MFIC Partners with WSBI to Facilitate “Fair Value Remittances” Among Savings Banks Worldwide
June 22, 2010 (Washington, D.C.) -- Microfinance International Corporation (MFIC) partners with the World Savings Banks Institute (WSBI) to establish its international remittance switch to implement “Fair Value Remittances,” an initiative to advance financial inclusion. In the switch, MFIC’s remittance platform, ARIAS, will be interconnected with the systems of CECA (Confederación Española de Cajas de Ahorros) and Money Express, a leading African money transfer operator. This would enable Member banks to originate or receive international remittances from both Members and possibly non-Members. The switch will facilitate transactions among institutions that operate in diverse social and regulatory environments with different technological capabilities, thereby increasing reach and impact. The launch of the remittance switch is part of WSBI’s commitment to assisting its Member banks to strengthen their customer base by delivering transparent and secure remittance services.
“The remittance switch approach enables our Members to react more rapidly to change in migration and in the remittance market. The partnership with 3 well established and innovative players allows Members to concentrate even more on the provision of value adding financial services” said Chris De Noose, Managing Director, WSBI.
“I am excited that we are jointly pursuing our common goal of improving access to finance by remittance senders and recipients,” said Kai Schmitz, EVP of MFIC. “Our ARIAS application has characteristics and functionalities necessary to achieve goals of the WSBI’s initiative, which encompasses diversity and a global scale.”
ARIAS requires low set-up and operational costs, allowing Member banks to offer competitive remittance services. Its high level of customization enables banks to design transparent services of their own, while taking into account the environment in which they operate. Banks are able to manage their branding, pricing and FX rates, customize compliance monitoring, and administrative reports such as settlement and compliance.
ARIAS is highly adaptable to other systems, thereby enabling service through various interfaces such as web based, mobile phones, POS devices, IVRs, and electronic kiosks and ATMs. The WSBI remittance switch provides tremendous advantage for Member banks to boost competitiveness in the global payment market where mobile money transfer is envisioned to grow exponentially over the next few years. Using ARIAS for their connection to the WSBI remittance switch also allows Member banks to deliver services to geographic areas where infrastructure is still underdeveloped. In addition, for banks operating in multiple countries, ARIAS’ real-time multi-currency settlement function allows them to efficiently administer internal and external transactions.
About Microfinance International Corporation
MFIC is a Washington DC based company that aims to expand affordable and professional financial services to markets where such services have previously been unavailable, are overpriced or disconnected from mainstream banking. The Company offers a line of products and services that enable financial services providers to deliver innovative services.
The core product is ARIAS, a turn-key remittance solution that offers financial service providers everything they need to offer a fast, compliant and low cost money transfer serviceto over 90 countries worldwide. MFIC also offers compliance consulting to financial institutions under the brand name of Ascella Compliance, and operates Alante Financial, a network of financial service centers targeted to unbanked immigrants.
About World Savings Banks Institute
The World Savings Banks Institute (WSBI) is one of the largest international banking associations and the only global representative of savings and retail banking. Founded in 1924, it represents savings and retail banks and associations thereof in 90 countries of the world. WSBI works closely with international financial institutions and donor agencies and facilitates the provision of access to financial sectors worldwide – be it in developing or developed regions. Together the member banks conducted operations through 160,000 outlets. WSBI member banks have reinvested responsibly in their region for many decades and are a distinct benchmark for corporate social responsibility activities throughout the world.
About CECA
The Spanish Confederation of Savings Banks (CECA) is the National Association of Spanish savings banks. CECA is also a financial institution in its own right, providing competitive technological and financial products and services for savings banks and any other institutions that may request them. CECA has developed the BRAVO Platform to make possible the sending of remittances from Savings Banks branches to their Partner Banks in destination. BRAVO works with 21 Partners Banks from 14 countries covering the main remittance market.
About Money Express