Industry sign banking new mexico notice to quit mobile
[Music] hello everyone this is armored Avenue from the rich one I hope everyone is well I can see we have a big audience today that that's great so thank you for for joining this webinar so the idea of this webinar is to highlight some of the challenges that industry is facing there are there are lots of things that are going to be obvious to most of you and of course what we're going to do is we're going to propulsion solutions as well so without further ado I'll start so we will go through some limitations and challenges in the industry we will talk about how we can break those limits and bind image I mean how we can surpass those challenges and realize massive success in these challenging times so this this webinar is ideal for CEOs from CEOs operational managers compliance managers IT managers startup remittance operators let me just minimize this window yes permissions operators banks telcos mobile money operators post offices microfinance institutions and even supermarkets who are actually looking at this space Keeney week now the promise which is my promise to you is that in this session by the end of the session you will have gained some a very good idea about the challenges in the industry and how industry players like one which one and many others are working to address those challenges that how we can help the industry and how we can help the startups in this industry how we can help those NGOs that are or you know who are established but struggling due to the challenges the obvious challenges in the industry so we'll come up with practical a suggestion at the end of by the end of this webinar you will have a very good idea now let me ask you this does this sound like your business if you are the CEO of your company and this company could be a startup company or it could be an established MTO it could be a bank or any one of those entities that I mentioned earlier if you are the CEO your main priorities would most likely be centered around business growth regulation and budget so you want to grow the company you have to be mindful of regulation at all times you have to stay compliant at all times in this industry because it's a very heavily regulated industry aml/cft compliance kyc due diligence EDD so on and so forth has to be on your mind at all times and of course you have you will obviously have your budgetary constraints if you are from the operations area in your company then you you know some of the things that you that will be weighing heavily on your mind are disparate information dealing with disparate information or disparate sources or sources of information from multiple areas of your business you know manual transactions how to handle complaints and of course third-party integrations because in this industry as you all know you know correspondent agent partnerships are crucial so you you have a system you will be working with a system you'll be you know you'd want to tend transactions to several correspondents in you know various parts of the world and for that you need to have integration son you know you can you cannot use files or spreadsheets to send transactions in an unsecured way and of course as I mentioned earlier compliance with regard to compliance you want to be if you're if you are a compliance manager at your firm your priorities would be centered around kyc and AML security and from an IT perspective if you are from the IT department again you will be handling integration third-party integration you know infrastructure reliability disaster recovery dr support etc with IT the integrations will not only encompass a correspondent agents but they will encompass integrations with mobile apps for example or independent ID verification providers a payment gateways payment processors so there's a plethora of integrations that fall under your limit if you are from the IT department so this is what I think is the you know are these are what I feel are some of the root cause of the problems in our industry number one lack of technology adoption change in mindset so by that I mean that you know the remittance industry has historically being a very non tech industry the way is one of the oldest industries in the world is one of the very few industries that survived the recent you know credit crunch the 2008-2009 financial collapse it survived it remained buoyant it continued to grow it continues to grow despite all this this was done manually there was hardly any role technology play you know in this sector it is only recently that technology started creeping into this space what happens is if you if you come from a remittance background you are probably and you know you can't obviously there's no blame on you but you come from that mindset that okay everything has to work in a manual way in a certain way without the role of technology for example when we think of technology today and York and you know if you're coming from the religion space words like cryptocurrency words like Bitcoin words like payment processors I mean they can surprise you they can confuse you and they can overwhelm you as well so actually you know what we're saying is that it's not as bad as it seems it's actually very simple you just need to talk to the right people will be able to present this information this complex maze that they'll be able to help you traverse through the complex made of information and make it simple for you it's actually very simple as you will see you know so the course of this demo so technology is key here people have to change their mindset we see all our clients going digital so historically our clients were agent-based and now they're all going digital and by digital I mean they're adopting mobile apps they're adopting online portals self-service kiosk you know sending mobile money sending airtime all from one hub from one platform okay and of course in a combined robots and secure and reliable manner at all times so this mindset change has to happen and is happening in the industry we're seeing that and that's the most important thing for players in this industry starting from the remitter remitter meaning the person who's sending money through you know the supply chain members who who play a role in moving funds from from the remitter to the beneficiary all the way down to the beneficiary so this whole process every single stakeholder I would refer to remit her beneficiary supply chain members as stakeholders in this workflow they all need to realize the value of Technology okay the second cause of the problem I would say is regulators not playing an active role in the remittance pain you know we have some very good organizations lobby groups in the industry working very hard to support NGOs