What is SmartRemit? Part 2 of 4

Hello from the Mobetize team! Thanks for checking out our blog today all about our smartRemit product. This is part 2 of 4 in this series.

Part 1: This blog – ‘What is smartRemit?’

Part 2: How is SmartRemit different from other cross-border payment solutions?

Part 3: What does smart remit mean for consumers?

Part 4: What does smart remit mean for Financial Institutions?

Without further ado…

How is smartRemit different from other cross-border payment solutions?

smartRemit is an international money transfer application developed for banks and FIs by Mobetize Corp, a B2B Fintech technology services company whose vision is to provide Fintech solutions that improve the financial well-being of consumers by partnering with banks and credit unions.

The consumer initiated cross-border payments industry is a $650B market and there are many cross-border payment solution providers and their applications.

Since smartRemit was designed and developed with the banking industry in mind, its efficient, low cost, quick to market integration model provides unparalleled advantages and opportunities as a remittance solution for FIs looking to capture a piece of this market. 

The ways in which smartRemit addresses security, speed, commitment to privacy, flexibility and customizability for financial institutions makes smartRemit the banking industry’s leading remittance solution and is what sets it apart from the other money transfer applications.

Security

smartRemit was developed by Mobetize in collaboration with the banking industry to bring clients the best in security without compromising ease of use. Our application benefits from the industry’s “best in class” cybersecurity expertise which means our clients’ information is secure.

Financial institutions in our network do not share customers’ account information with each other, so the risk of account information being captured is decreased. In addition, since customers access smartRemit through their bank, they do not need to provide sensitive personal or account information, further limiting exposure risk. Each instance of smartRemit is independent of the other, meaning that partnered FIs do not collaborate or share any data with other FIs who also employ smartRemit. The smartRemit platform is not a collective network of FIs sharing the same rails but a network built on independent rails for each FI. 

Mobetize has worked with regulators and Financial Institution Risk and Compliance to ensure consumers are adequately protected versus other alternative payment services.

Speed & Privacy

Many Peer to Peer Money Transfer companies, such as Xoom, Transferwise or Western Union, store customer’s sensitive personal and financial data within their applications. Because each money transfer company has to independently verify the identity and the source of their customer’s funds, their systems can take 5+ business days to process and complete a customer’s transfer to their intended recipient. Conversely, customers of financial institutions offering smartRemit do not have to submit their personal or financial information, have already had their identities verified by the bank, and their funds sourced directly and instantly from their accounts. This eliminates risk and liability to the customer, the FI and expedites money transfers to the recipient faster. Once the funds are in the recipient’s account, or at the cash pick up location, they are made available immediately – no waiting!

Some Peer to Peer payment apps have chosen to incorporate a social media element that allows users to see who their friends are sending money to and receiving money from. However, given the sensitive nature of personal finance, smartRemit has chosen to keep information about user payments private. There is no information shared with any 3rd party whatsoever. Mobetize adheres to global privacy regulations to ensure the highest level of data protection. This means that customers’ private information stays private.

Customers should never have to compromise security for convenience and now they won’t have to! Payments made using smartRemit are faster, safer and easier than ever.

Flexibility & Customizability

smartRemit offers each and every banking partner a wide range of control and customization that cannot be offered by other companies. Since it was developed as a white-label solution for the banking industry, with banking partnerships in mind, smartRemit allows the financial institution to create their own business models. smartRemit allows an FI to; name their product, brand their app for their customers, limit or expand on countries they can remit to, decide which type of payout channels are offered, and set customer transfer limits and amounts. It also allows individual FIs to set their own pricing, margins, fees, promotional campaigns, and FOREX spreads depending on different variables like transfer amount, country, and payout channel. How the financial institution bundles the service with other banking services is entirely up to each individual bank. In addition, each financial institution also has its own dedicated smartRemit CRM allowing the FI to; keep customer relations in-house, maintain control of and handle their own customer inquiries and disputes, access 24/7 global support, access their customer’s real-time transactional data, and produce multiple reports depending on their needs. Mobetize’s settlement process ensures all parties receive their funds nightly, directly through electronic funds transfer.

By establishing itself as a customer focussed remittance solution specifically designed and developed to benefit financial institutions and their customers, the smartRemit platform is truly an industry differentiator — something the ‘other’ cross-border payment solutions are not.

We hope you will join us in the coming weeks for parts , 3 and 4 of the smartRemit feature articles.

-The Mobetize Team