End-to-End cross-border enterprise digital money transfer platform
Applicant name: Nyuvo, a Finablr company
Innovation Name: Payce – White Labelled Digital Diaspora Remittance Solution
Innovation Type: Solution
Website: https://www.nyuvo.com/nyuvo/index.html
Mission: Payce: End-to-End cross-border enterprise digital money transfer platform
Innovation Description: Businesses over the years have succeeded on structural drivers such as globalisation, cross-border trade, and e-commerce. Yet, for many, eliminating the complexities of processing and settling cross-border payments remains a challenge.
Enabling the vision of a seamless remittance integration is Nyuvo, a Finablr company, through its white-labeled plug and play remittance solution – Payce.
Designed to assist banks, carriers and MSB’s to enter/expand into remittance markets, the Payce remittance platform provides a simplified and scalable solution in the cross-border remittance and payments markets. It supports multiple distribution options such as cash, cheques, account credits, wallets, cards & mobile top-ups.
Nyuvo is part of Finablr, a global platform for Payments and Foreign Exchange solutions. With a global reach spanning 170+ countries, Finablr companies processed over 150 million transactions in 2018, managing nearly USD 115 billion for customers.
Status of Innovation: In-market
Innovation Active Since: 2017
Applicant Type: Public Company
Headquarter City: Mumbai
Headquarter Country: India
Year Founded: 2000
Main Category
Main Category Choice: Technology Innovation
Why do you think you should win this category?:
By offering an affordable, turnkey, fully-managed digital cross-border remittance solution, Payce lets clients focus their energies on customer engagement & assumes responsibilities of regulatory compliance, product management & technology provision. For instance, one of the top banks in India runs their global online cross border remittance service-QuickRemit-on Payce & offers an affordable,efficient,transparent, end-to-end remittance solution to their online diaspora customers.
How Payce Adds Value:
Proprietary in-house technology-modular & multi-layered with “N” Tier architecture
Robust compliance architecture-automated tools & manual intelligence to mitigate fraud
Fully compliant with send country regulatory laws & complete license coverage
Cost-effective, no investment required for development process
Simple,scalable,customisable,easy integration,ready-to-use,secure transactions
Reduces Operational Costs, Provides real-time analytics, Mobile and web-based
Expanding in active remittance geographies-Africa,Middle East & South Asia
Secondary Category
Secondary Category Choice: Remittance Synergies
Why do you think you should win this category?
Payce is a ready-to-use digital platform that empowers partners to address key issues that customers experience when conducting cross-border transactions and eliminates complexities associated with it.
The proposition of this solution has been beneficial to:
-Banks with large immigrant customer base and offline remittance services
-Entities with high immigrant traffic
-Telcos, Retail stores
-MSBs who wish to enter or expand into remittance markets.
QuickRemit & Remit2India are two notable deployments of Payce where the solution has helped minimise operational costs, attract new customers and simplify cross-border money movement.
Other advantages include:
-Partner’s autonomy to decide customer pricing,acquisition strategy & branding
-Unique combination of Licensing,Processing,Compliance,Operations,Customer Service support with omnichannel capabilities
-Automated KYC & accounting processes
-Customer-facing interfaces with multi-currency & multi-country modules
-End-to-end solution,real-time updates on transactional & forex pricing
Team Members
Full Name: Bishwaroop Ghosh
Role: Head – Managed Services
Linkedin: https://www.linkedin.com/in/bishwaroop-ghosh-1191b1/?originalSubdomain=in
Full Name: Linilchandra Panicker
Role: Director – Business Development
Full Name: Ajay Khatri
Role: Director – Technology
Full Name: Charanya Ram
Role: Business Manager – Technology
Supporting Links
About Nyuvo: http://www.nyuvo.com/nyuvo/ourservices.html#payce
About Finablr: https://www.finablr.com/our-brands/
Entry Representative
Full Name: Bishwaroop Ghosh
Role: Head – Managed Services