MSB money service businesses are ESPYs remittance service providers I mean we have some really good international lobby groups that are trying to help the industry however you know more can be done by regulators to support these lobby groups and of course other stakeholders who are playing an active role in this industry the third cause of the problem is de-risking now do you is the famous de-risking myth now by D risking in short when I say de-risking I'm referring to the closing down of trading accounts the closing down of bank accounts of ms b's in in the UK and in europe and it's happening that you know around around the world as we know it's very difficult for MSD to get a bank account you know whether you take Australia or Canada on the other end I mean you know it's it's it's really challenging now with the risking we we have some suggestions of course again it involves is linked to the first two points it involves the banks having faith in technology adoption the banks having working closely with regulators to to to start adopting proven technology platforms making use of modern technology to ensure that you know fraudulent transactions are detected early on risk is mitigated you know proper Edd and house due diligence is done on clients and so on and so forth all this is possible all of these things can be addressed it's just that these three things need to to be looked at closely now these are some of the challenges challenges in the in our industry these are some of the challenges that you are facing right now strict stricter regulations as I mentioned earlier kyc and AML velocity checks volume checks so on and so forth licensing getting licensed now you know you've got so many different types of licenses you have your small what's called a small payment institution license in the UK you have your authorized payment institution license which can be passed voltage from the UK across 27 European Union countries you've got your SEM I small imani institution and you've got the EMI the AEM i authorized money institutionalizes which is sits at which sits at the top of the chain so you've got different types of licenses and you know you might be struggling to decide which license to go with you've got breakfast now how you know with this so you've got the breakfast discussion hanging over these licenses so what does that mean for your business you know where do you get a license from I mean if you want to get an API license would you get a license in the UK or would you go to Ireland which it goes to Nepal or Bangladesh so I mean there are many important decisions that you need to make we can help you with that of course sir challenges bank accounts how do you get bank accounts it's almost impossible now to get bank accounts what do we do right how can you operate how can you run your business without getting of a remittance bank account and of course you have these different laws in different regions you go to us they have their own set of rules and regulations you go to the UK you have your own UFC discriminatory own rules stipulated by the FCA in Australia awestruck is very stringent they've got their own set of requirement you know that they've got their own set of requirements so it's very different region to region how you know how you're probably wondering how will you be able to manage this how will you be able to cope with the various compliance rules and procedures in various regions that you want to operate in fraud of course I don't need to elaborate on the word fraud I'm sure we're all aware of that merchant account now this is going digital when you go digital when you're accepting transactions from you know through digital channels like mobile apps or online portals or self-service kiosk you have to talk about merchant accounts and we will discuss how how merchant accounts play an important role in our industry and there is they have a significant role in my humble opinion to play in our industry and of course how do you find your supply chain numbers so if you are and it's okay I'll get both examples I'll talk about a year startup so you are a sort of msv you're new to the industry you don't know where to go right I mean you have to find you have to first of all define what business model you want to adopt whether it's going to be digital it's going to have mobile apps in it or is it going to be agent-based if it's agent-based and it's going to have cash how do you deal with cash in this tough market what are you going to do if it is digital you need to find a payment gateway you need to find a payment processor you need to find an acquiring bank you need to find a correspondent bank you need to find a merchant account how do you do that there are many many different supply chain members that you'll have to work with so this you know so again you might be overwhelmed with this information so but I would say that you need to you know not worry about these things there are many the industry is evolving rapidly and there are companies who have actually come up with simple solution simplified solution that they have simplified you know this whole process of seeking out supply chain members are these solutions exist which I will talk about shortly finally you have competitive race competitive rates obvious crucial this is a volume based business so you know a remittitur would go to an MSD that offering him or her you know the best rate so how are you as an MS be going to find you know the best the most competitive rates with all your supply chain members because whatever the supply chain members charge you you will need to add your margin and charge the remitter so this is a conflict game yeah but of course there is a simple solution which I'll talk about shortly so what are the solutions I highlighted the challenges these are some of the solutions change in mindset as I mentioned earlier we have to we have to change our approach towards technology we have to look at technology as a savvy as a savior for this industry as a savior of this industry it is by the industry it is for the industry technology and a huge role to play it's already playing this way you know this role next thing is to find the right end to end solutions provider so you you know I talked about lots of supply chain members I talked about merchant accounts i talked about payment gateways SMS gateways you know correspondent banks I mean there are so many entities so many supply chain members you have to deal with but if you find the right end to end solutions provider the key words our end-to-end then you have successfully achieved you know you know a very big milestone by finding the right end to end solutions Collider because this end-to-end solutions provider should be able to address pretty