FAQs

    If I move to the Money Transfer Application from another software provider, will I lose all my data?

    No. This is a straightforward process that allows you to import data into the system through a complex API. Data will be mapped out throughout to ensure that the original data corresponds with its new data fields, and this will be entirely taken care of by our expert software engineers.

    Are transactions secure?

    Yes. All transactions are carried out over a secure server using Hypertext Transfer Protocol Secure (HTTPS), which is a widely used communication protocol for secure communication over a computer network. Furthermore, transactions can only be sent by a registered and logged in user, and this applies to both web and mobile devices.

    What if I forget my log-in details?

    Not to worry, if you ever forget your log-in details or even suspect they have fallen into the wrong hands, the system will allow you to generate a new password using the automated password re-set facility.

    How long will it take for me to be up and running on the system?

    An existing Money Transfer Operator can be up and running in as little as 5 minutes! However, if you need a more customized solution, we will be happy to arrange this for you and have you ready to go in no time.

    Can I purchase the system outright?

    It is possible to purchase a customized version of the system tailored and packaged to the bespoke requirements of your own business operations, however by licensing the product, your business will benefit from all free upgrades, new version releases and technical support.

    Can I export data from the system?

    Yes you can! You can run reports and export information to common file formats including .pdf and Excel or any application that support .csv files.

    What do I need to get started?

    To start with you need to legalise your business with a local authority, decide on the support and features your business will need from the remittance application, and purchase the software that will allow you to efficiently and smoothly run the business.

    Does the Money Transfer Application move actual money?

    The Money Transfer Application documents and facilitates your money transfer business processes; keeping an audit record of all processes in a traceable manner. With this in mind, our system can instruct a 3rd party to make an actual payment via an API.

    Am I limited to the number and vicinity of agents I can deal with?

    No. You are free to settle as many agents as you need, allowing you to span your business globally across 7 continents.

    Does the Money Transfer Application have Anti-Money Laundering catch?

    Yes. Our system has an AML analyser for the sender/receiver to check how much and how often money has been sent/received for the last 6 months. If anything suspicious occurs, a cashier will see a notice and will need to decide whether to approve or refuse the transaction.
    Our system also benefits from the global sanction list, meaning senders/payees are always scanned against the list.

    Does the Money Transfer Application have SMS/Email notifications?

    Yes. Both notifications are fully supported by the system.

    What kind of authentication does the Money Transfer Application have?

    Our system has 2 levels of authentication: The first supports a payment control number (PCN) that is provided to a Sender upon a transaction completion, and the second is a SMS which is sent by the sender to the payee once a PCN number is provided, and before a payment could be made to the Payee in the case of inward money transfer services.

    Can my clients send/receive money, pay bills online using their credit/debit cards?

    To accept credit/debit cards you need to set up a merchant account with a merchant account provider. We will then setup a payment gateway service via switch while utilizing APIs. Our system will process the payment in real-time, however, as switch is a 3rd party company it is down to a payment processing service provider to decide on the speed of an actual money transfer.

    Can I install and host the Money Transfer Application?

    The Money Transfer Application is a SaaS (software as a service) application, which means that no installation is needed on your hardware. CodersCode will take care of setting up, running and managing the application, allowing you to focus on your core business targets without distracting you with the technical processes.
    However, on premise hosting, deployment and configuration can be provided to organisations who must comply with strict regulations.

    Does the Money Transfer Application comply with the regulations?

    Yes. Our system adopts a compliance feature, which means a transaction is checked for regulations compliance in either a sending or receiving country.

    General Questions

    What is money transfer/remittance?

    Money transfer or ‘remittance’ refers to cashless modes of payment or payment systems: Electronic funds transfer, which is an umbrella term mostly used for bank card-based payments; wire transfer, which is an international bank-to-bank funds transfer; or Giro, also known as direct deposit.

    What is a money service business (MSB)?

    An MSB is any individual or organisation that does business, acting as one of the following:

    1. Currency or foreign exchange dealer
    2. Cheque casher
    3. Issuer of traveller’s cheques, money orders, or stored value
    4. Seller or redeemer of traveller’s checks, money orders, or stored value
    5. Money transmitter
    6. (6) e-Wallet/e-Money/m-Wallet issuer, remitter or transmitter.

    What are the requirements for setting up an MSB?

    In short, you need to register and obtain a license, have a enough starting capital and obtain a transactional bank account.

    On top of that you need to put in place good operational, record-keeping and accounting systems and be able to report clearly on all your transactions.

    MTA is a reliable money transfer system that will help you to set up properly and securely, complying with the necessary regulations.

    Do you help us meet the security, anti-money laundering (AML) and fraud regulations and compliance requirements for running an MSB in our location and for international remittance?

    Yes we do – our platform automatically implements parameters and compliance measures for the majority of countries, so it’s likely your business location will be covered.

    This is one of the more technical and tricky things to put in place when setting up your MSB and failure to do it correctly can lead to big fines and legal action. By using MTA, you can rest assured that you’ll set up properly, as you’re in expert and experienced hands.

    What is branchless banking?

    It means having added services or existing banking services that are offered and delivered outside of the traditional, physical bank location.

    For example, it could mean setting up banks accounts solely online, with security clearance features being presented via mobile phone or chip and PIN device. Or it could mean attending a meeting for a business loan with a bank staff member via Skype and signing the documents via tablet.

    MTA provides the technology, security and infrastructure to allow for branchless banking services.

    What is an m-Wallet or e-Wallet?

    An Electronic or Mobile Wallet is an encrypted storage medium that holds credit card and other financial information and can be used to complete electronic transactions without having to re-enter the stored data at the time of the transaction.

    m-Wallets work much like prepaid credit cards and top up cards. They need to be loaded with money prior to use and then funds held on the m-Wallet are securely accessed directly from the mobile phone.

    This makes it incredibly quick and convenient to use as a method of payment, typically using your mobile phone, through a simple SMS text or via Near Field Communication (NFC).

    It is highly secure and requires either a PIN number or fingerprint identification to access on your smartphone so you don’t have to worry about compromised financial information if you lose your phone.

    What is Digital Currency and Bitcoin?

    Digital currency or digital money is an internet-based way of exchanging value, similar to physical money but without physical properties (i.e. there are no tangible bank notes or coins for the currency). It allows for carrying out instant transactions and borderless transfer-of-ownership.

    It uses decentralised ledger, which means that original ledger is updated and copied everywhere, instantly. It has two main technologies to prevent fraud (from double-spend and unique access to ledger) – ‘proof of work’ and ‘elliptic curves’. Bitcoin was the first decentralised digital currency created 2009 and it has had mixed reception and reviews.

    Advantages of digital money:

    1. Fast – the ‘velocity’ of money
    2. Weighs nothing and you don’t have to carry it around
    3. Programmable
    4. Internet-ready
    5. International and borderless
    6. Allows for easy accounting
    7. Cheap – no government issuance and protection etc,
    8. No fees for use of technology – uses open source code
    9. Fuel for permissionless innovation – no need to ask to use it.

    Weakness of digital money:

    1. No cash, only access to ledger units, as a blockchain
    2. Truly public, no privacy at all.
    3. Still an infant currency and is relatively easy to steal and is unstable