The Remittance Industry is evolving at an unprecedented rate. The industry has grown, developed, grown again and then simply exploded. Reasons for this are manifold and Technology is beginning to play an ever more crucial role. In an industry so vast and vibrant it’s important to highlight, distinguish and ultimately identify those that are driving it forward.
It’s very easy to overlook aspects of development in an industry, especially in one which hosts many players. Nonetheless, it’s these very entities and in most cases the individuals that initiate, engage and eventually innovate to take a lead in the global market.
Today, even International Aid has taken a bow to Global Remittances. In the competitive landscape of Remittances, it takes more than just services to distinguish oneself from another. It requires a temperament, an innovative quality, an understanding of knowing when to push, engage and deliver. Such entities are the driving forces empowering the Remittance Industry today with new technologies.
The Market Leaders
Today, RemitONE is the world’s leading provider of proven Multi-channel Money Transfer Solutions for Banks, Money Transfer Operators, B2B Specialists and Start-up Businesses.
RemitONE’s state-of-the-art money transfer platforms are now beginning to be seen not only as market leading but are also setting a new industry standard.
Home not to one but many flagship and industry leading products such as the R1 Money Transfer Management System and R1 Online Remittance Manager, RemitONE provides additional services such as R1 Consulting and R1 Community, all of which are exclusive to RemitONE.
R1 Consulting provides businesses with links to Remittance Consultants who have knowledge of legislation and application procedures in the industry. This Consulting service encompasses Money Service Business licenses, Corporate Currency Accounts and access to relevant business-critical information pertaining to Compliance.
R1 Community provides a service that connects businesses to industry professionals, consultants, banks and MTOs in key corridors across the world. Harnessing this feature allows RemitONE’s clients to benefit from facilitated introductions with one another in the same field.
Furthermore, RemitONE’s clients have the ability to tap into new markets by being instantly connected to other R1 Community Members and significantly reduce up-front investment as they are immediately connected to respected brands and corporations within the R1 Community without having to invest significant time and money in searching for appropriate Correspondent Partners.
Such services are tailored to meet the client’s requirements and enable them to rapidly access new markets and add value to their brand.
The R1 Money Transfer Management System (R1 MTMS), one of RemitONE’s core products, is currently being used by a large number of prominent Banks and MTOs in the Singapore to Bangladesh corridor, which according to the World Bank is the world’s most cost-effective corridor for the Sender and Receiver.
Mr Leon Isaacs, Managing Director at the International Association of Money Transfer Networks, said “RemitONE’s R1 MTMS system has been built to meet the needs of all types of remittance companies. It has been developed with a thorough understanding of the remittance market and therefore understands the specific needs of the industry – this contrasts with a number of other systems which are really adjusted banking systems and are not appropriate for remittance companies. R1 MTMS is appropriate for businesses around the world and is particularly strong for managing agent networks and compliance.”
RemitONE also provides robust Anti-Money Laundering Compliance solutions for Banks and MTOs to tighten security and help mitigate risk associated with KYC and AML activities. RemitONE also makes it possible for businesses with limited Internet connectivity to create and pay out transactions using the GSM network. This feature is the need of the hour for MTOs and Banks in developing countries with a large unbanked population. An Agent with a mobile phone can create and pay out transactions using a mobile phone. So the Sender and Receiver can simply go to any Mobile Agent to send and collect funds.
RemitONE also provides simple integration procedures for Web Services API and FTP integration with Correspondent Banks and MTOs worldwide. RemitONE’s platforms integrate with leading Payment Processors, SMS Gateways and a number of Banks and MTOs – including Moneygram, Money Express, Airtel and eTranzact- worldwide.
RemitONE’s leadership and market position has been sustained through constant innovation, vigorous system development and amazing talent. Their Senior Management team comprises of highly experienced Business and IT professionals with extensive expertise in the Finance and Technology sectors.
Mr Arif Saleem, Chief Technical Officer at RemitONE commented “RemitONE’s mission is to utilise technologies to make life simpler for the entire Remittance Ecosystem, especially the Sender, the Send Agent, the MTO or Bank, the Regulator, the Correspondent Agent, and the Receiver.”
Arif has advised leading banks and MTOs from Europe, Africa and South America on design, development, implementation and integration of remittance technologies. Arif has been involved with the Internet and Open Source technologies since the very early days. Arif hails from Imperial College London and his role at RemitONE involves developing IT strategies to achieve corporate goals and assisting with future industry requirements.
Mr Ziad Mannan, Research & Development Director at RemitONE, again hailing from Imperial College London, has advised and worked on integration projects involving Airtel, Moneygram and Ingenico. He has guided leading Exchange Houses in the Middle East on streamlining business processes.
The new technologies being developed are making it possible for the unbanked populations to gain access to financial products. These technologies are further fuelling local economic development and driving other sectors forward, creating more jobs for the poor in the process. Watch this space!