Remittance & Money Transfer Software Market 2019
Market Overview
Remittance & money transfer software is capable of managing online transactions and transfers of funds between different organizations as well as between organizations and their clients. Such advanced software solutions are employed by major banking and other financial organizations. Remittance & money transfer software enables organizations and users to securely transfer money in multiple currencies for different purposes, such as moving funds between different subsidiaries or paying invoices. Constantly increasing the number of banking and financial organisations across the world and rising risk of cybercrimes and data security breach are expected to support the demand for efficient Remittance & Money Transfer Software.
The following top manufacturers covered in this report
Remitly
Vayupay
BitExchange
ControlBox
Currency Remit App
Cyrus Technoedge
FINSYNC
Finxera
Girmiti Software
Inficare
IRemitfy
Moneytis
FinCode
Sooya Software
Hbstech
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Remittance & money transfer software is primarily used by B2B customers and finance professionals to initiate online payments. Remittance & money transfer software is complex to implement as it involves several critical modules. These systems are different from payment gateway software, which is used primarily in the e-commerce sector for ensuring secure initiation of B2C payments. Remittance & money transfer software is capable of integrating with other efficient software, such as anti-money laundering software and fraud protection software for security and compliance objectives. In addition, modern remittance and money transfer software can also be integrated with advanced foreign exchange software, which is critically required for international money transfers.
Remittance & money transfer software support transactions in multiple currencies, countries, and languages, which has encouraged several leading financial organizations to adopt such efficient solutions. These software solutions are capable of managing different types of money transfers, including cash collection and prepaid cards. Modern remittance & money transfer software provides clients with multiple money transfer alternatives, such as online and mobile banking. This software can also track transaction fees for different kinds of money transfers procedures. Remittance & money transfer software enables financial organisations to comply with privacy and security standards and government regulations. These software modules can be easily integrated with ERP, accounting, and foreign exchange software solutions.
Market Segmentation
As per market research, the global Remittance & money transfer software market can be analysed on the basis of the following segments-
Based on the mode of deployment, Remittance & money transfer software can be classified into-
On-premise software
Cloud-based software
Cloud-based Remittance & money transfer software are attaining high traction across major financial institutions. These solutions are extremely cost-effective and offer a broad range of tools to deal with complex money transfer procedures. Cloud-based Remittance & money transfer solutions are fundamentally faster, more efficient, less costly, and far more convenient for consumers to send money across borders. However, a large number of financial organizations are still using the traditional on-premises Remittance & money transfer software as they have a user-friendly graphical user interface and are extremely easy to operate. Remittance & money transfer software is critical for all the small, large, and medium-sized enterprises.
Regional Analysis
North America, Europe, Asia Pacific, Southeast Asia, and Central and South America are the major regions driving the growth of Remittance & money transfer software market. Ongoing technical advancements in financial and baking organizations operating in the Asia Pacific and North American countries are expected to drive the demand for advanced Remittance & money transfer software. Rising incidences of fraud, cyber crimes, and data security breaches have encouraged the financial to adopt advanced money transfer solutions, in order to ensure security and integrity in monetary transactions. Financial organizations operating in Europe and South American countries are actively acquiring secure money transfer solutions, which is further expected to drive the product demand in these regions. Software providers, all over the world, are focusing on enhancing their system’s capabilities by implementing robust security features.
Important Facts
Remitly, an international payments organization, has recently released an advanced Remittance & money transfer software. The organization leverages major digital channels, including smartphones, to send money internationally. Remitly’s digital money transfer solutions are exceptionally efficient, faster, cost-effective, and far more convenient for clients to transfer funds across the globe. Developed with an attractive GUI, the software is extremely easy to operate and offers a large number of services and tools to deal with complicated moneymaker procedures.
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