National money transfer gateway improves efficiency and reduces financial and compliance risks
About
Applicant name: QSYSTEMS GLOBAL
Innovation Name: Centralized Remittance Platform (CRP)
Innovation Type: Solution
Website: http://www.qsystemsglobal.com/
Mission: National money transfer gateway improves efficiency and reduces financial and compliance risks
Innovation Description: • The CRP system is a unified platform that integrates all related entities at the national level supporting the “many to many“ Model: MTOs, commercial banks and other MTOs agents, settlement banks, regulating, supervising and oversight authorities, etc.;
• For interconnection between participants, the CRP uses existing network infrastructure as much as it can, in order to reduce technical burden and cost in building new way of communications;
• CRP supports all types of money transfers operations in online mode: send, receive, cancel, return, …;
• CRP interconnects an MTO to all Agents and the digital infrastructure (banks, e-wallets, …) in the country, and all Agents have an access to all MTOs via one API interface or “one-window” web-app;
• Any Central Bank (CB) or other relevant authority that implements and/or uses a CRP is able to position itself at the top management place, and governance of financial settlements AML, KYC using relevant risk management tools.
Innovation Inspiration: • Our systems are successfully deployed in many receiving countries where banks work with 12-20 MTOs simultaneously. Our solution integrates all MTO systems in a single window and is in high demand;
• The fast-growing remittance services were the key factor for our expansion and we implemented the centralized HUB, where we have integrated many MTO’s program interfaces into the one API for our customers (banks);
• We have been resolved many issues related with P2P money transfers: operational efficiency, unified multicurrency settlement, mobile app for end-users, multi-language interface, friction free integrations with core-banking systems and so on;
• ‘Country To Country’ regulations is the modern nature of remittances;
• CRP is a natural extension of our systems at the country level;
• We’ve been innovated our centralized HUB in order to allow countries which will implement CRP fully observe the General Principles for International Remittances Services developed by the Bank for International Settlements and World Bank in 2007.
Who benefits from the innovation most? • Our Centralized Remittances Platform is an infrastructure solution and aims to benefit all participants, including consumers, due to increased efficiency and reduced costs to participants;
• For Regulators: each cross-border money transfers transaction is verified against the national AML & CFT procedures, international agreements, in online mode. There is no way to transfer or to withdraw money before AML & CFT verification;
• Robust financial risk management mechanisms, especially for soft currencies used in transactions, incl. multicurrency final settlement in RTGS systems operated by central banks;
• For MTOs: CRP is a very effective method that allows to connect to all PSPs in the country with a single integration;
• For Agents: The local PSP’s Agents are guaranteed not to be sanctioned and will be motivated to improve customer service;
• Allows to increase financial inclusion by transfers remittances to\from accounts\cards\e-wallets;
• For End Users: Full transparency to customers on (total) prices and services features
What are you most proud of about your innovation? • CRP was successfully implemented in two central banks in CIS region (Armenia and Tajikistan);
• CRP is processing 50,000+ transactions per day;
• 20+ MTOs integrations were implemented for 100+ banks;
• There were many questions on the beginning, related to new rules and mechanisms of the settlement process. We are used to being as flexible as possible and developed different scenarios for the final settlement;
• We are different because we are unique on the moment;
• CRP is a pioneer in the world of remittances, which introduces regulatory supervisory oversight of the remittance business process.
Status of Innovation: In-market
Innovation Active Since: 08/21/2017
Applicant Type: Private Company
Headquarter City: London
Headquarter Country: United Kingdom
Year Founded: 2008
Main Category
Main Category Choice: Compliance Solution
Why do you think you should win this category?:
• CRP is a unique solution that meets the legal and regulatory obligations of each stakeholder to fulfill its entire compliance requirements to include AML, sanction screening and transaction limits;
• CRP is the first solution in 10+ years, which ensures fully compliance with the General Principles for International Remittance Services developed by the Bank for International Settlement and World Bank;
• CB will be able to get from CRP relevant data for oversight purposes and to fulfil its legal mandate in the remittance system oversight area;
• We believe that it is a new trend which will reshape the industry and many countries will implement CRP into the next 5-10 years;
• We have two case studies, successful implementations in Armenia (STAK) and Tajikistan (NPCR);
• Our team combines experience and expertise in remittances and in technology;
• The synergy of the deep knowledge of remittances world (20+ years) with the technological expertise (15+ years in fintech) makes us different.
Secondary Category
Secondary Category Choice: B2B Solution
Why do you think you should win this category?
• CRP facilitates the relationships and interactions between RSPs their Agents and other stakeholders in an innovative way, enabling
o Fast development implementation and adoption of new remittance services;
o Connectivity between RSP’s and other digital services, e.g. mobile money and eWallets;
o Connectivity to local bank Accounts and Cards for credits/debits;
o Connectivity with local billers and retailers;
o Compliance Tool sets to pre-approve payments pre-release and settlement.
Team Members
Full Name: Andrey Aydov
Role: Managing Director
Linkedin: https://www.linkedin.com/in/
Full Name: Iain Blackwood
Role: Chairman
Link: https://www.linkedin.com/in/
Full Name: Victor Tucan
Role: CTO
Link: https://www.linkedin.com/in/
Full Name: Igor Munteanu
Role: Business Development
Link: https://www.linkedin.com/in/
Supporting Links
Company site: http://www.qsystemsglobal.com
Product Presentation: https://docdro.id/yLdpmT2
Armenian Centralized Remittance Platform – STAK: https://www.stak.am/
National Bank of Tajikistan to launch new system for money transfers: https://en.fergana.agency/
Entry Representative
Full Name: Andrey Aydov
Role: Managing Director
