A payment remittance platform allows the service provider to authorize payments for e-businesses, online retailers, between two parties, or business partners to pay through online, or through digital wallet. Most of the remittances happen by the conventional channel of agents. However, with the increasing relevance and reach of the Internet, online and Digital wallet transfers from the third party vendor services are being provided across several countries. This makes our customers to provide the best services to end customers and provide the flexibility of doing transactions remotely.
Key Processes and factors for remittance solution are:
A remittance firm transfers funds from one person in one country to another person in another country.
The senders of remittances often need an interface to access the banking system.
Interfaces using the protocols of remittance ISO 20022 and certifications with the banks and third party payment networks.
Remittance firms offer delivery of funds through instruments and channels that the recipient can access.
Mobile payments may be able to lower the cost of remittances somewhat by applying the more favorable volume economics of large agent networks at the receiving end, although the transaction will still require a money transfer operator (MTO) or other intermediary between sending and receiving countries, and those costs are unlikely to be affected greatly by what happens at the receiving end.
Interface with payment networks in other regions and help them in certifications.
The requirements for a Remittance would typically include:
Inward remittance from abroad
Outward remittent to foreign countries
Risk & Fraud
Send/Receive money online
Send/Receive money in person
Send/Receive money from Wallet
Send/Receive money to Bank Account
Send from Kiosk
Interfaces with schemes
Interfaces with wallets
Interfaces with Kiosk
We also have relevant experience to help our customers and partners to have the Remittance Platform certified by Payment Schemes with respect to their business segments.
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