Remittance Platform

REMITVENUE helps automate and streamline workflows of Sending-side and Receiving-side networks of Money Sending Businesses (MSBs) with integrated and compliant centralized processing to save costs and help expand customer reach beyond their physical locations to initiate and receive remittance transactions. Some salient features of the product are outlined below.

MSB branch and agent networks can move money to anywhere around the globe while remaining fully compliant through: secure data aggregation at your headquarters for effective management, control; automated and streamlined MSB Sending-side and Receiving-side networks; and integrated  and  centralized  processing  system.

MSBs can enjoy extraordinary control over their branch and agent networks with REMITVENUE. User roles and privileges are managed in a hierarchical fashion. The central data repository (where all information is stored) is only accessible with strict identification and authentication protocols that require approval by built in data security and confidentiality policies. This makes data sharing among branches and agents secure, provides strong customer data privacy, mitigates AML risk and allows real- time processing.

REMITVENUE offers MSBs a built-in dual authorization mechanism required by most banks and financial institutions and incorporates enhanced security architecture with additional layers of security features.

We employ 3 level of security access with SSL protected connection.

A user-friendly process enables the management of commission computations for both remitting and paying agents. Commission rules can be created based on fixed rate, percentage, or a combination of both values. A commission report can then be generated to contain “Due To” or “Due From” positions for agents.

Transactions are retrieved by branch and partner correspondent locations for payment marking while headquarters for each paying entity can view aggregated transactions and drill down to individual transactions for investigation and query. All transactions marked for payment appear in ‘Reconciliation’ report until suspended for lack of detail or clarification of payment instructions. The error handling for ‘exceptions’ are immediately available to the sending-side once noted by the paying side.

Enterprise-class compliance is built into REMITVENUE to mitigate the compliance risks. Transactions created by branch & agents are automatically filtered in real-time based on available risk rules and policies. Interfacing with any other compliance solution can also be made available on demand.

Built-in processes along with other application controls provide compliance to “Know Your Customer (KYC)”. This is achieved through built-in enterprise class security practices and Enhanced Due Diligence system. These functions provide multiple filtration levels to scrutinize suspicious activity by: utilizing a powerful rules engine; customer profiling techniques; enhanced due diligence for “KYC” and Customer ID Programs as required by the AMLA governing body.

REMITVENUE has built in a wide range of reports as standard features. These reports are optimized to produce desired result sets in an extremely efficient time saving manner. However since reporting requirements can vary, customized reports can be designed to meet your specific needs.

REMITVENUE integrates and centralizes the management of sending- side branch and agent network to streamline work flows, reduce costs, boost efficiency and deliver better customer service. Centralized management control of branch and agent activities results in effective compliance.

Receiving-side network branches and correspondents can be added and centrally managed. Receiving-side (paying) network can encompass operations in multiple locations but remains under review of sending-side headquarters.

Sending-side network integrated and automated work flows save costs for branches, agents and  headquarters ensuring efficient management and control, competitive rate advantages, lower Total Cost of Ownership (TCO) and higher Return On Investment (ROI).

Currencies and rates can be centrally defined and coherently managed daily or as needed for branches, agents and correspondents.

REMITVENUE can be customized to offer rule-based customized computation of service charges (fees charged to customers). Rules can be as simple or as sophisticated as your business demands. A “wizard” can be incorporated for larger companies to create rule changes and adjustments necessary for the multi -location and multi-party paying networks, varying service charges and replenishment needs.

A/R & A/P are maintained in fully automated manner in REMITVENUE. With a few clicks of the mouse, your funds manager can see an A/R & A/P overview for reviewing transactions by a particular agent/correspondent or a detailed report showing the cumulative receivable and payable positions.

REMITVENUE enables MSBs to start their businesses on the Internet quickly and easily. The Internet Customer Access module can be deployed to enable you to generate revenue from customers living far beyond your current locations. This means you can expand your business beyond opening additional brick-and-mortar locations.

REMITVENUE maintains a system audit log for any override or change effected by the branch/agent user providing a complete audit trail for remittance transactions.

The receiving-side network Straight-Through-Processing completes the loop for remittance transactions initiated and processed by the sending- side network. They can provide a rapid and efficient transaction life cycle confirmation.

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