much all the points all the challenges that you see are listed here and I'll justify and I'll explain how so let me go back to that screen by gaining access to all the supply chain members again you will be able to you know realize business growth once you've got all the supply chain members in place you've got all the contract sorted between Oh with all of them then you are good to go you're ready to go you ready to push transactions live transactions you need to use reliable technology and pay emphasis from digital channels and compliance it is very difficult in this industry right now to get a bank account especially if you are a cash-based business in the remittance space so people have to understand that although there are very limited options out there for cash face the remittance providers you know there are alternatives if you focus on digital technologies you have a good chance of setting up your business and by you know I give this a lot I I talked to lots of clients we get so many inquiries I'm always you know me and my team were always at the forefront of this we talked to many sincere hard-working people looking to set up there you know a remittance business in this space and various corridors not just not just the UK but you know we're on the world they come without many many many prospects hookah who come towards they come they come to us with very ambitious plans they want to conquer the world they want to be the next you know western union or moneygram you know all these big names right and the reality is that you know the best way to realize this goal is to start with one or two corridors and with one or two channels so let me let me let me elaborate by corridor I mean one corridor is one source country to one destination country that is what I refer to as corridor my channel I mean whether it's a weather whether the customer your end customer which is the remitter is reaching out to you through your agent or through your online portal through your website or through your self-service kiosk or through your mobile app so that is a channel a channel is either a mobile app an agent a branch or a kiosk for example to give so these are all different types of channels yeah so ideally if you are a start-up focus on one corridor and focus on one channel and go with it find the right end to end solutions provider and make use of the end to end solution providers network of supply chain members remember this end-to-end solution provider would typically provide you with not just the supply chain members i mentioned earlier but also the correspondent as well the correspondent banks in various countries if you are an existing business then you can carry on as normal through a new middle route now by buy a new middle route I mean that you might be an exis
ing business but you're let's say let's create a hypothetical scenario where your bank accounts been shut down so you're struggling now you have an established customer base you're pushing 20,000 transactions a month but you can't operate now because your backs accounts been shut down what do you do you come to this end to end solutions provider this end to end solutions provider will give provide you with an alternative route for flow of funds so this is what I refer to as a new as the as a new middle group so these are some of the things that will you if you don't have them in place you need to have scalable technology in place I mean this we see with you know everywhere whether irrespective of whether you're a bank or a telecoms operator or a start-up or or or an mfi microfinance institution unique skills scalable technology so and by that I mean technology technology that can sustain your existing business and allow you to grow your business and grow with it and an open up new channels open up new corridors for you with with ease and and obviously with rapidity that's the word the other thing that my crippled your business is lack of automation so you know a lot of these tasks in the remittance industry that are that an MSP fulfills are very laborious task they are they quite often labor-intensive this so there's like there's hardly any automation so this means that you have you know limited resources and you have to really work you know you have to work extremely hard to ensure that that the data that we're sending from point A to point B is accurate you know I mean there is so much influenced so many of these laborious task in running a money transfer operation can be solved through automation and automation rests on technology and of course reliability and integration so I already talked about integrations if you do if you are if you have everything in place but you don't have integration with correspondent banks or with your other supply chain members that I talked about earlier then you're not going anywhere you won't be able to push transactions in this day and age right because these transactions have to go to through those supply chain members to eventually reach your correspondent agents or correspondent banks and you need to have a proper tech framework in place now regulators have realized you know one one good thing that's happened is that regulators are in various parts of the world they are pushing the the you know the MSBs that falls under their jurisdiction to adopt a reliable technology framework yeah so so you can't just send transactional data sensitive data in an unsecured way via email or via faxes yeah there has to be a proper technology framework in place for msps to be able to do that so to realize business growth I've already talked about how technology at a proven platform is a subset of technology you do need a platform this platform should encompass you know the funnel flow it should encompass the data flow it should encompass this end-to-end service all the way starting from the rim itself all the way down to the beneficiary I already talked about technology frameworks I talked ok now API latest AP is just to clarify when I say ap is here I'm not referring to the technology ap is that you have the story when I say API is here I'm not referring to the license that is awarded by the FCA the regulator in the UK I'm referring to the technology api's which is short for application programmable interfaces so these you can think of is here every technology every piece of software has has a hand and in order to talk to another software system it has to shake hands with the others with the system so each system comes with with a hand and api's can be thought of as you know as as being a handshake as being facilitators of of connecting of facilitating data between two disparate systems between two completely different systems over a set of XML protocols called api's okay now what's happened in the