There is considerable disruption happening in the payment and remittance sectors with Fintech powered platform. With a Fintech platform, instantaneous remittance payment eliminates the need for intermediaries thus reaching unbank people with more security, faster and with minimal cost. With the inclusion ability of Fintech technology and much more potentials, the remittance industry has an enormous market opportunities to capture.faster, cheaper and far-reaching applications for everyone – regardless of where they live or even if they have a bank account.
Fintech Money Transfer Sector is improving the Remittance Industry
Online money transfer is a more advanced version of electronic finance transfer and involves an instantaneous transfer of money from one person to another. You only need the contact information of the other person such as an email address or a phone number that is linked to their bank account. You only need to have internet access, no need to go to a bank, a money wiring agent or a telegraph station.
The advantages include:
- Fast Transfer
With the online transfer, you can send money in seconds. You only need to login and send the money hustle free.
- Multiple Payment Options
Most online funds transfer service will offer several payment options. Whether you want to do a bank transfer or a cash payout you are well catered for.
- Affordable Charges
Online money transfer service offer very friendly rates. They charge a small amount as compared to what you would otherwise pay using the traditional money transfer methods.
- Safety and Security
Online money transfer is one of the safest mode of remittance. Usually, the service providers have very secure systems that keep your money and your account details safe. Many of them use encryption technology such as SSL to ensure that at no time do unauthorised persons access your details. This diminishes the possibility of fraud and theft.
The incredible features that a Fintech platform can offer in the remittance space
The web-based platform is optimised for mobile devices, and allows businesses to see a dashboard with a growing series of capabilities. This includes tools for cash management, a foreign currency cash management tool that allows invoices to be uploaded, as well as details on payable and receivables in foreign currency.The platform also has business intelligence features, so businesses can track cash and gain insight into how they are trading.
Another impediment is shifting the payment from their incumbent system, which tends to be a bank.
- cross currency payments automation service that makes multi-currency payments more frictionless.
- aimed at expats, retirees, overseas workers and small and micro enterprises.
- send money anywhere in the world, in any currency
To seize the opportunities of the offering of a Fintech Platform, NanoBnk can help you in making financial transactions cheaper, safer and faster. At NanoBnk we have the proper solution to device a customise platform according to your requirements. Contact us here.