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Every month millions of expatriate workers perform International Money Transfers to their homeland. Banks and Foreign Exchange Companies normally handle these transfers, typically resulting in the consumer withdrawing funds from their local bank account to purchase a Foreign Currency Demand Draft from an Exchange Company and then using the postal system for delivery.
This is a time consuming process, both at purchase and settlement, with high cost to the Consumer.
The Cuecent Cashswitch Solution Suite enables financial institutions and Money Exchange Houses to leverage payment innovations to attract online customers, capture new revenue streams, and reduce processing costs. The suite provides your retail and business customers with a complete set of secure online payment options including e-Remittance, Anti-money laundering and Online Bill and Invoice payments.
Cuecent Cashswitch offers a secure and fast online funds transfer for remittances, stock trading and charitable donations together with the introduction of ASP services using the Cuecent Cashswitch Data Centre, for Banks and Exchange Houses. The competitive advantage lies with the processing of Foreign Currency Transfers through the Internet, which is not widely available currently.
With Cuecent Cashswitch, business as well as B2C customers can login to transfer money locally or abroad, pay bills locally or in their home country, trade in stocks and shares - even make a donation to charity - from the comfort of their own home or office. Cuecent Cashswitch works on J2EE compliant application servers like IBM WebSphere and BEA Weblogic.
Using Cuecent Cashswitch, Banks and Foreign Exchange Companies can 'virtually' take care of all their financial needs and requirements at a click of the mouse.
Cuecent Cashswitch's fully integrated electronic remittance services include:
- Cuecent Cashswitch Agents Online
- Cuecent Cashswitch e-Remittance
- Cuecent Cashswitch Speed Transfer
Cuecent Cashswitch Agents Online (CS - AOL) is an Internet-based remittance Acquisition Engine for the customers of Banks and Exchange Houses required to remit funds. Agents Online Model enables the Agents to request for a remittance transaction through one of the Principal Exchange Houses to which they have access.
Cuecent Cashswitch Agents Online Architecture:
In CS - AOL, many Exchange Houses with existing correspondent bank arrangement are registered as Principal Exchange Houses. These Principal Exchange Houses offer their products range and correspondent bank arrangements to the Agents who enter into an agreement with them and are registered with Cuecent Cashswitch as well. In this setup, exchange houses can register themselves as agents under another Principal Exchange House, and utilise the products and correspondent bank network of the principal exchange house, without having to undergo the hassles of entering into a correspondent arrangement with each of the banks in the foreign countries.
Cuecent Cashswitch eRemittance engine enables online fund transfers WORLDWIDE. The convenience of Electronic money transfer reduces manual transactions and opens a whole new window for the Banks to enter into a new business space.
Cuecent Cashswitch e-Remittance Architecture
Cuecent Cashswitch e-Remittance Solution
- This application provides a channel for Money Exchange houses (MTOs) or Banks to acquire customer remittance requests over the Internet.
- It is similar to an Internet banking solution, with the exception that it involves a MTO and a bank as separate entities for the remittance transaction.
- The application enables a MTO to publish on the Internet, the exchange rates and remittance products to the countries wherein it has corresponding arrangements with banks/agents for payment of the remitted amount to the beneficiaries.
- The application requires an interface to e-payment gateways of banks and/or credit card gateways to provide for online payments from the customer to the MTO for the remittance transaction.
- It is a self-service application wherein the customers view the exchange rate for the currency they wish to remit, selects the method of remittance, enters the details of their beneficiary and submits it online to the MTO. The customer pays the MTO online either through a direct debit from their bank account or through their credit card.
- For the remitting customers, the application serves as a convenient means to transfer funds to their beneficiaries from the comforts of their home or office.
Cuecent Cashswitch Speed Transfer
Cuecent Cashswitch Speed Transfer acts as a Single Window-consolidating Transaction Platform for inward remittances and provides Banks the connectivity to perform remittance transactions and settlement with its partner Exchange Houses. It facilitates inland, inward and outward remittances and helps in establishing relationship with large Exchange Houses by Streamlining the business processes with its partner Exchange Houses. This solution helps the partner Exchange House to remit/transact and perform settlement online.
Cuecent Cashswitch Speed Transfer Architecture:
Cuecent Cashswitch Speed Transfer Solution:
- Banks can offer Technology-enabled remittance services with the desired transparency and confidentiality ensured through a common engine.
- The solution enables Bank's Partner Exchange House to log into the Bank Website with unique, authenticated secure login to enter the customer remittance details and submit all data requisite for the remittance.
- The Exchange House manages the transaction log along with beneficiary details.
- Leveraging the proposed technology architecture, Banks Inward Forex remittance department views and administers the transaction information entered by the Partner Exchange house.
- The "Super Admin" provided in the Cuecent Cashswitch System allows the "Super" Administrator privileges to manage both Bank as well as Exchange House users.
- This system enables administration at every level, making it secure.
- Fully web-enabled Solution to offer scalability to Exchange houses and Banks.
- Complete details and profile of the customer for each transaction is acquired and maintained - Know Your Customer (KYC).
- Capability to adopt Best Business Practices as desired by Banks for High level security.
- Complete details and profile of the customer for each transaction is acquired and maintained - Know Your Customer (KYC).
- Capability to adopt Best Business Practices as desired by Banks for High level security.
For more details logon to www.cashswitch.com
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