industry is that you know you can't as I mentioned earlier you cannot send transactional data from radio via a file anymore it has to be done in real time and has to be done in a secure way this is where these api is come into play if you guys are very sophisticated you know there's so many integrations happening you know I think even the number of ftp integrations which used to happen you know a few years ago between banks and ms be around the world they stupid is to push for ftp integrations that's on a decline based on our latest at the the API integrations is on the rise so okay what and of course as I mentioned the technology that you use has to be future proof and by that I mean we are not this is not a short-term thing when you when msv look at technology adopting technology platforms they have to consider that ok today I might be using mobile apps but tomorrow I might I might want to offer a kiosk self-service kiosks I might want to open an online portal so you know you need to look at technology and make sure that it's that this technology but there's a lot of competition out there and you need to make sure that this technology that you're using the solution technology solution that you have is able to cope with this or you know with the trends in the industry ok I will break here I will wait for some girl for questions yeah and if you have any questions at this point in time please let me know you can text them or you can you can use the mic [Music] how do you spend consider this okay so what I'm going to do is I'm going to bring in our business development director sorry kamagra be who can share some of the experiences he has in dealing with prospect and client from the industry he speaks to them on a regular basis I'm sure you know some of these experiences will be very valuable for you all cathartic hi I'm a thank you to the introduction hi guys my name is tarick and Ravi I handled the sales activity at mystery meat one I handed you oversee the day-to-day inquiries that we receive we receive around the 400 to 500 e quite as a month from startups established businesses and large ramified obviously the challenge is with this with the entry level startups there in under struggles their day-to-day challenges that they are facing in this industry especially with the you know some some startups they basically trying to apply for a license that's obviously very challenging whether it's spi or API you know for a subtype API to be able to pass for the business into Europe is also very challenging the requirements and and obviously the the criteria is obviously very high for a start-up to apply for an API so they settle for an spi and then basically they face the challenges of the you know as people with you know helping them with the collection and also determination in a different folder where we can see that there's a strong focus on Africa the Philippines and you know Asia at the moment this is a booming corridors and the babies startups they require a lot of hand-holding day to day in honor cheering from you know inception to grow their own it's basically the passages is full of obstacles whether it is you know the expenses that cost of operation is obviously high weather is they are basically in the free funding whether with the sales department it's also a proving to be a challenge so estimate one not only do we provide a technology solution but we we basically provide a like like a long journey of nurturing the client from a to Zed actually the whole end-to-end we do them whether he is basically seeking a license okay we can help whether you're basically seeking a merchant account we can definitely add with that whether he needs a pair of partner correspondent we can definitely the toothsome to the right people who can basically has them explore you know the new possibilities and obviously to achieve his pretentious so yes you can basically we're doing our best year to educate and create awareness for those thoughts of our already focuses on those startups at the moment in time in a very difficult and challenging industry thank you very much static appreciate that so welcome back again everyone so let me move on to the next slide these are some of the other challenges you might be facing in the industry dealing with unstructured data this ties in with you know your operations department you've got multiple sources of data you know you'll have to play with this data they need to you need to bring structure to the data how do you do that you might have credit card information residing on a database you might have the remitter information residing on and on a separate database how do you bring all this together you might have you might be using software if you're an existing business you might be an agent for one of the established NGOs already in the market you might where do you maintain that data you know you probably maintain it you know in the database provided to you by one of these big five players but you see when you are working with these players you're simply an agent for them this is not your own data you need to find a way to own this data because the customer is your your your you are the one that's facing the customer you are the one that's working hard to acquire the customer so it is only right that you have full access to this data and you decide how to make use of this data who decided to who to share it with how to share this data and so on and so forth some of the chat big league challenge is you you know you will have based on our research and speaking to so many clients on a daily basis is of course operational in nature most of the costs that you have a big cost that you you as a business would incur would be operational in nature you have to do with third-party integrations you know even combined the costs were following their operations and so on and so forth and of course the workload on your operations team how much can they do despise it with the manual tasks the the tediousness and you know the labor-intensive pneus of these tasks it's not simple I mean there are companies that are doing ten thousand transactions a month how can you expect a handful of of you know members of the operations team to be it to be able to effectively and efficiently manage ten thousand transactions I mean it's a big big ask and of course as a business you are probably threatened by the various new business models you know coming out of the woodwork left right and center you have so many different business models coming now and technology is making it possible for businesses to to to come up with the most knowledgeable small tools you can think of right it's in different like that you've got facebook you know you can do you can send money from facebook Messenger for