When thinking about about money remittance solutions, it is important to consider the different sources of remittances money. The mechanism utilised by the payer to trigger the transaction could have major implications on a number of factors of a remittance transaction. Some of the implications can be:
- The degree of conformance to banking regulation
- The involvement of third parties and their role
- Risk and fraud considerations
- The liability profile of the operator and/or the payer
- And of course as always the cost associated with performing the transactions
The different mechanisms that can be employed in triggering a remittance payment are the following:
- Cash (typically via an Agent)
- Bank account (usually via the Internet)
- Credit card (or other cards) (via the Internet)
- A mobile wallet via a mobile phone
One should consider the registration process, the confirmation, the dispute mechanisms and reversals or refunds for each of these different mechanisms when designing money remittance solutions.
When thinking about about money remittance solutions, it is important to consider the different sources of remittances money. The mechanism utilised by the payer to trigger the transaction could have major implications on a number of factors of a remittance transaction. Some of the implications can be: