Start your remittance business with white-label solution
The concept of white-label has become increasingly popular across various industries, from e-commerce marketplaces, food delivery, ridesharing, flight bookings apps to fintech, wealth tech and paytech. The remittance industry is no different, with several players offering white-label services for launching money transfer applications or platforms.
A white-label remittance solution enables companies to offer money transfer services to their customers without investing time and resources into developing mobile or web applications from scratch. These solutions will typically include all the necessary features essential to start a remittance or money transfer service, such as :
- Branded website and mobile application
- Built-in KYC verification systems
- Ability to link funding sources with instant account and card verification
- Payment processing to debit the user’s bank account or card
- Disbursement of funds to the beneficiary around the world
Why choose a white-label solution?
In the competitive remittance market, it is challenging for startups to compete against established companies offering money transfer services worldwide. The industry is complex and challenging for new entrants. Acquiring licenses or bank sponsorships, finding the right payment processing partners, and deploying tech can take years and be very expensive.
There is a good case for why companies can and should opt for a white-label solution to set up their remittance business.
Faster Go-to-Market: A white-label solution can enable companies to launch their remittance services in a few weeks. It includes compliance, regulatory, and fraud prevention tools crucial for remittance business. While this allows companies to Go-To-Market faster in a compliant way, it also allows them to focus and invest resources into building their brand value, retaining customers and increasing their revenue.
Leverage Expertise: Companies can take advantage of a tried and tested solution that has been built and continuously enhanced by a team of experts. This allows companies to learn the tricks of the trade when they get started and saves them from having to invest heavily in R&D..
Customization: Companies can set themselves apart from the competition by customizing their application. Whether to showcase their brand identity through logos and color schemes or to optimize the user experience to meet their specific target audience's needs. A customized app creates a sense of familiarity and professionalism. It assures customers that they are using a legitimate and trusted service that they can rely on.
Machnet's white-label remittance solution
Machnet's White-label solution for both web and mobile is built for startups, fintechs, MTOs, and any company looking to enter the money transfer industry. The solution integrates Machnet’s APIs that provides all the regulatory, payments, banking, compliance and payout tools required for companies to build and scale their money transfer and remittance application.
Machnet's white-label remittance features
- User Registration
Companies can seamlessly onboard new users to send money to beneficiaries across the world. During the registration, the application captures only essential sender information, such as full name, address, email address, and phone number to reduce drop-offs. To ensure the platform's security and prevent malicious activities on the platform, it is built with two-factor authentication (2FA).
- Know Your Customer (KYC) Verification
KYC verification is built into the application to ensure the users are legitimate and are not associated with any illegal activities. Based on the target users and in-line with remittance industry practices, we follow a risk-based approach to KYC which allows us to financially include diverse users and manage risks. The KYC information is run through public records, as well as AML checks wherein ID documents are authenticated and screened through a global sanctions list.
- Funding Source Verification
In order to fund the transactions, users can link their bank account or debit card. The user can link their bank account using their internet banking credentials and can link their card by providing necessary card details. Prior to linking, we conduct verification on banks and cards to reduce likelihood of fraud and returns. If required, we can also enable additional verification such as 3DS checks on card transactions.
- Risk Profiling
There are built in risk management tools such as risk scoring and velocity checks which allow companies to identify potentially risky transactions to block or review further. Our risk scoring service uses machine learning models to define the risk of the transaction. It takes into account multiple data points of the user and transaction as well their activity in our global network to assign a risk score.
- Payment Processing
Our built-in payment processing services supports ACH and card processing. When users initiates a transaction, it debits the user’s preferred payment instrument - user bank account or debit card - to collect funds for the transaction.
- Transaction Payout
Our integrated payout network provides companies with a global reach to disburse funds worldwide to localized payout methods. While companies have the option to utilize their own payout networks, our global payout network can be highly useful for companies that do not have payout presence in their target countries.
- Admin Dashboard
The application includes an admin dashboard that gives companies a comprehensive overview of their users’ transaction history. Admin can view, monitor and manage users and transactions on a real-time basis. Our dashboard provides useful insights for operations teams of companies to stay up-to-date on their user and business performance.
White label solutions tend to suffer from misconceptions that keep companies from exploring them. But the truth is, in a competitive remittance market, companies can leverage white-label solutions providers to navigate complexities, lower costs, and swiftly launch their own remittance or money transfer business.
Machnet is a cross-border payments platform that provides its customers with APIs and White-label solutions to start their remittance business in a few weeks. Schedule a call with our sales team to learn more about our offerings!