Every year billions of US dollars are sent across the globe. The money remittance industry is huge and has been continually growing over the last few years. The money transfer industry has historically been dominated by few money transfer businesses like the Western union, money gram and Ria. But recently, with the advent of money transfer softwares, the trend of how money is sent has been changing.
According to World Bank estimates, a total of 583 billion US dollars were sent across the globe alone in 2014. While the remittances’ growth has shown a slight dip in 2015, it is expected to increase in 2016 and reach record levels in 2017.
Increasing number of migrants across the globe means increasing number of remittances sent to other countries. Traditionally, it is the developing countries that have received most of the world’s total remittances. Most workers shift for better economic opportunities, to mostly developed countries, while sending money back to their families. India and China are world’s highest remittance receivers while US is the largest sender of remittance. For example, the US sent 22% of global remittance volume in 2014, and India received 12% of global remittance volume.
Increasingly large volume of remittances mean more business for the money transfer businesses. However, large transfer fees and sometime lack of availability of business offices, especially in rural parts of developing countries, causes difficulties in sending money smoothly. With increasing number of regulations, compliance and anti money laundering bills and laws, the businesses have to find new ways of sending money effectively. Money transfer softwares have been the latest trend that provide highly efficient and smooth transfer of money.
A money transfer application is developed for a money transfer business taking care of all aspects of the money transfer business. For example, large volume of money transfer means greater number of senders; to manage more senders the businesses will have to hire more staff and hence larger office to manage. Managing more staff and volume can always be difficult. The money transfer software would align the senders and receivers of money by providing a platform where the users can send their money easily while the businesses can manage the large volume efficiently.
A money transfer software, for instance, would have built-in, user friendly interface where it guides the user to transfer their money to the money transfer business’ account. This could be done step by step taking care of all the compliance and regulation issues at each step. The money transferred to the business account can then be easily transferred to another account in another destination. All this would happen very quickly and business will have a clear record of all the transactions, user information, account verifications and other necessary obligations. The businesses will, thus, be able to keep an eye on all the important aspects of a transaction.
The money transfer software is changing the remittance industry. A systemized, computerized and synchronized system means that businesses keep record effectively and can send money across the globe in lesser time than ever.