nREMIT: Remittance Management

Case Study: Financial Services

Remittance Management

nRemit has  enabled global money transfer operators using its proven platforms and consulting services. The software provides efficiency for all the stakeholders in the remittance chain. Prominent South East Asian Bank with Foreign Exchange Branches in London, Australia & South Africa. nRemit is a web based application for remittance management.

The system has been designed with following features:

Key Features

• Mobile First Remittance Platform
• Implemented Agent-model for Remittance House
• Remittance Transaction Management
• Remittance transaction management.
• AML screening to keep the right side of anti-money laundering regulations.
• Localized compliance & reporting
• Real Time Tracking of Nostro Balances & Fund Transfer
• Auto notification engine
• Transaction reconciliation
• Real Time KPI Dashboard

Business Objective

• Provide global remittance services for the expat communities in the cities in the countries of the Foreign Exchange Branches
• Real Time Foreign Currency (FX) transfer
• Local Regulatory Compliance & Reporting
• Linked Transaction
• Money Transfer Operation
• Transparency of ‘flow of funds.

Benefits

• Increased transaction flow due to self-service and agent-based remittance model
• Service Availability in remote areas with internet connection
• Full legal & regulatory compliance
• Real Time Transfer of funds
• System user management
• Dashboard driven
• Real Time notification to both sender and receiver
• Any branch cash pickup service
• Same/Next day transfer to any bank/any branch