Empowering regulators with the right technology and tools to track, monitor and audit transaction inflows and outflows.
Applicant name: RemitONE
Innovation Name: RemitONE Compliance Manager (COM)
Innovation Type: Solution
The RemitONE Compliance Manager™ (COM) is offered as an innovative compliance solution for central banks and regulators to provide the requisite monitoring and reporting functionality on all money transfer flows into and out of the country. This platform is based on the RemitONE’s proprietary technology – Money Transfer Engine™ (MTE)-and contains only those modules and functionalities pertaining to PEPs and Sanctions Screening, Transaction Monitoring, AML, KYC, ID Verification, Compliance Monitoring and Reporting.
This system provides a sophisticated Webservices API that Money Transfer Operators (MTOs) or banks can use to provide details for each transaction that they create or payout in their own systems. The RemitONE COM™ then uses this information on remitters, beneficiaries and transactions to perform real-time Compliance Monitoring feedback that will be returned to the MTOs and banks. Subsequently, reports can be generated from the COM in various formats in line with international standards.
Status of Innovation: Concept
Innovation Active: 06/21/2017
Applicant Type: Private Company
Headquarter City: London
Headquarter Country: United Kingdom
Year Founded: 2007
Main Category Choice: Compliance Solution
Why do you think you should win this category?:
Central Banks and Regulators, especially from receiving markets, are facing the challenge of monitoring their remittance inflows and outflows because there is no structured and reliable way to track remittances in an accurate fashion. This is due to several reasons including but certainly not limited to cash, bank account access for both MTOs and individuals, exchange rates, political forces at home and abroad, economics and affordability.
RemitONE is one of the few vendors in the money transfer space to offer a powerful, robust and connectable compliance management solution to Regulators and Central Banks, giving the latter increased transparency and visibility on their country’s individuals, diaspora and transaction volumes. They can track effectively all the MTOs in all the corridors worldwide sending transactions to their country. They can also track all transactions going out from their country to various entities worldwide that are paying them out in various corridors.
Some of the key features that are crucial to regulators and government agencies are financial structuring, linked transactions, volume checks and velocity checks and all these features are addressed in the RemitONE COM solution.
Through the RemitONE COM™, the Regulator can ensure compliance procedures are followed by all the participants in the remittance supply-chain. Every transaction that is created will be verified through our trademarked NameMatch™ technology which uses sophisticated algorithms to match individuals against PEPs and Sanctions lists.
The USD 1 Trillion+ remittance industry (formal and informal channels included) is expected to grow relentlessly as the global migrant population continues to increase due to macro-environmental factors. With stronger emphasis on AML and CFT than ever before, and with the benefits of technology being realised in this industry, the RemitONE COM is the ideal compliance solution for Regulators worldwide.
As RemitONE has been building compliant remittance technologies for over a decade, and with an arsenal of top remittance brands as clients, RemitONE has the experience and expertise to convert this concept into reality. We already have central banks interested in our compliance solution.
Our USP lies in our team of highly experienced professionals and the fact that several regulators are already aware of our products and services. Our money transfer products – especially the compliance aspect – have been reviewed by the world’s leading regulators.
Secondary Category Choice: Remittance for Social Impact
Why do you think you should win this category?
Remittances play a key role in the socio-economic development of a nation. We believe that our compliance technology solution deserves to win in this category because we have come up with a powerful yet simple way for Regulators to monitor inbound and outbound transactions effectively and also enable MTOs to send more transactions through legal channels.
The RemitONE COM™ helps both the society and the individual with economic empowerment. Remitted money through legal channels will make it easier for the unbanked and underbanked to get banked at an accelerated pace. It will help beneficiaries climb on to the financial ladder. Once the remitted money through legal channels hits a bank account, the country’s economy is impacted positively. So we passionately believe that our technology is helping bring about a positive change in the lives of the individuals and the economic status of the country.
The Compliance policy of a developing country plays a pivotal role in helping them secure trade deals. By demonstrating the use of RemitONE COM™, the country can fulfil a key component of this policy.
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