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:

IPR Training: AML and Compliance for Money Service Businesses Key Takeaways

In a rapidly evolving financial landscape, combating money laundering (AML) and ensuring compliance has become highly essential for money service businesses (MSBs). Two weeks ago, we hosted our second Innovation in Payments and Remittances (IPR) training session, focusing on AML and compliance strategies tailored to the unique needs of MSBs.

In this article, we’ll delve deeper into the key highlights discussed during the session for you to gain key insights from.

If you couldn’t attend the live sessions, don’t worry as you can still sign up at a reduced rate and access them on-demand.

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 sessions.

1. Differentiating Terrorist Financing and Money Laundering: Recognising Patterns

Distinguishing between Terrorist Financing and Money laundering is vital in developing targeted prevention strategies. The training session highlighted that while both activities involve illicit financial transactions, they often exhibit different characteristics. Terrorist financing can be sourced through legitimate funding, unlike money laundering where its origin is from criminal activities and financial crime.

Money laundering frequently involves larger amounts aimed at concealing the illegal origins of funds whilst Terrorist financing comprises of small, discrete transactions intended to avoid suspicion.

Noticing these unusual large or small transactions can be a key indicator of potential terrorist financing, allowing businesses to act quickly and prevent the flow of funds to harmful causes.

Furthermore, MSBs should set up appropriate monitoring mechanisms and transaction thresholds to better identify and report suspicious activities that align with the specific patterns of these crimes. This way MSBs can reduce the likelihood of criminal activity being carried out through their business.

2. Structured KYC Procedures: Gateway to prevent Money Laundering risks

As the starting point for any business relationship, a structured and rigorous KYC process enables MSBs to verify the identity of their customers, assess the legitimacy of their transactions, and detect potential red flags. By obtaining and verifying relevant information such as customer identification, source of funds, and purpose of transactions, MSBs can create a comprehensive customer profile that aids in identifying suspicious activities. Effective KYC practices also enable MSBs to establish a strong foundation for ongoing due diligence and monitoring.

Recognising that every MSB operates within a distinct operational context, it’s crucial to design risk assessments that address the specific needs and characteristics of each business. This approach ensures that potential vulnerabilities are identified and addressed effectively. By analysing factors such as transaction volume, customer profiles, geographic scope, and business relationships, MSBs can develop risk assessment frameworks that accurately reflect their exposure to money laundering and other financial crimes.

RemitONE’s Compliance Manager™ (COM) features a set of compliance features to ensure enhanced detection of fraudulent money. Some of the features include:

Linked Transaction Detection: will detect multiple transactions sent by the same remitter to different beneficiaries or multiple remitters to the same beneficiary. This will help you notice any suspicious activity you need to alert authorities of immediately.

NameMatch™: Eliminating the need for manual cross-referencing against international sanction lists, our technology streamlines the process, ensuring greater efficiency. The system cross-checks against multiple sanction lists and accommodates the addition of custom lists. Moreover, seamless integration with external Compliance List Services, such as Reuters’ WorldCheck, Experian, and GBG, widens the spectrum of available lists, encompassing PEP lists as well.

Dynamic risk scoring: Conduct personalised risk assessments utilising assigned scores ranging from 0 to 100 for Remitters and Beneficiaries. This score continually adjusts in response to a range of variables, encompassing factors like source country, nationality, individual versus corporate affiliations, and name screening outcomes.

If you’re interested to integrate COM™ into your system contact us at sales@remitone.com.

3. A Compliance Officer/MLRO is crucial

Delving deeper, Ibrahim emphasised the fundamental role of a Compliance Officer or Money Laundering Reporting Officer (MLRO) in combatting money laundering. There are four essential components he advised to keep in mind when selecting the right candidate:

Qualifications: The compliance officer must possess a strong foundation, supported by relevant qualifications and certifications. Their background should reflect a deep understanding of AML practices to effectively help them navigate the complexities of compliance. They should have a minimum of one year of practical experience in the field and hold credentials related to AML/compliance, endorsed by international standard organisations.

