International Money Transfers on Digital Channels

What is the challenge?

A non-digital transfers such as traditional wire transfers or physical checks is inherent inefficiency and inconvenience. Non-digital transfers often involve manual processes, paperwork, and longer processing times.

Where does the challenge lie?

International money transfers through the SWIFT system typically require around 3 days for processing
Instant international money transfers often involve transferring cash directly between parties
Both senders and recipients are required to visit a bank’s physical office to initiate or receive cash transfers

This process results in time inefficiencies for senders, recipients, and bank personnel
May incur higher fees due to the manual handling involved, and there is a risk of errors or delays in the process

Unlocking Efficiency:

International Money Transfer

Our solution:

The Tool

We have developed a system that seamlessly incorporates specific international money transfer capabilities into the bank’s digital infrastructure – Transfer to Card / Account (T2CA).

How it works?

Receiver Side Scenario

The sender initiates the transfer by providing the transfer amount and a secret code to the receiver.
The receiver utilizes one of the available digital channels, such as a mobile app, website, or ATM.
The receiver inputs all necessary information, including their unique IDNP (similar to SSN), which allows us to accurately identify the recipient’s name.
The T2CA system verifies the existence of any transfers associated with the recipient’s specific name within its database.
Upon locating such a transfer, an OTP (One-Time Password) is sent to the customer’s mobile phone as a secondary authentication measure
The customer enters the OTP received via SMS.
If all authentication checks pass successfully, the funds are transferred to the recipient’s designated account or card.
The transfer status is updated as “delivered” within the money transfers system.

Sender's Side Scenario

Sender receives the receiver bank account details
The sender obtains the bank account details of the receiver
The sender visits a bank office
The sender completes the recipient’s banking information
The money transfer system prompts a confirmation of the account’s validity from the banking core through T2CA
If the validation is successful, the transfer process is initiated
T2CA receives the transfer details and commences the funds transfer to the recipient’s account
The international transfers system records the transfer as successfully completed

Integrations with

Behind the scene

Development of Core Banking Integration: Our priority is to create a robust link with the bank’s core system to establish a seamless and secure foundation for the service.
Integration with Multiple Digital Channels: We are dedicated to setting up distinct integrations for each digital channel, ensuring a unified user experience across platforms including mobile apps, web interfaces, and ATMs.

Collaboration with Money Transfer Systems: We are actively forming contractual agreements with various Money Transfer Systems (MTS), enabling efficient and secure operations through digital channels.
Rigorous Testing and Quality Assurance: Our process involves thorough testing and quality assurance measures to ensure the reliability, effectiveness, and security of the integrated system.

Benefits of Digital Money Transfer

Instant Transfers: utilizing real-time payment networks allows for almost instant transfer of funds, reducing processing time from days to minutes.
Mobile Apps and Online Platforms: enables customers to initiate and track transfers conveniently from their devices.
Secure Authentication: biometrics or two-factor authentication, enhances the security of digital transactions.

Reduced Costs: digital transfers have lower fees due to fewer intermediaries involved.
24/7
Accessibility: digital channels provide continuous access, allowing customers to initiate transfers at their convenience, regardless of banking hours.