On the other hand, the banking industry already has an established remittance system but there is scope for improvement. One of them is mobile money transfers using a MNO’s network or porting their web applications and other channels to a mobile application. Financial services partners, such as money transfer operators (MTOs) who offer conventional money transfer services, (usually through agents such as forex bureau, banks and post offices) are the other segment of the industry that have a large role to play in the growth of the remittance industry. There are other non-conventional channels to transfer money, which are actually a headache for central banks and other financial regulators, the world over. These regulators are hence taking a keen interest in making the mainstream transfers easier for the people and also to remove the scourge of unaccounted money.
The International money transfer industry is witnessing increased cross border money transfers but also faces various challenges, which are stopping it from realizing its full potential. Most payment systems are based on local laws and practices within existing domestic banking and financial infrastructures making the cross-border transactions difficult.
Government regulations are changing how payments are being made. Payments are subject to domestic regulations and often rules vary between originating and receiving countries. A large unbanked population with cross-border remittance requirements needs find it difficult to remit money.
Daemon’s Mobile Money Transfer Solution, Remit4Sure, meets the critical demands generated from these new developments. It facilitates both domestic and international remittance services through web, mobile and agents. Daemon’s latest customer is one of the largest mobile virtual network operators in Malaysia.
Remit4Sure Mobile Featuring a robust & scalable platform delivers an easy integration capability that fully functions with the infrastructure of service providers while giving easy access to the end users. The International Mobile Money Transfer solution is available in Android and IOS Platforms.