Dahabshiil UK Partners with RemitONE to Revolutionise Money Transfers in Africa with Cutting-Edge Digital Solutions

July 2024: Dahabshiil UK, part of the international Dahabshiil brand, is a leading Money Service Business (MSB) specialising in cross-border money transfer services from the UK to Somalia, Somaliland, other parts of Africa and other continents around the world.

Dahabshiil UK and RemitONE have announced a strategic partnership to realise business growth. This collaboration allows Dahabshiil UK to utilise the RemitONE software’s powerful compliance features and mobile app technology to support their transition from their current brick-and-mortar model to a digital one.

Dahabshiil UK will work with supply-chain members – including payment gateways, IDV providers, Open Banking partners, SMS gateways and money transfer operators – that are part of the vast RemitONE Ecosystem™. RemitONE will, in turn, enhance its growing ecosystem by onboarding Dahabshiil UK’s network of send and payout agents.

Lamin Bojang, CEO, Dahabshiil UK: “We are thrilled to partner with RemitONE in this digital transformation journey. This collaboration represents a significant milestone in our mission to provide fast, secure, and affordable money transfer services to our customers globally. Leveraging RemitONE’s advanced technology will enable us to expand our reach and improve the efficiency of our operations, ultimately benefiting our customers by offering them more convenience and better service.”

Aamer Abedi, Chief Marketing Officer at RemitONE: “We are very excited to be working with Dahabshiil UK. We see this partnership as part of our vision to utilise technology to make money transfers affordable for the unbanked and underbanked. Dahabshiil is one of the biggest and most trusted money transfer operators in Africa and we look forward to working with them to bring the latest money transfer trends to Dahabshiil’s loyal customer base.”

Learn more at dahabshiil.com and follow them on LinkedIn and Twitter (@DahabshiilGroup).

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

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 Sid Gautam, Senior Vice President, Flutterwave | IPR Global 2023

We sat down with Sid Gautam from Flutterwave during our IPR Global event, to find out the key challenges and current state of Open Banking and payment processing in Africa, along with the benefits of attending the IPR Global event.

Sid specialises in embedded finance and cross-border payments within CeFi and DeFi domains. Over the years, Sid has managed to grow early-stage and growth businesses to realise their full potential across EMEA and APAC. His area of expertise includes new business development across the length and breadth of the enterprise organisations, alliances, defining go-to-market strategies as well as leading and scaling high-performance business development teams across geographies with a customer-centric approach.

Watch the interview for his expert insights.

Interview with Lindsay Lehr, Managing Director, PCMI | IPR Global 2023

We interviewed Lindsay Lehr from PCMI during our Innovation in Payments and Remittances (IPR) Global event, to share her thoughts on the transformative technologies shaping the global payments market, how Money Transfer Operator’s (MTOs) roles will shift in the coming years, what sets the IPR event apart, and more.

Lindsay is a renowned thought leader in the payments space, advising the world’s most exciting companies including card networks, global marketplaces and payment platforms. Since 2012, Lindsay has managed over 400 client engagements in the payments industry and grew her team of one to today over 50 consultants based across the US, Latin America, Europe, Asia, and South Africa.

Watch the full video to find out her insights.

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.

Payments Rewired: Blockchain’s Impact on Remittances | IPR Global 2023

In this instalment, we traverse the corridors of Open Banking’s impact on cross-border remittances, harnessing AI’s potential for efficiency, and navigating the realm of blockchain-based solutions. Buckle up for an insightful session through the dynamic intersection of finance, technology, and innovation.

Moderator

Lindsay Lehr, Managing Director, PCMI

Panellists:

Walter D’Cruz, Director, Moneo Solutions
Sukhi Srivatsan, Head of Account Management, AZA Finance
David Lambert, CEO, Paycross

How does open banking facilitate cross-border remittances and interoperability between financial institutions?

Let’s first understand what open banking is before diving in. David summarises it as an instant domestic bank transfer system. This essentially allows third-party entities access to users’ financial data via APIs, enabling them to make payments on behalf of the user. Walter expanded on this, emphasising how real-time payments and data exchange are subsets of open banking. He highlighted the challenge it poses to direct debit and recurring payments, especially in merchant-initiated transactions.

David also shed light on Open Banking’s potential as an alternative payment method by making instant payments by just scanning QR codes; however, he notes its limited spread in the market. Drawing parallels with established systems like PayPal or Apple Pay, he stressed the need for better branding and consumer familiarity to propel Open Banking into a mainstream payment method. Moreover, the discussion linked Open Banking to Central Bank Digital Currencies (CBDCs), foreseeing their role in accelerating international payment rails for faster digital currency. However, concerns were raised about CBDCs being entirely under central banking control, prompting potential government involvement due to public apprehension.

How can AI be leveraged to enhance the accuracy of remittance transactions and improve the user experience?

Sukhi highlighted critical pain points faced at AZA Finance when it came to liquidity projection and forecasting for their clients. Addressing the need to ensure sufficient currency availability at the right time and place without inflating costs for clients. To tackle this, they created an internal model that utilised historical client data to predict future growth patterns, aiding in better preparation for customer demands and enabling proactive measures such as potentially offering increased liquidity when moving to new markets.

