RemitOnTime, the leading remit money cross-border transactions, and payment processing platform, addresses the fundamental issue of opacity in funds transfer by leveraging an advanced and scalable futuristic infrastructure. It makes global remittances safer and instantaneous.
So far, we have successfully built systems that allow us to track a simple parcel and remit money from source to destination. However, does that same precision apply for funds transfer? One of the fundamental issues with payment processing is the lack of transparency and traceability of the process, especially in legacy systems. It becomes more of a challenge and a matter of concern when there is no way to track the global remittance funds that take longer than the usual transactions. Compared to the rapidly growing prominence of cross-border remittances, this is that one area needing immediate attention and reformation.
Global remittance is a flourishing industry that has grown in leaps and bounds in recent decades. With people and businesses, both venturing beyond the borders, the tell-tale norms of commerce has transcended, giving birth to a niche sub-sector within the financial services industry. The net worth of cross-border transactions is projected to surpass, $280 billion by 2024. However, the existence of highly advanced and intuitive avenues to support that upcoming surge in payments processing is less visible, other than in selective platforms such as the RemitOnTime.
The RemitOnTime platform was designed by some of the brightest minds in the financial services and Fintech industry keeping this exact problem in mind. Owing cutting-edge mechanisms and the use of advanced technology, RemitOnTime enables the users, be it a business enterprise or an individual to, execute seamless cross-border transactions at any time and track the funds to the recipient’s account in a highly secure financial ecosystem. Before we get any further with the mechanism of RemitOnTime, and how it facilitates traceability of transactions, let us delve deeper into the obscurity of transparency in global remittances.
The Opacity of Remit Money and Cross-border Payments Being a Concern
International money transfer is still plagued with lots of irregularities and fogginess, where the participants involved hardly get to perceive the movement of the funds. Some of the major issues here are:
- The senders are mostly unaware of the total transaction cost, leading the hidden costs to creep in.
- No one can perceive when the funds will reflect in their account.
- In many cases, the beneficiaries are in the dark regarding the reason for the payment. It culminates in substantial financial and administrative expenses on reconciliation. This is more relevant to the businesses that receive several payments from a single payee.
It’s not that the banks are not updating on the transactions, but since there are so many financial intermediaries involved in the chain that most of the time the updates either fall through or don’t get processed. This keeps both the sender and recipient in suspense regarding funds movement until they check their account for the credit amount or receive a transaction failure report. In the case of enterprises, since they receive multiple payments in a day, tracking becomes more challenging.
One might find it hard to believe that such a rundown and laidback infrastructure exists for one of the most important industries, that too, in today’s digital age. It all boils down to the existence of too many intermediaries in the system that makes reformation next to impossible. That said, there are platforms like RemitOnTime that have set precedence in the remittance industry by developing remit money system that upholds the transparency and traceability of transactions.
Remit Money Transfer Tracking Ensured by RemitOnTime
RemitOnTime promises faster global transactions, with industry-lowest transaction fees and live currency exchange rates. The best part about this platform is that, through an intuitive dashboard, the user can track the transactions, unlike other traditional systems like wire transfer, SWIFT, etc.
- There are no hidden costs involved, and since the money transfer platform shows the live forex rates, the sender is clear about the total fees for that given transaction.
- It facilitates faster funds processing, and once the money is sent, you will be shown a tentative when the funds will be received by the recipient, which is usually lesser than the traditional remittance avenues.
- There is no confusion regarding the ‘where’ and ‘from whom’ of the funds for business organizations as each transaction is stamped with relevant information, which enhances the transparency of the process.
RemitOnTime comes powered with cutting-edge tools and an innovative mechanism that augments its functionality. Owing to such a streamlined outward remittance platform and infrastructure, all acts of international money transfers can be tracked by individuals through the platform, thus neutralizing the age-old problem concerning lack of transparency in global remittances.
So what are you waiting for? Register on RemitOnTime today and enjoy seamless cross-border transactions while tracking the status of your funds on the move thanks to state-of-the-art infrastructure.