ProgressSoft’s Remittance Management System is a module of ProgressSoft’s Payments Hub Platform that is designed to facilitate rapid and smooth management of cross-border transactions between financial institutions. It provides flexible corridors management across different networks in a time-efficient, cost-effective and ideal time-to-market manner.
Utilizing an open design architecture, the solution facilitates integration with e-channels and back-end systems for an unlimited number of transfers management over defined corridors, and zero impact on front-end and back-end systems. It also supports all types of transfers and payments management across countries including e-money, digital ledger transfers and digital currency payments over regulated blockchain networks.
Smart Payments Routing
PS-RMS performs end-to-end orchestration for any outgoing to incoming payment and directs it through a designated process flow, validations rules and destination networks. It applies a set of validations to find the optimal route for outgoing payments based on defined parameters and service-level agreements per correspondent, currency, or defined cross-border medium.
Service-Level Agreement Management
PS-RMS is designed to handle different correspondents for financial institutions across different countries and currencies. Each correspondent has its own agreed-on terms of working hours, weekends and holidays, time zones, average processing time, countries coverage, accepted currencies and implied fees and charges.
PS-RMS allows financial institutions to define their customer segments and link them with Customer Relationship Management (CRM) and Customer Information File (CIF) systems. This allows it to consider customer segments, marketing campaigns, offers and special rates during the smart payments routing process.
Fees and Charges
PS-RMS takes into consideration fixed and variable charges assigned to customer profiles and segments to automatically calculate and handle fees and charges. Intelligent integrations in the solution also allow it to accommodate for any additional implied fees such as client-specific rates offered by different payment routes, or promotional offers.
Foreign Exchange Rates
PS-RMS provides the facility for Foreign Exchange (FX) rates management and synchronization with back-end systems. It allows online FX rate negotiation and agreement as part of the quotation request between correspondents in the network, and as a result, considers real-time FX rates during the smart path calculation process.
PS-RMS integrates with third-party systems to ensure full compliance with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and sanctioned-list screening regulatory requirements. These verifications are conducted automatically as part of the core process flow before the remittance transaction is processed.
PS-RMS simulates the payment transfer to provide the financial institution’s customers with a comprehensive overview of the optimal payments path, imposed fees and charges, foreign exchange rates and any required details before proceeding with initiating a remittance.
Provides financial institutions with the ability to interact and transact in new, international markets
Acts as a single point for all remittances and integrates with all core banking and third-party systems
Allows for automated procedures through a standardized process across all payment types
Improved Competitive Edge
Offer customers efficient and advanced remittance services at very competitive cost
Enhanced Customer Satisfaction
Provides expedited remittance response for customers thereby enhancing customer satisfaction