However, David expressed scepticism about the reliability of predictive AI for precise forecasting. He highlighted the limitations of AI, emphasising its dependence on the data it’s fed and its inability to independently form entirely accurate projections due to various external factors influencing trends. He believed AI must be heavily controlled, such as by setting rule parameters and cautious utilisation, to prevent misleading or inaccurate predictions.

Acknowledging this, Sukhi agreed that human involvement was crucial. While AI forecasts might not be pinpoint accurate, they allow for better-informed decisions.

Walter countered common fears around AI. He emphasised AI’s role in expediting data analysis by enabling quicker translation of data into actionable insights, thereby saving time and effort. Walter advocated for a practical approach, distancing from rigid rule parameters, which is especially beneficial for small to medium-sized enterprises (SMEs) that often struggle with sourcing and analysing multiple data sources to make informed decisions. This flexibility allows smaller businesses to compete and innovate alongside industry giants.

What are some real-world examples of successful blockchain-based remittance solutions?

Walter sees blockchain as a global equaliser capable of transferring value across boundaries in real time. However, he underscores the importance of recognising blockchain independently from central bank digital currencies (CBDCs) and cryptocurrencies, as they still involve inherent complexities like exchange rates and associated costs. However, the challenge of decentralisation may be difficult for society to embrace.

David, on the other hand, points out a fundamental issue: the persisting limitations in the speed of money movement due to technological and regulatory barriers. He notes that blockchain doesn’t inherently address this challenge, especially with governments increasingly advocating for CBDCs, which introduces another layer of complexity and opposition.

Furthering the conversation, Walter delves into the intricacies of technological efficiency. He cites an example of banks implementing cheque scanners to streamline verification processes, yet this technological enhancement didn’t significantly impact on the time taken for the money to be deposited into bank accounts. This prompts doubts about the effectiveness of new technologies in speeding up financial transactions. There is the possibility for a potential paradigm shift if major retailers, such as Amazon, embed cryptocurrencies. There is also an opportunity for the adoption of blockchain within the remittance industry; however, there needs to be collaboration among stakeholders to lay down a functional framework and process. This collective effort is crucial to overcome the hurdles and ensure a more meaningful integration of this technology into the financial landscape.

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!

Interview with Priscilla Friedman, from CrossTech | IPR Global 2023

During our Innovation in Payments and Remittances (IPR) Global event, we met Priscilla, COO of CrossTech, to share her thoughts on the payments and remittance events industry.

Priscilla Friedman has an extensive background in operations management, strategy, process improvement, consulting and training. Her role as a Chief Operating Officer with CrossTech involves optimising operations, organising and managing events, and relationship management whilst building upon the company’s legacy.

Watch the full video to find out what she has to say.

RemitONE Feature Focus Webinar: Securer Transactions, Anti-Fraud Tools & White-Label Mobile App

In this webinar, our speakers will unveil powerful tools to combat fraudulent onboarding, ensure secure transaction management on both Android and iOS, and gain centralised control of your branded mobile app for seamless operations.

Each quarter, we will host live webinars to explore and demonstrate updates and improvements to the Money Transfer Engine, and chat with our valued clients about features they want to implement or wish to see in the future.

For more information on enabling new features on your system, contact support@remitone_admin

What next?

Want to see how RemitONE can elevate your business? Book a free consultation with our experts today!

RemitONE Winners of the CrossTech ‘White Label Provider’ of the Year Award at CrossTech World 2023 in Miami, USA!

We are thrilled to announce that RemitONE has achieved the ‘White Label Provider’ Award at the CrossTech Awards 2023 in Miami, USA. This milestone highlights our relentless pursuit to tailoring top-notch solutions for our clients and their customer’s needs to ensure a seamless and satisfied user experience. Esteemed industry judges, renowned for their expertise, acknowledged the significance of our technology.

Representing RemitONE at the event, our Assistant Marketing Manager, Harriet Garcia, accepted the award and expressed our gratitude to everyone involved in our journey to success.

At RemitONE, we’re continuously evolving to match market trends, our system has been reviewed by global regulators and central banks, prioritising the utmost security for our clients’ data. Moreover, this achievement reflects the dedicated efforts of our exceptional team at RemitONE, whose dedication to innovation and delivering outstanding results has been pivotal to our success.

This award stands as a testament to our ongoing commitment to pioneering advancements in the payments and remittance industry, ultimately enriching the lives of migrants and their families worldwide. To explore our award-winning Money Transfer Software, reach out to us at sales@remitone.com.

We’re Attending Crosstech 2023 | 14-16 November 2023

We’re delighted to announce that our RemitONE team will be heading to Miami, USA to attend the upcoming CrossTech event. We eagerly look forward to forging connections with prospective partners and reconnecting with the valued clients who have been instrumental to our journey.

If you plan to attend the CrossTech event, we’d love to set up a meeting and explore possible potential synergies between RemitONE and your company.

Schedule a meeting with the RemitONE team by emailing marketing@remitone.com

We’re thrilled to have the opportunity to connect with valued members of our industry and uncover opportunities for a successful collaboration!