Remittances Platform
Estel’s Remittance Platform is a comprehensive solution designed specifically for Remittance Operators, fintech’s and Mobile operators. It allows remittance operators to operate and manage their business more efficiently and with greater ease. The Remittances platform enables them to rapidly expand their operations in wider geographies by easily onboarding remittance agents and empowering them to conduct business.
Built with the needs of large-scale remittance businesses in mind, this platform offers an intuitive interface and a robust transaction management engine capable of processing millions of transactions on an hourly basis. It leverages Estel’s extensive experience to seamlessly integrate with financial institutions like Banks, Payment Service Providers (PSP), Exchange Houses, FX providers, Screening services, and Digital (mobile) wallet operators, allowing inward/outward remittances directly into/from bank accounts or wallets.
Remittance Platform by Estel Technologies empowers remittance operators to streamline their operations, enhance customer satisfaction, and drive business growth. With its comprehensive features, advanced technology, and industry-leading expertise, this solution is the catalyst for success in the dynamic and fast-paced remittance industry.
What is remittances platform and service providers.
Remittance service platforms and service providers are companies that offer money transfer services for a fee. These providers can be banks, credit unions, or other financial institutions. They facilitate money transfers from customers to individuals or businesses abroad. Often referred to as "money transfer businesses”. RSPs deliver their services in various ways:
Direct to the recipients
Electronically funding an account
Collaborating with local agents like stores, post offices, or banks
Offering transfers within the same country or internationally
Costs and volume:
Mobile operators are the most cost-effective means of sending remittances, with an average fee of 4.5% in Q4 2022.
On the other hand, banks are pricier, charging an average fee of 11.8%.
Even though they are cost-effective, mobile operators only represent less than 1% of the total transaction volume.
Remittance Platform features
Seamless Domestic and International Money Transfers
Allows for smooth transactions both within a country and across borders, ensuring funds reach their destination reliably.
Versatile Transfer Modes:
a. Cash-to-Cash: Direct cash transfers from one individual to another.
b. Wallet-to-Wallet/Bank/Cash: Electronic wallet transfers that can be sent to another wallet, bank, or cashed out.
c. Bank-to-Wallet/Bank/Cash: Transfers initiated from a bank account to electronic wallets, other bank accounts, or direct cash payouts.
By integrating these features, Estel Technologies' Remittance Platform offers a comprehensive solution that addresses the myriad needs of the remittance industry.
Estel's Remittance Platform: Simplifying Global Transactions
Whether bridging domestic gaps or connecting international frontiers, our platform delivers swift, secure, and seamless money transfers. With state-of-the-art features tailored to today's dynamic financial landscape and robust security measures in place, Estel guarantees not only the safety of users' information and funds but also ensures that every transaction is more than just a transfer—it's a promise fulfilled.
Estel is focused on enhancing its market share in the remittances sector by partnering with mobile operators. Leveraging mobile operators as the primary channel for remittances not only offers a cost-effective solution but also greatly benefits the end consumer.
What are Remittances?
Remittances is the process of the transfer of money between parties typically across international borders. In the popular term Remittances is when migrant workers send money to their families and friends in the home country. When initiating Remittances it usually include traditional banks, sometimes specialized remittance service providers like Western Union, online transfer platforms such as Wise, mobile network operators like M-Pesa and regulatory bodies. Estel Remittances is a service providers which works behind the scenes with banks and service providers.
Remittances play a pivotal role in bolstering many developing economies. These transfers provide a stable source of income, helping reduce poverty, fund education, health, and even stimulate local businesses. This consistent inflow not only uplifts individual households but also drives financial sector growth, supports infrastructure development, and can stabilize exchange rates.
However, while remittances bring many benefits, they also pose challenges. Heavy reliance on them can make a country economically dependent, and the cost of cross-border transfers can be high. Additionally, the migration of skilled workers to more prosperous nations can lead to a talent vacuum in their home countries.
World view
Projections indicate that global remittance flows are expected to reach $5.4 trillion by 2030, driven by increasing digitalization and mobile transfers. This shift to digital remittances is significantly reducing costs, making transfers faster, more efficient, and promoting financial inclusion, particularly in developing regions like Africa and Asia (IFAD). The cost of sending remittances digitally is lower, averaging 5% compared to 7% for non-digital methods, showing how technology is reducing costs and improving accessibility. The adoption of mobile-based remittances is skyrocketing, especially in developing countries where banking infrastructure is limited. By 2030, it's expected that over 50% of all remittances will be conducted through mobile wallets and apps (IFAD).
Additionally, the global remittance market is forecast to grow at a CAGR of 10.1% from 2022 to 2030, with digital platforms, mobile wallets, and fintech innovations playing a key role in driving this growth. By 2030, the remittance market is projected to be worth $107.8 billion, with the Asia Pacific region leading the charge due to the high number of migrant workers and the adoption of digital remittance solutions (Grand View Research).These trends underscore the critical role that remittances will continue to play in supporting families and economies worldwide, particularly in low- and middle-income countries.