example of when we chat now you know recently moneygram was required by a child you know a Chinese giant now and you know the whole purpose well part of the reason of that acquisition was at the edge you probably know was to compete with what to make the we chat messenger app compete with the facebook Messenger app to send funds so how do you keep ahead of competition you know how do you compete how do you stay competitive so these are some of the challenges you will have enough course the biggest challenge is to make money how do you make money in this competitive industry so some solutions again we talked about technology powered automation technology powered compliance so you see a with tech power compliance you can do a lot of things if you have a digital channel a mobile app if you are an msb and you want to and you reach out to your customers through your online portal or through a smartphone app for example which you can do through technology then your your your end customers were typically the rim it is they can upload you know scanned copies of their passport that will be digitized that will be handled by technology it will be a little bit you know that it will be one against database sanctioned lists etc k white you know Oh fact list UN sanctions list EU sanctions list d fat bank of england list agent pressure e so many lives out there all all your customers and customers can be checked against these lists in an automated way there the number of transactions they do per month the amount they send the amount they receive per month can all be monitored you know to comply with regulatory needs to meet regulation to meet regulatory needs of course all this can be done simplified if the passport has expired for example the transaction can be halted I mean there's so many things you know it so you know that can be handled by technology and of course but if you as an MSB are able to identify customer behavior then you have a significant edge over your competitors because you know what your customer can do now the technology solutions out there will help you identify customer behavior I mean they should be able to help you identify customer behavior and of course I don't need to stress of course a multi-channel platform would be ideal in this scenario and basically by multi-channel I mean one platform one technology solution that you can use to reach out to your customers through various channels as I mentioned earlier and also allow your customers to create transactions of different types so your customers should be able to create airtime transact mobile top up or mobile money send mobile money to the beneficiaries or pay their utility bills for example all from you know or top of your cousins prepaid card yeah in a different country for example I mean there are so many possibilities endless possibilities and it's right there it says the technology exists the solutions exist so I talked about multi-channel approach and of course the ideal solution is to find one solution provider for everything because this will help you with cost this will save you time to market your products and services to your customers it will save you time in terms of if you're if you're a new company it will it will help it will save you time in terms of getting your license getting your bank account sorted etc etc so what do these solutions look like i've talked about these solutions how can you visualize them it's a bit tricky on this webinar to make you you know you know to explain how these solutions look but these are software solutions of course but typically the end to end solutions and conquest licensing so if you're not licensed this the end to end solution provider should help you get licensed and offer you alternatives to bank accounts I will talk about this point in the in my next slide this end-to-end solutions provider should be able to help you get your merchant account and the funds can flow from the merchant account to the destination account and of course this end-to-end solutions provider should be able to bring you its payout relationships so might a out I'm referring to the correspondent agents in the destination country yeah because a lot of people we talked to for example we're new in the new to the industry they don't if they want to send money for example from the UK to Bangladesh they might not have um you know a relationship with a bank in Bangladesh to pay out their transaction so what are they going to do so they would come to an end to end solution provider like limit 1 and basically get everything you know the complete solution one relationship to cover multiple corridors now this is a very pertinent to and establish them to you or a bank if they come to an end to end solutions provider they signed an agreement with the end-to-end solution provider they can gain access to multiple corridors because this end-to-end solution provider will help clients operating in multiple countries so with one connection you you know you gain access instant access to a hundred different markets now this is our data conference in the US last year I spoke at the conference and one of the things I notice is that the the MSBs in the US are very protective of their agents they love their agents because they've been working with agents they've had this cash-based business model for you know 20 30 years so they're so they're very loyal to the agents and their ages are very loyal to them and by them i'm referring to the msv so these money service businesses they have a very go
d they have very close ties with these agents and they want to help these agents survive in this digital age and how do you do that and the question is you know if the government is making it very difficult for cash based businesses to survive in the remittance sector then where are all these agents going to go so that there are digital solutions that exist ramage one actually provides a pilot actually you know one of the first of this car one of the first digital agent solutions in the market and I'm happy to elaborate later at this point now this is a typical flow of funds the idea is that if you are struggling with the issuance from going to get a bank account a remittance bank account in the industry the idea is that if there is a solution that allows you to legally bypass the flow of funds to to to your bank account then you have a solution here so for example if you look at this on the left hand side you have the remit of bank account yeah the funds can flow once you adopt a technology platform right that technology platform should be able to move funds from the remittance bank account which is the end users bank account push them to your merchant account to you you meaning the msv or the MSB the merchant of money