Remittances are transfers of money from one party to another, usually from one person in one country to another person in another country. Many remittances come from foreign workers to their families in their home countries. The most common way to make a remittance is to use an electronic payment system through a bank or money transfer service. People who use these options usually have to pay fees, the transfer can take minutes or even days. Transfer companies often focus on different customer bases. Traditional remittance channels are bank-to-bank transfers, while others are now beginning to use block chains to significantly reduce the time it takes to transfer funds.
Common challenges in the remittance industry
- Lack of 24/7 manpower to support customer inquiries or help users with their onboarding experience.
- Back office workflows are often not yet streamlined or optimized enough to increase efficiency.
- There is still a need for manual work to review and investigate risk management alerts flagged by sophisticated and advanced regulation tech platforms.
- Remittance companies have a commitment to their customers to send money on-time but are faced with delays because of technical issues like outages that require manual investigation.
How Payreto Supports Remittance Companies
There is increasing pressure on remittance companies to reduce costs and increase revenues. Some companies cannot afford to maintain internal processes or enter new market segments.
Our team will ensure that you get the most out of your investment with our modular services!
DUE DILIGENCE REVIEW OF CUSTOMERS
We carry out customer due diligence on your behalf and provide inbound or outbound communication
SUPPORT OF THE TRANSFER PLATFORM
Optimise our technical support expertise and solve difficult issues.
We support our customers in the daily management of money/treasury.
Respond to any customer in any country or time zone of your choice with 24/7 availability.
BANK TRANSFER & RECONCILIATION
Avoid the pain of manual reporting and reconciliation.
MONITORING OF TRANSACTIONS
We monitor transactions and ensure successful results.
We are here to help
By partnering with Payreto, you can keep a lean staff in your Headquarters and consolidate all relevant support functions at one location on a 24/7 level, including easier vendor management on communication, training, reporting, and scaling perspective. Also, we provide a better cost to performance ratio compared to an Indian vendor.
Moreover, we provide excellent reporting and a high level of transparency on an operational level at a reasonable cost, we can scale your operations on-demand, and keep your customers satisfied.
The cost of running a full compliance team is expensive. By partnering with us, we can potentially reduce labor costs, i.e. operational costs because we can easily cover support for other timezones at a lower cost of operation.