Problem & Answer (remittance)
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Paystar Remittance Suite The Problem & Answer
Introduction The Paystar Remittance Suite ™ is a robust processing service integrating several platforms for service and support of our business partner’s customer needs for receiving, sending and holding cash funds. Expansion of the services to reach into other countries will always be at our Partner’s discretion. Translink currently has services that extend in to: The Americas, Asia, Middle East and Africa.
www.translink-co.com
The Problem Lack of Services, Expensive Service, Un-Secure Service Remittance has been around as long as there has been currency. Today, many areas of the world utilize only traditional brick and mortar remittance services that were founded in the 1950’s and earlier. For the consumer the cost of delivery has been high and delivery methods slow. For the Central Banks many cash remittances go un-traced when entering their country. These unregulated remittances generally take the form of cash (Hawala type systems) and on occasion they may be debit cards such as a Visa/MC gift card or a card from a 2-card set issued in another country. Issuers of these 2-card sets enjoy proceeds from international ATM and currency exchange fees. Visa and MasterCard enjoy a 2-3% international purchase fee charged back to the cardholder. A US$500 international cash withdrawal from these methods can cost approximately US$18.50 plus additional at-the-ATM fees charged by the acquiring bank. For the consumer: convenience, cost and speed of delivery appear to be the driving factors in choosing remittance purchases. However the consumer is willing to forego speed of deliver for a lower cost as long as the transaction has a history of actually arriving at its intended location.
The Opportunity A solution to lower cost; dramatically improve convenience and speed of delivery, and; provide the security of local branch banking. With Translink, we offer a system utilizing the latest technology of worldwide intercommunications (Internet), Phone, SMS and Regional Marketing Operations to provide your customer with consistent, convenient, secure, fast, low cost transfers of funds. As a part of our remittance suite we can additionally provide payroll card services for employees receiving funds and an enrollment solution to provide for a recipient card in the name of their family member or a business associate in the same or another country issued by a bank in their country of residence.
www.translink-co.com
The Paystar Remittance Suite™ The Paystar Remittance Suite is a platform service that encompasses: 1. Customer Registration 2. Identity Management 3. Remittance (c2c, c2b), 4. Direct Payments, 5. Settlement, 6. Card Management, 7. Virtual Account Management, 8. Top up/Scratchers, 9. mCommerce 10. Credits 11. Ad Campaigns, Our Business partner will add a link to the Paystar Service to its website. The Paystar services and features are supported and hosted by Translink.
Customer Registration The customer is required to register with the service: including information about their identity, agreeing to allow the service to transfer funds and to the terms and conditions of the service. Once a new customer has registered, verification of the registration information is performed. The exact verification steps depend on the bank and regulatory requirements. The service may be setup to verify the registration in the following manner: 1) Email verification 2) Unique PIN sent to mobile number - the customer will enter this PIN into the supplied verification forms. 3) Phone registration - the service will call the phone number given and request their PIN entered in the registration process for verification. 4) Account Verification - this process varies from bank to bank, but if a new card account is issued at registration then account verification is already authenticated. In usual cases the service
www.translink-co.com
will deposit a small amount into the account and verify the amount with the customer. The registration process can open a new card account at the bank - Translink can work with the Bank to facilitate this process. Identity Management The Paystar Remittance Suite service was built from the ground up to manage Anti-Money Laundering (AML), Know Your Customer (KYC) and bank account information. Utilizing PIN authentication, biometrics, security verification information and SMS with IVR authentication the service offers the highest levels of fraud prevention in the industry. All measures of the issuing Bank Identification Number (BIN), age, location and ID verification have been addressed for this industry. Remittance (c2c) Consumers now have the ability to remit funds to family and friends in a variety of ways. They can have their payroll deposited directly to a prepaid debit card issued by a local bank in their country or purchase a remittance token (scratcher) and through Translink have an amount sent to the family member prepaid debit card (typically in another country and issued by a local bank) or in some cases directly to an ATM machine for the family member to have direct access to the cash. In many cases the transfer and the confirmation sent to both the sender and receiver can be completed instantly. In cases where the bank cannot receive or process deposit confirmations in real-time, there can be a delay in receiving the funds. In all cases, as long as the transaction is valid, the recipient funds are guaranteed to be available. Remittance (c2b) Consumers now have the ability to remit funds to a business as long as that business is registered with Translink and have an account in one of the banks connected to our platform. This means that any business registered with Translink can accept mobile payments in real-time. In locations not accessible for normal POS card-swipe machines or even Web-Based terminals, the merchant can actually received payment confirmation on their mobile phone with the funds available upon settlement confirmation. Direct Payments – Vendors The Paystar Remittance Suite provides for any business to pay any vendor instantly on-line. The service provides for the confirmation of payment and receipt to the vendor’s account at their bank. These payments can be local or international. Velocity and limits of payments are established by the banks