service business the funds will flow from you the remittance bank account to your merchant account from your merchant account they can flow to the correspondent bank account now this correspondent bank account can reside anywhere I'm taking UK as an example I'm going to mean I'm going to make an assumption that the MSC is based in the UK the merchant account can be based in the UK or in Europe the corresponding bank account can be in the UK and Europe as well so the funds are moving from the remittance bank account straight to the correspondent bank account and you as an MS be you know in this scenario in this particular scenario you are bypassing the need to have a bank account in your name so these are so once the fund hit the correspondent bank account they can be pushed to a destination Mexico the destination bank account is a bank account of the payout entity in Bangladesh for example where this ms b is sending funds to so this is a this is one scenario there are many different scenarios of many different alternative solution providers alternate alternative solutions out there you might be working in this scenario you had the MSB you're working with just one entity which is the correspondent bank account entity however you can work with a correspondent bank account entity and you can also work directly with the destination bank account entity so you will have your own relationship with the bank in Bangladesh and you will have a relationship with an API in Europe for example you can do that it all depends on what you want it all depends on your business model there are many different routes to send money from point A to point B you know we can work with you because it will even discuss what's the best way you know the rules with least friction we can help you decide on that so some of the countries that we support that you know that ramage one with us with all these partnerships with these corresponding entities some of the country that we support our solos we can collect money funds from Europe and the UK and we can settle to pretty much everywhere except a few you know high risk countries listed here well okay optimistic about the future in this industry yes of course it's very exciting that there are so many things happening in the industry I will share some of the interesting trends here I'm sure you know you're you're aware of some of them if not all telcos and MF eyes are entering the space rapidly Nigeria Ghana Kenya are good examples India you know Pakistan is a good example for MF is where mfis have partnered with telecoms operators and offering remittance services to customers mobile money which is great because it's access to the unbanked mobile money operators are you know obviously have a very important role to play in the remittance industry predominantly in the receiving markets like the Philippines Bangladesh Pakistan and across Africa so these mobile money operators will be dispersing mobile money and air time as well so all this is possible these are some of the the trends that we see happening cryptocurrencies another another one I think the corridor hong kong to philippines is very famous because it's it's unique in that you know a large chunk of the remittances from hong kong to the Philippines are happening over quick toe so cryptocurrency has has already entered this space and of course as I mentioned earlier digital agents this is I think one of the hot topics for this industry is going to be a lot of debate on this is going to go it's going to carry on throughout this year I think you know a lot of conferences that are you know will be talking about digital digital agents and by that I mean how can ms b's and the industry health agents go digital so these are some of the trends that we are observing right now and we are very excited because just to give you an example the UK government big entities like the Telegraph BBC they are actually approaching you know remittance service providers these end-to-end solutions providers asking them to give to share their experiences about the remittance industry about the money transfer industry one interesting thing is remittances is a trillion-dollar industry inquiry know if not more World Bank says 600 plus billion dollars that's through legal channels but of course the illegal channels unfortunately is much bigger remittance IC remittance as the low-hanging fruit remittance is a subset of the payments industry the payments industry is a 23 trillion dollar industry you're comparing a 1 trillion dollar industry with the 23 23 trillion dollar industry the lines are getting blurred which is a good thing remittance is being engulfed by the payment space because a lot of payment providers payment gateways amen processors are making inroads into the religion space of working with remittance companies MSB to provide a secure digital sophisticated state-of-the-art compliant service so this is happening as we speak we might see a situation in the very near future where remittances might might just become free and the you know the businesses can make money on value-added services like you know airtime prepaid card utility bills and and etc you know and many other business models innovative business models will rise so so yeah so it's a very interesting space new entrants in the market as I mentioned earlier supermarkets our supermarkets are very interesting supermarkets can take advantage of this industry with end-to-end solutions providers offering because what supermarkets have got the reach they've got the footfall actually they've got the footfalls first they have loyal loyal customers and they've got agents right they've got tellers it's an ideal setup actually so for example for every fifth you know bottle of milk you buy you can send a free transaction to Ghana for example I mean all these different types of services can be amalgamated through technology so it's interesting we are having some interesting conversations with some supermarket chains as well you know in the Middle East so okay so what i will do is i will share one quote from you know with with you all from an established bank the which is one of the largest bank in West Africa which is a limit one client and it just you know this is a quote from their executive vice president about you know the value that a technology platform can bring to the business rimage one is going a step further we're not just providing a technology platform we are providing an end-to-end solution so we are that that end-to-end solutions provider that we talked about earlier and we can help you know our respected clients and prospects survive in this industry we hope so we are very optimistic we are really pushing this agenda we're working with lobby group we're working with