Championing Independence: Independence is key as the compliance officer controls AML policies, risk assessment, internal controls, and training. Furthermore, their decision-making process should remain uninfluenced by other team members, as external interference can cloud their perspective and make them compromise compliance.

Dedication Demanded: the compliance officer should be a dedicated, full-time member of the team to ensure a high level of monitoring. While certain operational aspects can be outsourced, the oversight and management of these functions, particularly in jurisdictions like the UK, remain firmly the responsibility of the compliance officer.

Sign up for 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!

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!

Clear Junction Partners With Innovation in Payments and Remittances (IPR)

We’re thrilled to announce that Clear Junction, 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 Clear Junction, where they delve into their company mission, key values and the importance of partnering with brands like IPR.

Clear Junction is excited to be sponsoring IPR Global 2023. As a leading global payments company founded by a veteran team of financial professionals, we have worked tirelessly to build and develop our proprietary technology to facilitate an end-to-end regulated payments solution.

Innovation in Payments and Remittances (IPR) unites and inspires leaders with a strong drive to revolutionise the money transfer sector, bringing together industry stakeholders, visionaries, and business leaders to drive positive change in the industry. At Clear Junction, we help Financial Institutions gain access to a wide range of features such as accounts, virtual IBANs, payment networks, FX, and e-Wallets in a swift, secure, and compliant manner. Our sponsorship underscores their commitment to promoting interdisciplinary approaches and advancing knowledge exchange.

By partnering with us, our clients overcome the complexities associated with establishing banking relationships for international payments. They can tap into new markets and emerging technologies while streamlining their accounts and payment processes. This, in turn, simplifies the management and servicing of their customers, making managing and servicing their customers easy and convenient. Through an advanced infrastructure, Clear Junction enables swift and reliable movement of funds across borders, empowering businesses to expand their reach and cater to a global customer base.

Compliance and risk management are at the heart of everything we do

The last few years have demonstrated the importance of being steadfast and secure in your compliance, and at Clear Junction, it is woven into our strategy. We recognise that maintaining regulatory compliance is crucial for fostering trust, ensuring security, and mitigating risks throughout the financial ecosystem. Following regulations can pave the way for digital currency companies to tap into traditional banking services, which is crucial for growth and innovation.

In response to the recent regulatory pressures, we launched our escrow account solution to ensure protection for those wishing to trade in digital currencies and fiat. As far as it’s known, the new escrow accounts solution is the first of its kind in the payment space: Clear Junction acts as a settlement agent and provides a fundamental financial service that ensures each entity involved in a fiat/crypto transaction gets what they agreed to. Relying solely on the transaction data available publicly on the blockchain, all parties get exactly what they expect. Clear Junction acts as an independent entity providing the escrow accounts to guarantee peace of mind for both participants.

The future is through collaboration

The widespread adoption of technology within the financial industry, and the heavy streams of data being poured through financial institutions daily, have meant that compliance regulations have become increasingly complex and intricate. Maintaining compliance with regulatory standards is central to how we function as a payments company and underlines everything we do.

By facilitating collaborations between professionals from various fields, this event promotes interdisciplinary research that has the potential to address these complex challenges. The future is built by everyone, and we are delighted to be part of such a diverse network of industry professionals, policymakers and researchers. We are excited to see what ideas this event will bring.

We are beginning a new age in the digital payments space, and it’s an exciting place to be. We collectively have an opportunity to help write the next chapter. It is a long road to map out ahead, but we need to look for sustainable, long-term practices. This sponsorship serves as a testament to Clear Junction’s dedication to supporting initiatives that foster innovation, drive positive change, and contribute to the advancement of knowledge across industries.

To learn more about the new partnership with Clear Junction, get in touch at marketing@remitone.com

Secure your tickets to IPR Global, the 2-day hybrid event taking place in London, UK.

Register here: https://global2023.ipr-events.com/register

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.