e-Remittance Monitoring

THE ELECTRONIC CONTROLLER OF REMITTANCE TRANSACTIONS

The e-Remittance module provides accurate measurement of remittance inflows and outflows, thus addressing the critical need for traceability and visibility in the money transfer ecosystem of a given country. e-Remittance aims at dramatically improving the control and governance of the remittance market through a country-specific data mining approach. Instead of relying on partial reports and surveys, e-Remittance allows governments to make a giant leap toward a much more effective governance solution supported by comprehensive and real-time data. By providing the ability to independently collect data and verify transactions, e-Remittance dramatically enhances a government’s capacity to enforce Anti-Money Laundering (AML) and Know-Your-Customer (KYC) standards and, overall, to ensure the integrity of the whole remittance ecosystem.

Main Functionalities:

    • → Continuously updated lists of originating countries for inbound remittances, with total amounts and transaction volumes
    • → Continuously updated lists of the top ten originating countries, with total amounts and transaction volumes
    • → Amount and volume of transactions in total and per RSP, for the current period and for any given period;
    • → Highest remittance level by period and by country
    • → Detailed transaction history for each remitter (identified by their phone number)
    • → Total income from the micro-levy (if any) for the government
    • → Alarms on any suspicious transaction and/or series of transactions
    • → Lists of all suspicious transactions

Benefits:

    • → Enforces transparency and accountability in the remittance ecosystem of a given country
    • → Enhances governments’ capacity to enforce Anti-Money Laundering (AML) and Know-Your-Customer (KYC) standards and, overall, to ensure the integrity of the whole remittance ecosystem
    • → Allows for the effective monetization of remittance transactions as a source of innovative financing for development

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