leading consultants closely to to to work on this to make this a reality to make it possible for MSPs to get on-boarded life and spank accounted etcetera so I'm happy to take any questions that you might have any feedback would be most welcome one second yeah okay so what I will do is I will shall we got we received a question let me just read that question there's give me one second are you able to are you able to talk more general costs and charges to startups yes we can we're happy to share this information so I'm going to pass the mic to my colleague Tareq yes hi again paradise so basically the costs were for startups we have packages three different packages standard professional enterprise each one basically is for specific business size and business requirements the standard basically can start from you know the cost of standard package can be around 5,000 pounds and basically it covers the technology solution is probably it covers the integration with the payment processor or payment gateway it covers basically compliance and security checks and the sanctions list so we offer our compliance officer manager with all of our packages so 5,000 pounds I believe this is the entry level package then we move on for the professional which is obviously gives it it's more suitable for an established mpo an established player in the industry who knows that basically the industry inside out and but he's basically bit in between a you know it halfway through the growth cycle and then we have the enterprise which is best suited for big empty OS and with numerous agents with numerous corridors and all those they have a very large operation you talking about someone business was basically doing pushing over 10,000 transaction a month this we consider this class as an enterprise we offer them premium hosting we offer them a their own independent and exclusive business development manager to look after their their queries day-to-day queries obviously you know this is basically I want to be honest out of web at the percentage the most focus is on standards it's basically our a best-selling product the standard package and has been for the past two years but now we can see with their with the increase demand in terms of compare you know multiple are getting into the center similar people are basically aware of API and DMI we're seeing a little bit of shift and basically the needs and people are basically asking demanding a professional package and enterprise package to be precise more than standards because obviously the criteria for getting into this industry has basically increased so as talking about 2017 now enterprise client Enterprise demand for the enterprise packages has basically increase so you can identify packages are around 15,000 pounds and they can increase also upon their whether whether they they add some additional stuff it covers as I told you the technology platform compliance prepare chaos partners merchant account providers and basically all those integration with our third parties whether they all emotion that comes whether they are also a payment gateway or an ID verification provided there will be separate agreements with them so so going back to the standards the packages as I told you it was our best selling product in 2016 the pricing for that is basically around 5,000 pounds excluding bad and basically it allows the prospect to push up to 2,000 transaction a month we will basically provide the hosting services for that platform we provide the training you know seminars and whether it wants to basically visit us or remotely we cater to those needs as well and basically he can have unlimited agents and some agents connected to one system so one system can 11 super agent or has code that can basically monitor the progress the the end basically the transaction that his fellow ages is doing and he can basically have expand his business both vertically and horizontally it's a very versatile basket it comes bundled with many features the basics wants to help them start of his business obviously and we've seen some plans to start up for the standard package who moved up the scale within 9 or 11 months they said they said you know we'd like to upgrade to professional and so on but again the focus is on standard for us because we would like to educate i would like to look after the smaller guys so yeah yeah Thank You Derek thank you any other questions ok we received a question from our audience so you baited ok one sec so now what could I see what's happening here ok i put this phn without making without question for you yes we doubt the question yeah option is we sell prepaid how can we have a little ok so we'll have to look at the the model the idea is that the simplest the simplest way to do this is to link the prepaid card platform that you use connected to the remittance platform that we have via API and what this allows you to do is your prepaid card customers you know right now you're able to provide them with one service which is talking of their prepaid cards by plugging them into the remit one platform for example you can open new business models for them you can allow them to make utility bill payments for example you can allow them to make do airtime transactions mobile and mobile money and so on and so forth what this requires without looking at the specifics of course very high level at this stage what it requires is linking the two systems together the program manager system that you have with your prepaid card linking that via API with the remit one platform 11 another question on the bank accounts have been an issue can you confirm that the end and service by parties the need for me to have a bank account yes okay that's a very good question and to be honest I was expecting I would expecting this question and so I mean to be asked a lot bank account is indeed an issue and remit one has worked very hard to find about eight to ten different partners in the industry who are able to provide an alternative to this bank account solution the idea is that as you know obviously everything has to be legal everything has to be through proper channels the idea is that within the legal framework we have to operate in a way that allows the movement of funds from the remitter to the to the destination bank account and the way it can be done is by allowing the license entity to have an eMeter to have a merchant account for example and we can we have the solution to move the funds from the remittance bank account straight to the beneficiaries bank account in the destination country cross-border solution has evolved so we are no longer at the mercy of having a bank account you know for following the eight you know that the old adriel process there are many different ways of