Secure, cost-effective online cross border remittance service
Every month millions of expatriates perform international money transfers to their homeland. Banks, foreign exchange companies, Money Transfer Service Scheme (MTSS) normally handle these transfers. While purchase of demand drafts and mailing to recipient overseas is time consuming, private money transfer services are mostly expensive.
FSS Remittance service enables banks with branches abroad, exchange houses, partner banks, aggregators, and even MTSS’ to perform online remittances to their beneficiary customers in India. The solution enables registration of remitters’ and beneficiaries’ details by exchange houses. Once registered, a remitter can transfer funds to beneficiaries electronically by a wide range of delivery channels such as ATM, POS, Payment Gateway, IVR and Mobile telephones. Existing FSSNeT connectivity to all major banks in India could be leveraged for low cost of transaction processing.
The system tracks all transactions and provides detailed and summary reports. Electronic files can be extracted for reconciliation and settlement.
- 24/7 multi-channel remittance facility.
- Secure system with integration capabilities with the bank’s core system or authorization system.
- Multi-currency support for acquiring and beneficiary transaction.
- Ability to setup OFAC filters, and generate AML compliance reports.
- Customer driven channel support like ATM, internet and others.
- Multi-lingual support.
- Online reporting features, including AML reports and validations.
- Helpdesk and issue resolution support.
- Interchange facility with the Visa/ MasterCard.
- Cost effective service, leveraging on multiple, premium banks connectivity in India.
- Can be interfaced with FSS Prepaid card services, to enable issuance of salary cards with top-up facility.
- Quick roll out of service, with minor changes on the existing payment systems.