There are manifold processing layers and tortuous rigmarole involved in cross-border payments, and each layer adds its own costs, coupled with exhaustive compliance requirements, making it expensive and complex.
Founded in 2015 by Kanchan Kumar, Sandeep Jhingran and Sandeep Todi, all of whom have had over 25 years of work experience each in areas such as global payments, digital media and B2B and B2C products, Remitr Remitware is a cross-border remittance platform offered by Remitware Payments Canada Inc. Remitr’s platform routes end-to-end payments using its proprietary payment network, which integrates with clearing systems and third-party payment networks in various countries.
In October 2016, Remitr raised raised $1 million in seed funding from several angel investors including Smart Start Fund in UAE led by Prashant Gulati, Vijay Shekhar Sharma, founder of Paytm, Kunal Shah & Sandeep Tandon, founders of FreeCharge and various other technology entrepreneurs and angel investors based in the US, UK and India.
The Remitr Remitware Model
Built by a team of entrepreneurs, techies and bankers passionate about simplifying and automating cross-border payments, Remitr's goal is to drastically reduce the time and cost of transferring funds from one country to another with a keen understanding of the need for growing businesses in the internet age requiring payment systems with the same reach and efficiency of today’s workforce.
Remitr Remitware achieves simplicity, automation, and efficiency by applying the latest in technological innovations to age-old international banking. The result is helping businesses and individuals make hassle-free global payments.
Remitr provides quick online customer on-boarding, two-tap payment, competitive exchange rates, and a low fee with the utmost regard for security and regulatory compliance. Businesses can efficiently make cross-border payments to suppliers, contractors, and employees. Individual users can make the fastest possible remittances to friends and loved ones back home.
- Streamlined process – painless on-boarding experience to allow users and vendors to get up and running in no time. Remitr’s autofill feature eliminates the need for redundant data entry.
- Built-in Controls – Multiple users across an organization can be granted or revoked access as needed. Allows to easily track transactions and to activate or deactivate users at any time.
- Secure platform – Financial information of companies stored securely. Protecting sensitive data is the platform's top priority
- Payment API – Robust API makes it easy to automate payments and embed it into accounts payable process. Remitr can handle any volume of transactions.
How It Works
All users need to send money overseas using the Remitr app are a local bank account, sufficient funds and the recipient's bank details. Users will be able to check live exchange rates on the app.
While there is no charge incurred by recipients, any intermediary financial institution or the recipient’s financial institution may levy additional fees or service charges. In the event that the recipient is likely to incur such charges, Remitr app will indicate this clearly.
MoneyOS – Blockchain-Based OS For Money Transfer
On November 29, Remitr launched an operating system for international payments called MoneyOS, and is based on the blockchain technology. With this new method, money transfers will be much more accessible and easier for users. UAE’s international financial center, the Abu Dhabi Global Market (ADGM), will be deploying and testing MoneyOS at the 2nd cohort graduation program of RegLab.
Developed as part of ADGM’s RegLab programme, using machine learning, MoneyOS complies with local regulatory guidelines in each country to enable users to collect and make international payments from a single MoneyOS account, bypassing traditional methods. It also facilitates business transactions and allows banks and financial institutions to set-up their own cross-border payments.
“ADGM is committed to supporting the development and deployment of FinTech solutions that have the potential to make financial services more accessible, affordable and secure,” said Wai Lum Kwok, executive director of Capital Markets at ADGM’s Financial Services Regulatory Authority in a statement this week. “We look forward to working closely with Remitware to test its innovative technology in a controlled and supervised environment.”
The operating system makes use of ML and AI to secure the money flows across diverse payment networks such as bank accounts, wallets, and other innovative payment instruments. The ML is used to detect patterns in money flow and to process unstructured data intelligently.