Remittances and other small value cross border payments are one of the fastest growing and are changing aspects of the payment market, fuelled by globalization, e-commerce, mobility of labour, and the emergence of new technologies. This has created a need for one stop remittance solution to cater to such payment requirements. We have developed a solution to cater to such niche requirement.
The solution is a web-based solution allowing the Remittance House and Financial Institutions to provide end to end remittance services. The system provides front end and back end modules to facilitate processing of remittance transactions and tracking the status of the transactions online. It also allows the registered agents/Banks branches to remit the transactions on behalf of the remitter by making payment to receiver and to update the status of the transactions. The solution have inbuilt KYC (Know Your Customer) and AML (Anti Money Laundering) module based on Bank Negara Malaysia guidelines to perform the necessary checks on both remitter and receiver. It also comes with comprehensive user management module using which the administrator can control the access control at a fine grained level. The remittance system will have the capabilities for Remittance Service Provider to monitor all activities from Malaysia once the remittance transaction is disseminated to the respective bank/agents to ensure that the remittance transaction is effected to the intended receiver in the respective country. It also comes with comprehensive user management module using which the administrator can control the access control at a fine grained level. The solution can support multiple branches and multi currency environment. The key features of solutions are: