Mobile Remittances Secure, Compliant Mobile Money Transfer ®
Jun 23, 2015
Mobile RemittancesSecure, Compliant Mobile Money Transfer
®
With over 1.3 billion people living outside their country of
birth, the remittance industry is witnessing an increased
turnover reaching $400 billion annually. The total revenue is
hitting the boarders of $15 billion and increasing.
Banks are noticing the increasing demand for new innovative
and customer oriented services. The Mobile Money transfer is
amongst their top priorities
Introducing en.MoRe
EastNets innovative Mobile Remittance solution (en.MoRe)
provides telecommunication services providers with means to
connect to the financial network, allowing easy to integrate,
fast, reliable and secure communication that allow mobile
subscribers to remit monies over SWIFT network.
en.MoRe provides a unique solution for mobile network
operators by managing the remittance life cycle and
connecting their customers to the financial institutions in the
receiving corridors.
en.MoRe provides an easy and straight forward customer
experience that complies with regulatory requirements.
en.MoRe business processes satisfies the KYC, AML and
financial regulations, yet is an easy to use service.
en.MoRe Key Benefits
• Enables convenient and fast mobile remittances • Secure and reliable• Flexible service framework • Scalable• Robust and transparent• Global reach to over 9000 banks on SWIFT • Fast go-to-market plan • Ready to use solution for MNO’s and Banks • Straightforward integration
en.MoRe: Unique in the Marketplace
Mobile money transfer is becoming one of the important trends in
financial industry. en.MoRe is a unique solution that addresses the
growing demand for financial services from the mobile operators
side, and complies with international banking regulations. en.MoRe
is the connection between the two worlds where the customers
benefit from a convenient, accessible and affordable solution to remit
monies to developing worlds.
• Security: en.MoRe provides non-repudiation and secure
mobile payment transactions from any MNO to any partner bank
on the en.MoRe network. With this capability, en.MoRe enables
secure cross border transactions by millions of mobile users
across the globe.
• Easy to integrate: en.MoRe offers a first-of-its-kind
platform to interconnect global MNOs and hubs to a financial
community of more than 9,000 banks over the SWIFT network.
• Regulatory compliance: en.MoRe capitalize the extensive
experience of EastNets in the anti-money laundry (AML), counter
terrorism financing (CTF). en.MoRe complies with the local and
international cross boarder money transfers.
• Standards: en.MoRe is using an internationally recognized
standards to transform payment requests initiated by the MNO
subscribers into a cash payment request on the other side of the
world. Both banks and mobile network operators will be using
an internationally recognized standards to connect into this
platform.
About EastNets EastNets is a leading provider of global compliance and payment solutions and services with over 1,000 customers in 120 countries. Founded in 1984, EastNets has over 25 years of experience serving financial institutions and corporates around the globe. EastNets provides Compliance Solutions including anti-money laundering and anti-fraud; Resilient SWIFT Solutions for SWIFT FIN/XML reporting, duplicate detection management, disaster recovery, and outsourced SWIFT connectivity with its SWIFT Service Bureau; and Mobile Remittances Solutions enabling secure, compliant mobile remittances. In addition, EastNets delivers a full range of SAA payment architecture consulting, implementation services, training and maintenance to help clients protect, manage and improve their SWIFT environment.
en.MoRe United States Patent and TradeMark Office Provisional Patent Application No: US 61/282,761 date : 03/26/2010 Mobile Payment System and Method Foreign Filing License granted 04/12/2010
[email protected] V 09/11
How Does en.MoRe Work?
The Remittance Flow
• The transaction of mobile remittance starts by sending a
command from the subscriber handset to the MNO network,
where the customer details are verified. The verification
process includes the balance, customer information, service
subscription and so on.
• Upon successful validation the MNO routes the payment
request information to the en.MoRe platform.
• The en.MoRe platform validates the transaction details,
prepares and transforms the payment instruction into a
financial payment request. A set of AML, KYC and compliance
rules apply to the transaction to invalidate any suspicious or
malicious activities
• The bank receives and processes the payment request
• For the beneficiary to collect their transaction, another KYC
validates the receiver.
Financial Settlement, Information and Reconciliation
Process• en.MoRe provides mobile remittance transactions and
reconciliation reports to the MNOs and the global settlement
bank for daily financial settlement.
• MNOs, via their local banks, pay daily settlement amounts to
the global settlement bank.
• The global settlement bank pays the receiving bank.