Velmie, a financial technology provider that has been developing advanced software solutions for financial institutions and entrepreneurs for over a decade, expands its range of white-label products with an international money transfer platform. It will enable quicker international transactions at a fraction of the cost of other international money transfers and cross-border payment options.
Remittance Solutions Powering Businesses Globally
Every year hundreds of billions of dollars are transferred internationally by businesses and individuals who have emigrated from their home countries. World Bank figures show that total annual remittance flows amounted to $689 billion in 2018, growing from $633 billion in 2017.
Banks, the most expensive remittance channel, according to the Bank, charging an average fee of 11%. Post offices followed, costing more than 7%. Fees on international bank transfers have been such a concern for United Nations that it has set a 2030 Sustainable Development Goals' target to reduce remittance transaction costs to less than 3% from their current estimated average of 7.1%.
With the advent of mobile wallets, however, a huge change is underway in how cross-border payments and transfers are made. E-wallets are becoming the most efficient, transparent, and secure way to facilitate international payments.
The key benefit for individuals and businesses making cross-border payments via mobile money transfer apps and remittance platforms is that costs are substantially lower. Moreover, the payments are far quicker than conventional bank international payments or money transfers. The process is also more convenient and less administratively intensive.
Velmie Decides to Launch a White-label Money Transfer Platform
In response to the significant potential demand and benefits of mobile cross-border payments, Velmie introduces new capabilities to its white-label banking platform. It's a cloud-native, modular and scalable software that helps our clients launch their products within an average of 3 months while being cost-effective and 100% customizable. The solution now supports more than 38 currencies worldwide, with an advanced currency conversion engine powered by live market feeds and revenue optimization algorithms.
The end-users will enjoy a cutting-edge mobile wallet application to set up accounts, send money to friends from the address book, execute QR payments, manage payment cards, and a lot more.
Partnership with Currencycloud for End-to-end Cross-border Payment Solutions
Currencycloud is one of the leading money transfer and foreign exchange service providers, delivering services to Revolut, Klarna, Starling Bank and others. Currencycloud is a cloud-based cross-border payment and FX processing platform for FinTechs and financial institutions. CC provides real-time FX rates that are close to the mid-market rate, thus, offering the infrastructure and terms to empower its clients with highly competitive solutions.
Currencies: 38 (as of July 2021)
Countries: 180 (as of July 2021)
Trusted by: Revolut, Sezzle, Transwap, TransferGo, PENTA, MoneyMover, Starling Bank, PicoPay.
Countries where Currencycloud holds licenses: UK, NL, USA, Canada. [Details]
Compliance: ISO/IEC 27001:2013, DPA, GDPR, PCI-DSS Level 1, ISO 27018 Personal Data Protection, SSAE16/SOC 1, SOC2 and SOC 3, FIPS United States Government Security Standards. More details on security: https://www.currencycloud.com/legal/security/.
From our perspective, Currencycloud is the best choice for FinTech startups, SMEs, and enterprises in the Financial industry thanks to its approach to serving financial institutions and companies first and best possible.
As a partner of Currecycloud and a software vendor, Velmie provides prebuilt back-end and front-end solutions to launch overseas money transfer products on top of Currencycloud API. Together with our white-label money transfer platform, we also provide integration with Currencycloud to help our clients noticeably reduce costs and time-to-market. Find out how it works and get a quote for your project by scheduling a demo with Velmie.
