July 10, 2019
What is SmartRemit? Part 4 of 4
Hello from the Mobetize team! Thanks for checking out our blog today all about our smartRemit product. This is part 3 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…
What does smartRemit mean for Financial Institutions?
SmartRemit is an international money transfer application developed 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.
Banks and Credit Unions are tasked with keeping up with state-of-the-art fintech solutions to give their customers what they need. Financial Institutions now have the benefit of being able to join the smartRemit network to offer their customers a fast, easy and secure way to transfer funds internationally. The user experience for smartRemit is consistent across all financial institutions using the app or mobile website.
smartRemit has the flexibility to change the font or colors of the app to maintain brand consistency for each partner. Another unique feature is that Financial Institutions can set their fees by country, amount sent and by payout channel. They can also set user transaction limits and have the option to manage their own foreign exchange spreads as well as change fees as they need, based on competitive products. Once a Financial Institution implements smartRemit, they have a valuable self-serve, no touch platform that immediately generates revenues and serves a need for their customers to help their loved ones back home.
There are a couple of options for joining the smartRemit network:
The first option requires FIs to work directly with Mobetize to integrate to our APIs and complete the onboarding process.
The second option is for FIs that are part of the Ficanex Exchange Network. This option requires no integration and onboarding is done through SendGlobal, which is the branded solution for FI members. If the FI is an existing member of the Ficanex network they will need to contact their Head of Sales.
Ficanex has entered into an agreement with Mobetize to resell smartRemit to their FI members to launch its digital international money transfer service. A Financial Institution or a Banking Network or a banking technology provider can contact a Mobetize Account Manager at firstname.lastname@example.org.
Resellers have the ability to help banks with integrating all necessary components of the smartRemit experience. All in-network banks operate under the same set of rules for payments, disputes, settlements and common user experience.
With Canadians sending more than $20 billion each year to foreign countries, it makes sense for Financial Institutions to provide the best options for their clients’ money transfer needs.
Create new opportunities and build customer loyalty with smartRemit technology!
-The Mobetize Team