RemitSo

Compliance has been a subject of great interest for me, and I am happy to announce that RemitSo is now offering regulatory compliance services to our customers. Our services include: 1. Policies, procedures and controls 2. Compliance training and refreshers 3. Risk assessment and mitigation, and 4. Independent review RemitSo already has a diverse customer and prospect base spread across the Americas, Europe, Middle-East and Australia and due to our strong partnerships in this region we have been able to support our customers remotely as well as on the ground. Further our relationship with various verification platforms allow us to leverage technology to streamline user, business, and transaction verification, thus manage cases and prevent fraud, all in one place. What does this mean for our revenue? 1. This service allows us to monetise our operations even before we have onboarded our customers to our core-technology platform 2. Upselling opportunities 3. Onboard customers from diverse industries and geographies, where regulatory compliance is mandatory (basically almost everywhere) I admit we are in an early stage of our Go-To-Market efforts however our strong team headed by an able and dynamic founding leadership team exposed to risk management for global banks ensures that we deliver what we commit to our customers. Further we are democratising the best practices that large players adheres to while managing their risks and reputations. If you think we can partner, whether you are looking for the services we offer or are in a complementary domain where you believe our association can help each other and our customers? Feel free to DM or write to me at vivek@remitso.com Our compliance specific website is https://lnkd.in/dS3UM77w

When we envisaged RemitSo we believed our target market remains money transfer operators in countries from where #remittances originate. However I have been pleasantly surprised to having been recently approached by some technology companies based out of the UAE 🇦🇪 who have demonstrated interest in RemitSo I learnt that salary processing in the UAE is through the #WPS (Wage Protection System), the highlights are as follows 1. Registration: Employers must register with the WPS through an authorised bank or exchange house. 2. Employee Information: Employers provide detailed employee information to the WPS, including salary details and bank account information. 3. Salary Transfer: Employers transfer salaries electronically to employees' bank accounts through the WPS. 4. Monitoring: The Central Bank of the UAE monitors these transfers to ensure compliance with the WPS regulations. To be fairly honest, we had no clue that RemitSo has components that solves some problems for businesses that want to operate in helping customers with the WPS. However we conducted a couple of demos this week, where we realise that RemitSo with some adjustments and additions can significantly adapt to this requirement and UAE salary payments environment. However there are challenges, our products team at RemitSo have their own innovation road-map and they are avoiding me to discuss this new feature addition estimate (Just kidding 🙃). Getting back, we are now figuring out how lucrative this market is and if a additional pivot in this direction can contribute to our top-line and complement the existing revenue streams. I will post on it again if there are developments on this front. Starting-up especially in the IT products domain is exciting and draining at the same time. Satish Shrivastava Satyam Choudhary brace for more workload coming our way. #wps #remittance #remittancesoftware #remittanceconsulting #stealthstartup

Sharing excerpts from the World Bank Blogs that reinforces our bet on the International Money Transfer business growth in the form of RemitSo Officially recorded #remittances to low- and middle-income countries (LMICs) are expected to reach $685 billion in 2024 (The blog was released on 18th Dec 2024). The true size of #remittances, including flows through informal channels, is also believed to be even larger. This is where RemitSo can create an impact. In countries, from where remittances originate, acquiring an #MSB registration is an expensive proposition,  hence while designing the RemitSo pricing (https://lnkd.in/dkZcs8z7), we ensured our white label money transfer application remains democratic and accessible. This is something I have conveyed to my prospects during our demo sessions and has in-turn allowed us build a healthy sales pipeline in the short duration of our launch. Continuing with the World Bank data sets, the top five recipient countries for remittances in 2024 are India, with an estimated inflow of $129 billion, followed by Mexico ($68 billion), China ($48 billion), the Philippines ($40 billion), and Pakistan ($33 billion) Remittance flows to South Asia is expected to register the highest increase in 2024, at 11.8 percent, driven mainly by continued strong flows to India, Pakistan, and Bangladesh. Remittances to the Middle East and Africa is estimated to have increased 5.4 percent, primarily due to rebounded flows to Egypt, compared with a 14.6 percent decline in 2023. Sharing the link to the blog here https://lnkd.in/ds43-QEs