Remittance Management System
ProgressSoft’s Remittance Management System is a modernized solution that performs end-to-end orchestration to any outgoing to incoming payment and directs it through its designated process flow, serving as a modern and comprehensive remittance processing engine. The solution facilitates all types of transfers including cross-border transactions between correspondent banks or financial institutions.
At a glance
With an open design architecture and open Application Programming Interfaces (APIs) for integration with multiple third-party systems, PS-RMS opens the door for banks and financial institutions to seamlessly connect to and start transacting with other participants over blockchain networks.
It moves banks and financial institutions to a new era of real-time fund transfers in a cost-effective and time-efficient manner through utilizing smart payments routing.
Advantages of PS-RMS
PS-RMS provides financial institutions with advantageous capabilities to:
- Interact and transact in new, international markets
- Enhance operations efficiency as PS-RMS is a single platform that integrates with all core banking and third-party systems
- Offer customers efficient and advanced remittance services at very competitive cost
- Provide expedited remittance response for customers thereby enhancing customer satisfaction
- Define customized remittance routing rules and charge schemes with correspondent banks
Why opt for PS-RMS?
ProgressSoft’s Remittance Management System comprises inherent value-added features including:
- Smart payments routing
- Correspondent Service-Level Agreement (SLA) management
- Customer segments definitions and management
- Fees and charges management
- Foreign exchange rates management and synchronization with back-end systems
- Compliance with Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF) and sanctioned-list screening regulatory requirements
- Transfer Simulation with full-fledged details of the payments path, fees, FX rates and more, before proceeding with initiating a remittance
Smart Payments Routing
PS-RMS applies a set of validations to find the optimal route for payments. This is based on defined parameters in the payment itself and the SLAs for each correspondent i.e. the countries they operate in, currencies they accept, the institution’s nostros balances and other factors.
Correspondent Service-Level Agreement (SLA) Management
PS-RMS is designed to handle different correspondents for banks and financial institutions across different countries. 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 banks and financial institutions to define their customer segments and link them with the bank’s Customer Relationship Management (CRM) and Customer Information File (CIF) systems. This in turn allows PS-RMS to consider customer segments and marketing campaigns such as offers and special FX rates during the smart payments routing process. This is in addition to the ability to define rules and criteria for each segment.
PS-RMS simulates the payment transfer to provide users with full-fledged details of the payments path, fees, FX rates and more before proceeding with initiating a remittance.
ProgressSoft assists financial institutions in developing a better understanding of its PS-RMS through a comprehensive presentation complemented with recommended approaches for each institution’s infrastructure, ecosystem and digitization goals.
Interested in a PS-RMS presentation? Contact us at firstname.lastname@example.org
PS-RMS allows special cases handling while calculating fees and charges according to the customer profile and segment such as fixed and variable charges. Intelligent integrations in the solution allow it to accommodate for any special fees and charges implied such as marketing campaigns or client-specific rates offered by different routes.
PS-RMS provides the facility for FX rates management and synchronization with back-end systems. In addition, PS-RMS allows online FX rate negotiation and agreement as part of the quotation request between correspondents in the network. As a result, real-time FX rates are considered during the smart path calculation process.
Through online integration with third-party systems, PS-RMS complies with Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF) and sanctioned-list screening regulatory requirements. All these verifications are included as part of the core processes flow and is conducted automatically before the remittance transaction is processed.