The Digital Money Transfer Opportunity
International Remittance has grown consistently over the past years. In 2013, more than USD 500 billion was transferred through formal channels and twice the amount through informal channels. The high use of informal channels is a result of the high cost of traditional services, normally around 9%. Projected growth for International Remittance is more than 10% in 2014 and 2015 respectively, reaching USD 586 billion in 2015.
The legacy remittance industry has been long dominated by cash, which requires physical locations where customers can hand over or pick up money. Building out those retail networks is a huge investment. It’s left just a few players, called Money Transfer Operators (MTOs) and banking\financial institutions controlling a bulk of the industry. But these companies’ comfortable hold on the industry is now being challenged by digital remittance startups. Digital-first remittance companies are competing on fees and usability, and capitalizing on the way people’s expectations have changed with the advent of digital and mobile channels.
How do you benefit?
- You can launch your own unique state-of-the-art digital money transfer service. Thus prevent your existing user base from defecting to FinTech players growing at a rapid pace.
- A digital service is much more affordable due to asset-lite, “direct to consumer” model.
- You can add value to your existing offering and create a differentiator vis-à-vis competition.
- You can tap a new segment of customers for your existing business.
- You can increase profits from day one by adding a new revenue stream. It is an easy migration for your existing user base.
- The flexibility of our remittance solution allows our clients to choose only those modules from the 5 available that they require and the client will bear fees accordingly.
- Technology platform
- Compliance and risk mitigation
- Customer support
- Design & User interface
Easy Decision for Firms
Building from Scratch
- Complete ownership of code
- In sync with existing framework
- Manpower hiring
- Build time 9-18 months
- High Capital cost
- Lack of Domain expertise resulting in inefficiencies & rebuild
Partner with a domain expert
- Save time on building code
- Knowledge acquiring
- Minimal capital expenditure
- Ready plug & play model
- Outsourced operations
- Outsourced Compliance
- Outsourced Customer Care
- Dependence on partner
Plug & Play, End-to-End Solution
RemitOnline provides a plug & play end to end solution. This encompasses a wide range of hardware, software, 3rd party integrations, data center, call center. It enables you to launch a remittance service with minimal capital expenditure and super-quick time-to-market.
Integrated Global Payments & Compliance Solutions
RemitOnline provides payment acceptance, data security and value-added solutions that seamlessly integrate with your systems to deliver secure payment solutions globally across multiple sales channels.
Click here to see our 3rd party integrations.
Multi-Currency and Multi-Country
With multi-currency and multi-country processing, the speedy configurability of our platform means that you can expand your online business to new countries within minutes. Your customers have the convenience and confidence of knowing exactly how much money they are sending in their local currency, with the facility to have different fees, forex margins and transaction limits for each currency pair.
Flexible Pricing Structure
The platform enables you to price for each market differently. You can set different fees and forex margins for each currency pair. The fee & fx margin can be defined as a flat value (for eg. USD 5 per transfer or 0.50 cents as forex margin) or a percentage value (for eg. 0.5% as transfer fee or 1% as forex margin) or even a combination of both. You can define multiple slabs with different prices, as well as activate or deactivate any slab as per seasonal requirements.
Bank-grade, Built By Domain Experts
With our core team having over 15 years of experience in digital remittances and payments space, we pride ourselves in being a product development company rather than just being a technology service provider. Our learnings over time have been implemented on the platform, and our existing customers ensure that we constantly learn as we grow our remittance geographical coverage.
Regulatory Coverage & Regulatorily Compliant
Soliciting remittance business in various geographies requires regulatory licenses to be acquired, which are expensive and time-consuming. Our strategic partnerships with license holders in these geographies saves you the time and effort required in acquiring your own licenses while ensuring that the business remains regulatorily compliant.