www.translink-co.com
involved in the transaction but can exceed the limits imposed upon consumers. Direct Payments – ATMs The Paystar Remittance Suite provides for payouts to be made (with defined limits) directly to ATM’s by generating a unique PIN and integrating with the ATM network of our banking partner. A customer would receive the PIN on their mobile phone and proceed to a supported ATM or Cash withdrawal machine and enter the PIN to receive the funds without the need to have a card or a registered account with the bank. Direct Payments – Employers Employers can credit funds into their employee accounts directly from their bank account. Pay is typically deposited upon receipt of a batch file detailing the employees and amounts to be transferred and confirmation that funds are available at the bank to complete the transfer. Instant employer pay transfers can be made via SMS, IVR or via the branded Card/Account Holder Portal (CHP), supplied with the service. This service does not require the use of Visa, MasterCard or any other card or processing network for payments or transfers, thus avoiding the fees and possible restrictions imposed by those networks. Employees can access their funds via SMS, IVR or the CHP for remittance and in many cases receive a branded debit card from the bank for access to the funds via ATM or for POS purchases. Settlement The Paystar Remittance Suite provides for the settlement of funds between all parties and banks both locally and internationally. Timing of settlement is determined by the business partner and the maintenance of float accounts. Float accounts maintained with the banks can provide for the instant transfer of funds. If no float account exists, then funds are available to the customer at the time they are received by the bank. Typically this can be a couple to several days depending on where the funds are sent. All transactions are tracked from the originator to the recipient and confirmation messages for each step are received by the system. Reports and real-time dashboard statistics are available at the Paystar TRP website.
www.translink-co.com
Detail records of the transactions (in real-time) are also available to the business partner’s customer service agents for handling requests from customers. Card Management The Paystar Remittance Suite can integrate with any card management system that accepts XML/Soap type messages. The customer registration information can be sent to the card management system used by the business partner’s bank(s) for the automatic issuance of cards. Paystar can also integrate messaging for debiting, crediting, balance inquiry, transaction history and any additional messaging necessary to facilitate the successful integration of the solution for your customers. Translink as an option can also provide a full card management system for any bank desiring to issue cards and maintain accounts for your customers. Virtual Account Management The Paystar Remittance Suite provides for the creation of virtual accounts when traditional bank accounts or branded card accounts are not necessary. Virtual Accounts funding is maintained at the business partner’s bank and funds are held separately an in accordance with the requirements and regulations of the depository bank. The consumer has full website. Mobile, SMS, IVR, etc access to these funds for remittance and direct payments or transfer to their traditional bank account. Top up/Scratchers The solution provides a module that manages and allows Top up/Scratchers to be utilized with the mobile commerce platform. The business partner can brand the service and allow customers to credit their accounts with funds immediately using the PIN revealed on the Top up/Scratcher. The scratcher account/pin information can also be transmitted to another individual for deposit into their authorized ‘Paystar’ account. mCommerce The Paystar Remittance Suite service mCommerce module is integrated within the system. The business partner can define the functions and connect customized services to the virtual accounts and card accounts. (examples include SMS and Mobile Phone messaging for balances, history and transfer of funds from the virtual account to the card or bank account.)
www.translink-co.com
Credits The Paystar Remittance Suite service supports 3 tiers of credit management used for customer loyalty. Credits can be defined for free service after a predefined amount of usage, in response to a sweepstake run monthly or quarterly. Translink can work with the business partner to define proper usage, innovative ideas and campaigns. Ad Campaigns The service provides an Ad Campaigns module that allows the business partner to design or sell their own text or email based advertising campaigns, to be included within the mobile payments transaction to their customers.
