Remittance

Remittance will make sending money to family and loved ones in the home countries of job migrants easier as compared to going to various exchanges and doing it offline and physically and keep on asking family members if they received money or not.

We intend to become a prime player in remittance businesses through an end to end digital process where customers get best forex rates in the market and can check the status of their transfer at any given time.

Below are the generic parts for the same:

1. KYC/AML Remittance comes with its own set of KYC/AML checks that checks source account details, destination account details and other factors like amount to be sent and countries.

2. From and To Accounts will generally be bank accounts or wallets on the source side as well as the destination side. But other forms both on source as well destinations should be supported like a VISA card being on the source side but a cash agent on the destination side. Reason for this is based on regulatory and technical barriers, account to account always won't be possible. Some home countries cash agents/wallets are more popular than bank accounts. Sometimes it would be card to card transfer.

3. Auto Debit Auto debit consent to be there for remittance when salary credits with source and destination account details so that remittance happens every month once set without user intervention. The user can obviously pause it at his/her convenience.

4. Forex rates, fees and ETA We need to show the best forex rates possible along with an ETA to the customers. For this we can tie up with multiple providers and in real time show them the best rate. Our fees if we want to mask it in rate itself or show separately needs to be discussed.

5. Status Checks Status checks and a notification system to notify both sender and receiver should be there at every stage to prevent them from panicking.

Technical Remarks