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How To Start Money Transfer Business 

According to some reports, the digital remittance market across the world was valued at around USD 1.93 billion in 2018 and now it is expected to reach approximately USD 8.61 billion by 2025, slightly above 23.8% between 2019 and 2025.

As we know that money remittance is interconnected with the banking system in the countries, where funds are securely transferred and received through the set of processes. The digital money transactions can be done in less time regardless of the locations of the user and the receiver wherever, whenever.

Many start ups are planning to expand their services and business globally, but while starting a new money transfer business, it becomes very important to complete deep analysis of the market, various factors related to the business like targeted locations, services involved, your affiliates, competitors analysis. Making a plan for complete execution is somewhat different from on ground work. Some other important points on which you must focus before starting a money transfer business are:

Your detailed plan and initial requirements:

Before starting Money Transfer Business, it is very important that there must be a detailed plan and your initial requirements along with your clear mission and vision.

The demographic and psychographic analysis of the targetted locations:

The demographic and psychographic composition of the people who can opt the services of a money transfer business. They may be migrants from different countries, working in some different locations. According to statistics, more male migrants, from young adult to middle aged are mostly the ones who are involved in sending money back to their home countries.

Threats and challenges you can face when starting a money transfer business:

It is very important that to understand that if you are going to start new money remittance business, bear in mind that there are several challenges you are going to face, and these challenges will determine the success of failure of your business. The challenges could be downturn of economy, arrival of tough competitor, unfavorable government policies, and other challenges.

Money Transfer License

You will need to obtain a license that will allow you to transfer money in order to start and run a standard and successful money transfer business and it varies across all countries.

Setting Up a Merchant Bank Account

Once you will set up a merchant bank account, your business can accept debit and credit card payments without hassle, increased security, your business gets ability to accept payments in a wide variety of currencies and better money management.

Investing in a good money transfer software solution

One of the most important part of the money transfer business that will drive your business, provide fast pace, responsible for business expansion is investing in a good money transfer application. The money transfer software solution must be simple to use, it must be effective as well. The money transfer platform must also fulfill your future requirements and objectives. It must support all major currencies and languages.

Setting up dedicated IT and Management team

You can find the IT outsourcing company in order to set up a dedicated IT team. As it is very true that the future and success of a start-up also depends on the people associated with it. Experienced IT professionals can help in your customisation and in new development or in adding new features as well.

Starting business Operations

Once the steps described above are completed, you can start your business operations. You can accept money transfer requests from a store or offer your services online, using your business’s website to keep costs low.

We understand that initially it can be a bit complicated, but as you will start working on the things it will bring a great outcome. If you still have some queries you can take help from experienced business consulting firms or experienced Financial consultants. If you are a start up and planning to set up your business, give us call today and let us devise a great product and services for smooth running of your business.

Posted by Pankaj Thursday, August 29, 2019 10:20:00 AM
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Electronic Money Software Solution For Your Business 

 

Global banking landscape is rapidly changing with the new technological innovations. It can be seen clearly that all the new fintech start ups are primarily focussing on improving customer interaction with the financial platform system, it can be money transfer system, electronic money platform system or any other financial solution. Most of the financial institutions are making great investment in developing advanced solutions for meeting the demand of customers and compliance obligations.

One of the advanced solution in banking & financial industry is Electronic Money. E-money or Electronic money basically refers to money that is present in banking computer systems and that may be used to facilitate electronic transactions. We have seen that due to the growing speed of internet and advanced devices, the electronic payment system has grown increasingly over the last decades. Also along with the rise of electronic payment systems, companies which provides payment processing devices are also growing. E-money has brought lots of new opportunities and possibilities in the market. Use of digital money is very easy and convenient, with electronic money, people can send batch payments, it can also be used to pay for utilities, transfer money to others, trade and much more.

Electronic money is used for making transactions globally. It may be exchanged for fiat currency, electronic money is most commonly utilized through electronic banking systems and it is monitored through electronic processing. The vast percentage of it is housed in bank vaults and is backed by central banks.