Transfer Limits Typical limits set within the service are up to $1,000 for any single transaction and $2,500 per month. These amounts are consistent with AML and most Central Bank regulations, but can be adjusted with the expressed approval of the bank in which those funds are held. (foreign bank limits also apply to individual transactions for international remittance and may impact the limits established with your bank) Hard Limits When a hard limit is exceeded, the transfer is declined. The user can change the amount of the transfer so as to not exceed the limit. The Paystar CHP provides the user with their limits in real-time. Soft Limits The pattern of funds transfers establishes a soft limit for each customer; as long as customer stays within their pattern the soft limit is not triggered. A soft limit violation would trigger further verification and may delay its completion until further authentication can be verified. Velocity on Limits (transaction amounts over time) Velocity limits for single transactions, as well as weekly and monthly limits are provided in the solution. These limits can apply to all types of transfer limits and are normally dictated by the local bank.
www.translink-co.com
Per Transaction Translink and the business partner will determine the appropriate transaction limits. The business partner has the responsibility to advertise these limits to its customers in its policy of use. New Customer When a customer signs up for the service, the business partner can define an initial limit on transaction volume for the first 30 days. Individual The service allows customized limits for individual clients. Translink monitors all activity, pending disputes and other criteria to set limits accordingly, which will be at Translink’s sole discretion. Voluntary The business partner along with bank approval can allow customers to define their own individual limits. This feature can be approved on a case-by-case basis.
Technical Integration All integration is done via a simple SOAP/XML API. Translink for the most part performs all integration to the business partner and the bank and supports any format that each may require for the exchange of information. (Minimal programming may be required by business partner for website.) All reports are provided on-line and can be transmitted automatically to each bank via SFTP. Business partners can pick up reports and check out dashboard statistics via the Translink TRP available via HTTPS at Translink. Translink can support Field Delimited, XML or ISO8583 message formats over a TCP/IP connection for bank transactions.
www.translink-co.com
Conclusion The Paystar Remittance Suite provides the tools to serve your remittance market and reach customers that have previously been unable or unwilling to participate because the cost is too high, access of service is inconvenient or they just do not trust the process. With the security of local branch banking at your customer’s fingertips, Translink is successfully merging the international banking community at the benefit of all participants. Our business partners now have the opportunity to earn new revenues and increase market share in a manner that has not been available in several decades. If you are interested in joining Translink in serving your customers, please contact us by visiting our website at: http://www.translink-co.com
www.translink-co.com
Introduction The Paystar Remittance Suite ™ is a robust processing service integrating several platforms for service and support of our business partner’s customer needs for receiving, sending and holding cash funds. Expansion of the services to reach into other countries will always be at our Partner’s discretion. Translink currently has services that extend in to: The Americas, Asia, Middle East and Africa.
www.translink-co.com
The Problem Lack of Services, Expensive Service, Un-Secure Service Remittance has been around as long as there has been currency. Today, many areas of the world utilize only traditional brick and mortar remittance services that were founded in the 1950’s and earlier. For the consumer the cost of delivery has been high and delivery methods slow. For the Central Banks many cash remittances go un-traced when entering their country. These unregulated remittances generally take the form of cash (Hawala type systems) and on occasion they may be debit cards such as a Visa/MC gift card or a card from a 2-card set issued in another country. Issuers of these 2-card sets enjoy proceeds from international ATM and currency exchange fees. Visa and MasterCard enjoy a 2-3% international purchase fee charged back to the cardholder. A US$500 international cash withdrawal from these methods can cost approximately US$18.50 plus additional at-the-ATM fees charged by the acquiring bank. For the consumer: convenience, cost and speed of delivery appear to be the driving factors in choosing remittance purchases. However the consumer is willing to forego speed of deliver for a lower cost as long as the transaction has a history of actually arriving at its intended location.
The Opportunity A solution to lower cost; dramatically improve convenience and speed of delivery, and; provide the security of local branch banking. With Translink, we offer a system utilizing the latest technology of worldwide intercommunications (Internet), Phone, SMS and Regional Marketing Operations to provide your customer with consistent, convenient, secure, fast, low cost transfers of funds. As a part of our remittance suite we can additionally provide payroll card services for employees receiving funds and an enrollment solution to provide for a recipient card in the name of their family member or a business associate in the same or another country issued by a bank in their country of residence.
www.translink-co.com
The Paystar Remittance Suite™ The Paystar Remittance Suite is a platform service that encompasses: 1. Customer Registration 2. Identity Management 3. Remittance (c2c, c2b), 4. Direct Payments, 5. Settlement, 6. Card Management, 7. Virtual Account Management, 8. Top up/Scratchers, 9. mCommerce 10. Credits 11. Ad Campaigns, Our Business partner will add a link to the Paystar Service to its website. The Paystar services and features are supported and hosted by Translink.
