June 19, 2019
What is SmartRemit? Part 1 of 4
Hello from the Mobetize team! Thanks for checking out our blog today all about our smartRemit product. This is part 1 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 is smartRemit?
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.
The formal definition:
smartRemit is a Financial Institution (FI)-centric cross border peer-to-peer (P2P) payments app that allows consumers to send international money transfers from their mobile devices.
Traditionally, cross-border payments, (which is a $650+ billion market), are ruled by non-financial institutions — smartRemit is changing that! smartRemit allows financial institutions to capture a share of this market
smartRemit prevents fragmenting the market with hundreds of different, often confusing, apps for the consumer by bringing a single, real-time cross-border P2P digital payments experience branded for financial institutions to be consumed by their customers.
So… how is the technology accessed by someone looking to send a cross-border payment?
Financial institutions’ customers access smartRemit through their FI’s branded mobile app which is linked directly to their debit card.
Once a customer registers for the service with their debit card, sending money globally is just a few clicks away. The recipient receives their funds almost instantaneously to their bank account, or a cash pick-up location, or via a mobile wallet and in some cases even home delivery.
Because smartRemit is backed by the Canadian Financial Institution industry, it can provide consumers with unmatched security without compromising convenience. Users DO NOT have to give up sensitive bank information to those traditional sources because account details are not actually shared during the process. The funds arrive directly to the recipients based on their preferred payout channel. This is truly a revolutionary technology!
We hope you will join us in the coming weeks for parts 2, 3 and 4 of the smartRemit feature articles.
-The Mobetize Team