e-Remittance Monitoring

e-Remittance Monitoring

International remittances can be leveraged by emerging countries as an important and sustainable source of innovative development revenue. In order to capitalise on the potential revenues from remittance transactions, through the collection of special levies, however, it is imperative for an appropriate regulation and control system to be put in place. This is because the activities of fraudsters have opened up the remittance market to fraud, money laundering and the financing of terrorism.

The greatest benefit of the e-Remittance solution is that the solution allows for centralised control and management of all the data related to the transactions—making all transactions traceable, compliant and justifiable.

Benefits and characteristics:

  • → valuable market and business intelligence is obtained to feed the money transfer industry’s policy-making process
  • → remittances can be leveraged as a sustainable source of innovative funding for development for government projects and development needs
  • → fraud is detected and deterred
  • → appropriate incentives can be implemented as sweeteners to increase compliance with current and/or future remittance regulations
  • → incentives can be implemented to increase the revenue generated by special levies on remittance transactions

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