Customer Registration The customer is required to register with the service: including information about their identity, agreeing to allow the service to transfer funds and to the terms and conditions of the service. Once a new customer has registered, verification of the registration information is performed. The exact verification steps depend on the bank and regulatory requirements. The service may be setup to verify the registration in the following manner: 1) Email verification 2) Unique PIN sent to mobile number - the customer will enter this PIN into the supplied verification forms. 3) Phone registration - the service will call the phone number given and request their PIN entered in the registration process for verification. 4) Account Verification - this process varies from bank to bank, but if a new card account is issued at registration then account verification is already authenticated. In usual cases the service
www.translink-co.com
will deposit a small amount into the account and verify the amount with the customer. The registration process can open a new card account at the bank - Translink can work with the Bank to facilitate this process. Identity Management The Paystar Remittance Suite service was built from the ground up to manage Anti-Money Laundering (AML), Know Your Customer (KYC) and bank account information. Utilizing PIN authentication, biometrics, security verification information and SMS with IVR authentication the service offers the highest levels of fraud prevention in the industry. All measures of the issuing Bank Identification Number (BIN), age, location and ID verification have been addressed for this industry. Remittance (c2c) Consumers now have the ability to remit funds to family and friends in a variety of ways. They can have their payroll deposited directly to a prepaid debit card issued by a local bank in their country or purchase a remittance token (scratcher) and through Translink have an amount sent to the family member prepaid debit card (typically in another country and issued by a local bank) or in some cases directly to an ATM machine for the family member to have direct access to the cash. In many cases the transfer and the confirmation sent to both the sender and receiver can be completed instantly. In cases where the bank cannot receive or process deposit confirmations in real-time, there can be a delay in receiving the funds. In all cases, as long as the transaction is valid, the recipient funds are guaranteed to be available. Remittance (c2b) Consumers now have the ability to remit funds to a business as long as that business is registered with Translink and have an account in one of the banks connected to our platform. This means that any business registered with Translink can accept mobile payments in real-time. In locations not accessible for normal POS card-swipe machines or even Web-Based terminals, the merchant can actually received payment confirmation on their mobile phone with the funds available upon settlement confirmation. Direct Payments – Vendors The Paystar Remittance Suite provides for any business to pay any vendor instantly on-line. The service provides for the confirmation of payment and receipt to the vendor’s account at their bank. These payments can be local or international. Velocity and limits of payments are established by the banks
www.translink-co.com
involved in the transaction but can exceed the limits imposed upon consumers. Direct Payments – ATMs The Paystar Remittance Suite provides for payouts to be made (with defined limits) directly to ATM’s by generating a unique PIN and integrating with the ATM network of our banking partner. A customer would receive the PIN on their mobile phone and proceed to a supported ATM or Cash withdrawal machine and enter the PIN to receive the funds without the need to have a card or a registered account with the bank. Direct Payments – Employers Employers can credit funds into their employee accounts directly from their bank account. Pay is typically deposited upon receipt of a batch file detailing the employees and amounts to be transferred and confirmation that funds are available at the bank to complete the transfer. Instant employer pay transfers can be made via SMS, IVR or via the branded Card/Account Holder Portal (CHP), supplied with the service. This service does not require the use of Visa, MasterCard or any other card or processing network for payments or transfers, thus avoiding the fees and possible restrictions imposed by those networks. Employees can access their funds via SMS, IVR or the CHP for remittance and in many cases receive a branded debit card from the bank for access to the funds via ATM or for POS purchases. Settlement The Paystar Remittance Suite provides for the settlement of funds between all parties and banks both locally and internationally. Timing of settlement is determined by the business partner and the maintenance of float accounts. Float accounts maintained with the banks can provide for the instant transfer of funds. If no float account exists, then funds are available to the customer at the time they are received by the bank. Typically this can be a couple to several days depending on where the funds are sent. All transactions are tracked from the originator to the recipient and confirmation messages for each step are received by the system. Reports and real-time dashboard statistics are available at the Paystar TRP website.