sending money within the legal framework from point A to point B of course it all it also depends on the directors in your business their history it depends the country of course that you're sending transactions to and you know a range of factors the license that you have that the money service business license that you have where do you have that license the country where you know the authority that has given you that license you know there are several factors here well the volumes that you do yes yeah solutions exactly exactly think it's all right yeah you're right now it has to do with the volumes as well because you think about it write what you know a lot of a PR is are still in business they still have their bank accounts intact and that's because they're doing enough they're generating enough volume for the banks or for the bank account providers to make to make profit and that's the reason why they still these ms bees are still safe but most of the MSBs in the UK and Europe have had their bank account shut down because a the transaction volumes don't match you're not able to generate enough revenue for the bank account providers and be because of the risk factor however as I said earlier the technology solution that we're offering addresses all the points that we discussed earlier it addresses the issue of compliance it addresses the issue of combines fraud AML kyc it addresses the issue of bank accounts because we're providing alternative bank account channels all within the le
al framework yeah and most importantly in at all it's a relative term but just as just as importantly it helps you grow your business because you can access new markets instantly and increase transaction volumes with this technology so I hope that answers the question can I take any of any any more questions please so we have a question here yeah yeah Bangladesh for instance for the license something that one can provide really ok so your question is that you want to you want a license in Bangladesh do I seek the license I'm going to repeat the question which is very quickly okay I understand your question so the relish one does not okay so when you are operating out of Bangladesh then you need to get a license in Bangladesh from the central bank of Bangladesh which one cannot help you get a license with the central bank of Bangladesh if you and and remit one is not required to be a licensed entity which one is a technology into and technology solutions provider we are not required by law to have a license our clients we are strictly b2b our clients are the ones who are required to have a license and what relative Ramage wondered is that we help our clients get licensed through our partnerships with confined firms in in the UK in Europe and you know and other parts of the world so if you are an existing license entity in Bangladesh looking to set up a business in the UK or europe then please speak to us we can definitely help you I hope I've answered the question any other questions do you have a lower yes we do have a mobile application it is you know it is very very easy to use it's very appealing of you know pleasing to the eyes is soft on the eyes is a lot of research was done to prepare our mobile app is completely white label so by that I mean that if you come to remit one with a with this requirement we can give you an app which you can which will have your logo your colors your branding and you can offer it to your customers and the beauty is that it is not you who will have to do the hard work right the groundwork we will do it for you we will put it on Play Store in android for you know for a program you know on google phone on samsung's and so on and so forth HTC's and others sorry my questioning to take care of the licenses on the UK are okay so who takes care of the licenses from the UK outwards so remit one because we are the end-to-end solutions provider we will put you we will connect you to our partners our supply chain members which I talked about earlier and they will hand hold you they will take care of your license they will ensure that you get your license any other questions can you collect money from Canada and United State yes we can definitely collect money from Canada and the United States and the way we can do that again is through our our partnerships with these payment gateways and payment processors so we can please come and speak to us you know you have our contact details you have my colleague Ramos contact details you can send a query and chicken she's happy to arrange a direct session with without with members of our team so yeah we're happy to help but yes the answer is yes we can help you with you know connections in Canada any other questions with one last question here which i think i can take what is a few days installation okay and so on once your requirements are clear and should be able to set up she's been with you in a very short space of time and the vanilla system can be set up for you within a week or so so the system Thank You Rosa so that's it so the system insured can be set up within you know five five to seven business days after receipt of funds so it's a it's a quick process you know obviously the caveat is that there's a questionnaire we will send to our clients and you know you with the client will respond to the questionnaire and based on that questionnaire we will we will set up the system any other questions okay oh well I'll give it another minute or two to see if any other any more questions coming maybe so so yeah so thank you very much for your feedback I appreciate that yes more information is available online on our website the invite that was sent to you it has my you know our contact details feel free to revisit the invite and you know reach our contact us page however I will also post the you know an email address here that you can reach us on if you have any queries please email my colleague Reshma will be happy to assist you simple address simple name Reshma a dramatic one calm I wanted to just remind everyone that we will be posting this recording we have recorded this webinar and we will be posting it on our youtube channel as well and we will be sharing the links with everybody who attended this you know the session today I would like to thank you all very much for your time really appreciate it and we look forward to speaking to you very soon and let us know how we can help we have we have some very good solutions out there and and you know I just want to state I always say don't be sad this industry has a there's a lot of hope yeah and this industry is amazing it's very buoyant is thriving and it's only growing so you just have to speak to us to understand you know the amazing range of solutions we have for you thank you
