The Complete, Flexible and Secure Platform for Global Consumer Remittance Payments Services

A growing and increasingly important opportunity for large financial institutions is the low value person-to-person money transfer business. Immigrant workers, many of whom are unbanked, are sending money abroad to support families and represent one of the last market segments available to find truly "new" deposit dollars and to apply new customer acquisition and cross-sell strategies. These transactions, commonly referred to as Remittances, are used by more affluent customers as well. Demographic research indicates that rather than being uneducated and truly unbanked, a growing number of remitters do hold bank accounts, are comfortable using the internet, and are often well-educated on the options available to deliver cash to their home countries.

As this international money transfer business continues to grow as a $250 multi-billion industry, the financial services marketplace requires new and innovative solutions to address the needs of the rapidly expanding immigrant worker population. Clear2Pay's Global Remittance product is a state-of-the-art technology platform for providing international person to person money transfer services to a financial institution and its customers. It enables the financial institution to service their remittance customers through any one of multiple interaction channels (online banking, teller platform, call center, ATM or mobile device), and allows you to interface directly to your core payment processing applications (such as SWIFT) as well as third party remittance network providers (for example Xoom, Western Union or MoneyGram).

Remittance Features

• Person-to-Person international money transfer
• Capture of necessary sender identification information to facilitate Regulatory compliance and reporting
• Direct interfaces to OFAC, Anti-Money Laundering and internal Risk/Fraud engines
• Storing of sending and receiving data to enable repetitive transactions
• Receipt location summary information to assist agents and customers during initiation
• Summary and Detail reports for transaction and fee revenue reporting
• Multi-channel: agent (teller, call center), online banking, mobile
• Fixed and variable fee commission structures to support multiple pricing models

Remittance Benefits

• Funds can be transferred in real-time to enable quick and efficient receipt of funds in minutes
• Administrative tools to help manage the straight-through flow of these remittance payments end-to-end
• Flexible connectivity options with multiple remittance partners and banking networks
• Offers a broad array of payment methods for customer choices in receiving funds: cash, account, cards, etc.
• Operates in a global environment: cross-border, cross-currency, multi-lingual, etc.
• Expands the bank’s product set to reach a new and expanding customer demographic

Consumer Remittance Payments brochure 1,1 MB

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