It is clear that electronic payment systems have a range of advantages in comparison to traditional banking services and we have listed some of them :

Advantages of Electronic Money-

  • The modern advantage of E-money is that it gives you new aspect to payment methods in large markets, introducing many business opportunities and greater potential revenue.
  • Bring all your payment details together in one place for quick and easy payments.
  • It redefines the user experience of paying and incorporates a novelty aspect to each purchase.
  • You make it easier for international customers to do business with you
  • It provides you host of benefits like online shopping, exclusive offers, quick money transfer in any currency to anywhere, anytime
  • It also contains more than one currency wallets for transactions

GSL offers electronic money software solutions to make your business easier. With our GSL- Emoney features you can make transfers and payments for your business . Alternatively, if you are an electronic money institution or payment service provider you can take advantage of our own specifically dedicated software, GSL money, and launch your own branded product.

Posted by Pankaj Friday, July 12, 2019 6:13:00 AM
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Benefits of Automation in Banking & Financial Industry 

automation-in-banking-financial-industry

 

The Banking& Financial Services industry is one of the most data-intensive industries that operate in a highly regulated market. The total volume of data and analytics that would be required in the future exceeds the current processing capabilities.

As the technology is getting updated on everyday, the topic of automation is at the top of the minds of many businesses across the world. According to some reports about 40% of the businesses are working on plan to automate their processes and specifically investing in advanced technologies like AI, advanced analytics in order to complete this automation process.

Finance process automation is nothing but the use of software to automate key finance-related tasks like preparing financial statements ,accounts reconciliation, and journal entries with minimal human intervention. It enables finance departments to streamline processes and ensure that everything runs as smoothly as possible.

Automation process can slot into your current processes and has the power to transform the way you do business, resulting in smooth flow of business process. Lets have a look on some of the advantages that Automation process can provide to your business :

  • Automation helps you in validation processes and give customers a faster decision. You can also react far more quickly to changes as per the need. It will not only increase your efficiency but also the productivity.
  • Automation helps you in coming over the human errors, it reduces the errors and allows you to get the benefit using the advanced analytics, better data quality and new data sources and improved techniques and methodologies.
  • One of the most important part of the business is to maintain the customer relationship. Automation allows you to build better customer relationships. Where you can improve targeting by using triggers to offer relevant products or services. You can improve retention and drive extra sales with new customer relationship methodologies and campaigns.
  • It facilitates better digital channels - Digital portals need to offer customers up-to-date balances, relevant marketing offers, easy application processes and transparency of information: all of which would be impossible to support without automation. Add a chat facility and you have a complete online service.
  • It guarantees consistent decision making - Automating core decision points eliminate the risk of bias, improving fairness, reducing confusion around individual decisions and shortening training cycles. Advanced techniques can also identify bias in the data.
  • It helps you better managing the risk. Well automation means each new loan operation adheres to your risk appetite and strategy and removes subjective interpretation. You can be more responsive, rapidly implementing changes to credit and fraud policies to avoid repeated problems and losses.
  • Automation process also improves workflow. As there are fewer manual processes, workflows are more streamlined and efficient. Processing straightforward applications or propositions automatically means underwriters are freed up to focus on more complex lending scenarios.
  • Automated underwriting typically gives organisations an improved process flow which includes better customer service, faster communications, accurate tracking, consistent decisions
  • Automation processes reduces paper processes because using a data-driven rules engine is an excellent step towards a paperless way of working. Electronic applications can negate the need for paper and are linked to an underwriting rules engine, meaning all mandatory fields are completed and there are no issues with interpreting handwriting.

Automation is the future – helped by the development of cloud based access which allows you to bring together all your applications and decisioning needs into a single place. As a result, you can make more sense of your data and unify your business processes, be more accurate, more efficient and armed with an ability to act on previously unseen insight.

Posted by Pankaj Tuesday, June 25, 2019 10:18:00 AM
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