www.translink-co.com
Detail records of the transactions (in real-time) are also available to the business partner’s customer service agents for handling requests from customers. Card Management The Paystar Remittance Suite can integrate with any card management system that accepts XML/Soap type messages. The customer registration information can be sent to the card management system used by the business partner’s bank(s) for the automatic issuance of cards. Paystar can also integrate messaging for debiting, crediting, balance inquiry, transaction history and any additional messaging necessary to facilitate the successful integration of the solution for your customers. Translink as an option can also provide a full card management system for any bank desiring to issue cards and maintain accounts for your customers. Virtual Account Management The Paystar Remittance Suite provides for the creation of virtual accounts when traditional bank accounts or branded card accounts are not necessary. Virtual Accounts funding is maintained at the business partner’s bank and funds are held separately an in accordance with the requirements and regulations of the depository bank. The consumer has full website. Mobile, SMS, IVR, etc access to these funds for remittance and direct payments or transfer to their traditional bank account. Top up/Scratchers The solution provides a module that manages and allows Top up/Scratchers to be utilized with the mobile commerce platform. The business partner can brand the service and allow customers to credit their accounts with funds immediately using the PIN revealed on the Top up/Scratcher. The scratcher account/pin information can also be transmitted to another individual for deposit into their authorized ‘Paystar’ account. mCommerce The Paystar Remittance Suite service mCommerce module is integrated within the system. The business partner can define the functions and connect customized services to the virtual accounts and card accounts. (examples include SMS and Mobile Phone messaging for balances, history and transfer of funds from the virtual account to the card or bank account.)
www.translink-co.com
Credits The Paystar Remittance Suite service supports 3 tiers of credit management used for customer loyalty. Credits can be defined for free service after a predefined amount of usage, in response to a sweepstake run monthly or quarterly. Translink can work with the business partner to define proper usage, innovative ideas and campaigns. Ad Campaigns The service provides an Ad Campaigns module that allows the business partner to design or sell their own text or email based advertising campaigns, to be included within the mobile payments transaction to their customers.
Transfer Limits Typical limits set within the service are up to $1,000 for any single transaction and $2,500 per month. These amounts are consistent with AML and most Central Bank regulations, but can be adjusted with the expressed approval of the bank in which those funds are held. (foreign bank limits also apply to individual transactions for international remittance and may impact the limits established with your bank) Hard Limits When a hard limit is exceeded, the transfer is declined. The user can change the amount of the transfer so as to not exceed the limit. The Paystar CHP provides the user with their limits in real-time. Soft Limits The pattern of funds transfers establishes a soft limit for each customer; as long as customer stays within their pattern the soft limit is not triggered. A soft limit violation would trigger further verification and may delay its completion until further authentication can be verified. Velocity on Limits (transaction amounts over time) Velocity limits for single transactions, as well as weekly and monthly limits are provided in the solution. These limits can apply to all types of transfer limits and are normally dictated by the local bank.
www.translink-co.com
Per Transaction Translink and the business partner will determine the appropriate transaction limits. The business partner has the responsibility to advertise these limits to its customers in its policy of use. New Customer When a customer signs up for the service, the business partner can define an initial limit on transaction volume for the first 30 days. Individual The service allows customized limits for individual clients. Translink monitors all activity, pending disputes and other criteria to set limits accordingly, which will be at Translink’s sole discretion. Voluntary The business partner along with bank approval can allow customers to define their own individual limits. This feature can be approved on a case-by-case basis.
Technical Integration All integration is done via a simple SOAP/XML API. Translink for the most part performs all integration to the business partner and the bank and supports any format that each may require for the exchange of information. (Minimal programming may be required by business partner for website.) All reports are provided on-line and can be transmitted automatically to each bank via SFTP. Business partners can pick up reports and check out dashboard statistics via the Translink TRP available via HTTPS at Translink. Translink can support Field Delimited, XML or ISO8583 message formats over a TCP/IP connection for bank transactions.
www.translink-co.com
Conclusion The Paystar Remittance Suite provides the tools to serve your remittance market and reach customers that have previously been unable or unwilling to participate because the cost is too high, access of service is inconvenient or they just do not trust the process. With the security of local branch banking at your customer’s fingertips, Translink is successfully merging the international banking community at the benefit of all participants. Our business partners now have the opportunity to earn new revenues and increase market share in a manner that has not been available in several decades. If you are interested in joining Translink in serving your customers, please contact us by visiting our website at: http://www.translink-co.com
www.translink-co.com
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