Methods of cross-border money transfer
Allow your users to send money in different countries using various methods. These methods are explained in detail below.
Mobile-to-Mobile transfer (M2M):
In this type of international money transfer, the customers can simply send money to their family members and friends from their mobile phones. Similarly, the receivers can receive remittance directly into their mobile wallet account. The money thus received can be used for future financial transactions.
In this scenario, the amount sent is debited from the sender’s account and is credited to the receiver’s account after applying the applicable charges.
Mobile-to-Bank transfer (M2B):
This type of international remittance enables its users to directly send money from their mobile phone to their friends and family’s bank account. In this scenario, the amount debited from the sender’s account is credited directly to their friends’ and family’s bank account after applying the applicable charges.
You can achieve this by two ways. First, by direct API integration of receiver’s bank as per the technology support and allowed regulations. Secondly, by a 3rd party switch that allows all the international transfers.
Mobile-to-Cash transfer (M2C):
In this type, the customers can send money to their family members and friends via their mobile phones. The receivers on the other hand, can collect the money from IMT (International Money Transfer) partner agent in the form of cash.
For this, the receiver receives a code which he needs to produce at the IMT partner agent for cash collection. Once the transaction is completed, the sender receives a confirmation SMS of the same.
Critical features of
Transferring funds abroad becomes easy with Digipay’s international remittance. It offers a variety of features that makes the transfer quick, simple, and secure.
Set fixed and dynamic exchange rates for your customers via Google finance, XE.com, Yahoo, and many others.
Define your international money transfer speed. You can also incur extra charges for a quicker transfer of funds across the borders.
Set both maximum and minimum transfer limits for your customers depending on the different transfer media.
With forward contract, you can allow you customers to lock a certain exchange rate for future transfers.
Allow users to select an exchange rate of their choice. The transfer then takes place only when that rate is achieved.
Multiple pricing models
With fixed and variable commissions fees of agents, you can offer flexible pricing models to your users.
Collect KYC data
With our solution, you can easily collect the sender as well as the recipient KYC data through our registration functions.
With our solution, you get reconciliation files and automated generation of multi-party settlements
What can you achieve with Digipay?
With Digipay, you can offer simple, fast, and secure international remittance services to your users. These services immensely benefit your users as well as your own business.
Monitor your business performance with the help of comprehensive reporting provided by our solution.
Carry out flexible operations effectively through forex management, fees and rates.
Integrate MVNOs and MNOs
Carry out easy integration of MVNOs, MVOs, and banks in order to use their accounts.
Achieve regulatory compliance with the local regulatory requirements for international remittance.
Offer secure remittance services to your users with the help of an OTP based model.
Our whole system is online which reduces paper work and increases process and delivery speed.