Madhapur, Hyderabad, India
Core processing in iRemitU platform involves the integration and management of various business logic services that drive the remittance operations. This includes the implementation of compliance rules, AML (Anti-Money Laundering) measures, treasury operations, and more. These services ensure the efficient and secure processing of transactions, compliance with regulatory requirements, and effective management of financial and operational risks. By centralizing these functions, iRemitU provides a robust and scalable solution for managing remittance services.
Compliance services in iRemitU ensure that all transactions meet legal and regulatory standards. This involves verifying customer identities, maintaining comprehensive KYC (Know Your Customer) information, and enforcing compliance limits based on sender type, payout country, payment mode, and other parameters. Compliance rules help control and monitor sender and beneficiary activities, ensuring that transactions comply with regulatory requirements and reducing the risk of financial crime. The system assesses compliance risks using customer scores derived from various parameters, providing a structured approach to managing regulatory compliance.
The AML services in iRemitU focus on identifying and mitigating risks associated with money laundering and terrorist financing. This includes screening customers against lists of Politically Exposed Persons (PEPs) and known fraudsters, monitoring transactions for suspicious activity, and implementing measures to detect and prevent illegal money transfers. The AML system uses advanced algorithms and risk assessment models to flag potentially fraudulent transactions, ensuring that funds are not used for illicit activities and that the platform complies with global AML regulations.
Treasury services in iRemitU manage the financial aspects of remittance operations, including deal and contract management for exchange rates, USD settlements with payout partners, and pre-funding for partners in various currencies. The treasury function ensures that exchange rates are optimized based on the payout country, partner, and sending branch, providing competitive rates to customers. It also handles liquidity management, ensuring that sufficient funds are available for payouts, and manages the financial relationships with partners across different corridors.
The operations services in iRemitU streamline the day-to-day management of remittance transactions, ensuring smooth and efficient processing. This includes managing transaction workflows, handling customer inquiries, and resolving issues. The operations team monitors transaction statuses, ensures compliance with SLAs (Service Level Agreements), and works closely with other departments to ensure that all aspects of the remittance process run smoothly. Effective operations management helps reduce processing times, improve customer satisfaction, and enhance overall operational efficiency.
The audit services in iRemitU provide a comprehensive system for monitoring and reviewing financial transactions and operational activities. This includes auditing vouchers, balances, credits, and debits for local currency, USD, and foreign currencies. The audit function ensures that all transactions are accurately recorded and compliant with internal policies and regulatory requirements. Regular audits help identify discrepancies, mitigate risks, and ensure the integrity and transparency of the remittance operations.
Partner management services in iRemitU involve the creation and maintenance of relationships with various types of partners, including inward, payout, wallet, IMTO, DMTO, sender partners, and sender-payout partners. The platform supports the onboarding, management, and performance tracking of partners, ensuring that all partner activities are aligned with business objectives. Effective partner management helps expand the service network, enhance service delivery, and drive business growth by leveraging the strengths and capabilities of different partners.
The account module generates detailed statements for all transactions, providing a clear overview of financial activities. This includes tracking income, expenses, and balances across various currencies. Accurate account statements are essential for financial planning, auditing, and regulatory compliance. By providing comprehensive account management, iRemitU helps businesses maintain financial transparency and integrity.
Role-based authorization ensures that access to the platform’s features and data is restricted based on user roles. This enhances security by ensuring that only authorized personnel can perform specific tasks and access sensitive information. Role-based access control helps prevent unauthorized actions, safeguard data, and ensure compliance with regulatory requirements.
The maker and checker functionalities provide a dual-layer verification process for transactions and administrative actions. This ensures that all actions are reviewed and approved by multiple parties, reducing the risk of errors and fraud. By implementing this control mechanism, iRemitU enhances operational security and ensures the accuracy and integrity of all processes.