- Posted by Paul on January 5, 2015 in Global Economies
New Technology in the Money Transfer Sector
Top international money transfer companies have been relatively fast to adopt new technology when it comes to enabling people to quickly and easily send money abroad. There are a wide range of international banking services that offer everything from email money transfers to instant transfers via credit card. The question is, what is going to happen in the future – where is the industry heading, and how will it help you? With the myriad different modes of international transfer that are available and the increasingly strict approach that regulators are taking to money transfer companies that are sending payments internationally, what is safe and what methods are going to stand the test of time? In the coming months and years we are expecting to see increased regulation in the international remittances sector and this is going to have a big impact on what technology remittance companies can and cannot use to enable people to send money abroad.
Where Remittance Companies Are Heading
As the online remittance space has grown (very rapidly) in the past few years, governments have become more and more interested in the sector. These days an international money transfer agency is treated in much the same way as a traditional bank when it comes to regulatory control – perhaps even more strictly. A huge part of this regulatory framework centres around knowing exactly who is involved in every stage of a money transfer. This is referred to as the “Know Your Customer” or KYC rule. This means that remittance companies are now held liable for making sure that they have enough information on everyone who is involved in an international money transfer. What this means is that transfer companies that engage in direct, bank-to-bank transfers are in a much stronger place moving forward. From the outset, OrbitRemit has been focused on a service that enables people to transfer directly between bank accounts (via us as the intermediary). We have also been focused on a streamlined service that is cost effective and quick, something that other industry players have not always made a core part of their offering.
Why OrbitRemit Makes Sense
OrbitRemit is leading the charge when it comes to fast, cost effective and compliant international money transfers. We are completely transparent with our exchange rates and we make sure that the funds are where they are destined for within one to two business days. This puts us well ahead of most international banking services in terms of transfer times and savings to customers. The fact that we engage in transfers that go direct from bank account to bank account means that we know who we are dealing with at both ends of the transaction. We are highly focused on ensuring that we comply with any relevant international money transfer legislation. We see the increased regulation as a good thing – it doesn’t only help us keep in line with legislation but also helps us protect our customers against fraud, which is a huge priority. On top of all of this we are intent on taking full advantage of new and emerging technologies in international funds transfers as they become available to us, such as VixVerify and their online identity verification solutions. Our transparency on exchange rates and fees also makes us the most cost effective option when it comes to transferring money abroad.
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