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   Mi Send Money Transfer
Created Date: 11/18/2009 10:26:13 AM
Country: United Kingdom of Great Britain and Northern Ireland
Focus: E-Procurement
Status: In use
License: Proprietary
Product Type: Software - Mobile
Target Users: public and private entites
Developer Name: Mi-Pay
Product Url: http://www.mi-pay.com/index.php?option=com_content&task=blogcategory&id=18&Itemid=84
Description:

The international remittances market is estimated to be worth approximately $250 billion per annum. Mi-Pay provides mobile operators, banks and money exchange bureaus with the ability to generate new revenues in this valuable market.

Customers register for the service, and use the web or their phone to fund and send payments to friends and relatives abroad. An online portal reduces the need for a complex infrastructure for sending customers, saving cost. For card transactions Mi-Pay takes responsibility for collecting the payments, managing the foreign exchange, and making the transfer to the recipient agent network. We also make sure that the agent accounts are managed securely and help you manage risk in the business.

Mi-Pay’s solution offers a number of benefits:

  • Low operational overhead through Mi-Pay providing hosting and operational support
  • We remove some financial risks because we  handle the foreign exchange management and settlement to the receiving country
  • Supports regulatory requirements by providing comprehensive fraud screening service to support anti money laundering (AML) and know your customer (KYC) processes as required by government regulation
  • Wide variety of payment methods and channels supporting increased take up of the service
  • Lower cost per transaction allowing competitive pricing for consumers
  • Mobile channels available as a complement to Internet, providing for further market penetration

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