets, and groundbreaking technologies that are redefining global remittance. 

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. Key Trends Shaping the Payments and Remittance Landscape  

Michael emphasised the rise of real-time payments and the profound impact of payment platforms like Pix in Brazil and UPI in India. He explained that real-time payments are no longer optional for financial institutions or payment service providers but are becoming essential for driving global business growth. Organisations must not only build connections to these networks but also invest in specialised teams to navigate and harness these systems effectively. Nium has dedicated teams to establish these vital connections, which, in turn, enable seamless cross-border payments.  

Remittances are projected to continue rising, potentially reaching $800 billion by 2024, Anastasia shared. Digital-first providers are surpassing traditional channels, capturing an increasingly large portion of this growing market. This shift is driven by the demand for digital transactions and the push to simplify the payment ecosystem. Visa Direct is aiming to reduce intermediaries in the transaction process, enabling faster foreign exchange (FX) transactions, greater transparency, and ultimately, quicker payments—a key objective for G20 countries. She emphasised that promoting digital literacy is vital, empowering consumers to confidently navigate these streamlined digital systems. 

A unique trend Oussama pointed out among Money Transfer Operators (MTOs) is the shift beyond traditional remittances, with services designed to deepen client engagement and retention. Now, instead of simply sending funds, customers can choose options like paying for subscription services (think Netflix) or providing vouchers for specific goods—a particularly popular option in markets like Africa, where recipients can redeem vouchers at designated locations. This shift, highlights the increasing personalisation of remittance services, giving recipients more versatile and meaningful ways to benefit from transfers beyond standard monetary transactions. 

2. Industry Growth and Data Highlights 

Some eye-opening stats shared by Kunal illustrate the rapid rise and evolution of payments and remittances, largely driven by digital transformation. According to Worldpay projections, global transaction volumes are set to soar, reaching an astounding $25 trillion by 2027—a growth trajectory powered by the steady shift toward digital and mobile-first solutions.  

For instance, in 2023, digital wallets were used for half of all e-commerce transactions, with 30% of being point-of-sale (POS) transactions. It’s not just about online shopping; these trends are equally transformative in the remittance market, which is expected to hit $1 trillion in value soon, driven by technology and mobile innovation. 

One standout example is Brazil’s Pix network, a real-time, low-cost account-to-account payment system that serves 160 million people, allowing for immediate transfers without hefty fees—an essential service for people who need to maximise the value of their transactions. According to a Worldpay’s recent Payments Performance Report, 88% of respondents expressed interest in adopting a similar system to Pix, signalling a broad appeal for efficient, direct payment solutions. 

Mobile wallets are particularly significant for financial inclusion. In regions like Sub-Saharan Africa, where remittances play a critical economic role, mobile wallet usage has been growing at an impressive 20% annually. This growth, Kunal explained, stems from the accessibility, affordability, and transparency of mobile wallets, which provide a seamless option for people without traditional banking services to manage their finances and participate in the digital economy. 

3. Innovative Technologies Revolutionising the Sector 

eSIMs—short for embedded SIMs—are a digital alternative to traditional SIM cards, offering seamless, flexible mobile connectivity without the need for a physical SIM swap. While they’ve become especially popular in the travel space, eSIMs are also making waves in the remittance industry. Mitchell expressed how this technology is a game-changer for the unbanked and digitally underserved populations, enabling secure mobile access to financial services, regardless of physical location or device. EsimGO is empowering financial businesses to offer fully digital services to consumers, which not only boosts transaction volumes but also gives companies a competitive edge. As an example, esimGO’s partnerships with Western Union and various neobanks help create resilient, inclusive financial solutions that are built on accessible mobile technology. 

Anastasia also delved into several recent innovations from Visa that highlight the evolving landscape of global payments. One standout feature allows users to send money internationally using just a mobile phone number—an ideal solution for those who prefer not to share sensitive account details, providing an added layer of security and peace of mind. Another innovation is Visa’s unified API for multi-currency payments, known as “cash pulling.” This allows customers to convert and hold multiple currencies, manage FX rates, and access a wide range of payout options—all through a single, streamlined API. Whether it’s bank accounts or digital wallets, this unified approach creates a smooth, predictable cross-border experience for both businesses and consumers. 

Further enhancing the digital wallet ecosystem, Visa Direct has partnered with Thunes and TerraPay to expand Visa Direct’s reach, adding over 1.5 billion new digital wallet endpoints, connecting even more users to the financial system. 

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