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Best Transfer

Russia, Moscow city
Market: Financial services
Stage of the project: Operating business

Date of last change: 14.10.2021
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Idea

Best Transfer is the SaaS platform for banks and retailers with a wide range of connected money transfer systems. It enables banks and retailers to take a fresh look at the remittance market.

Current Status

The full version of the program has already been installed and tested in 60+ banks in four countries in Europe and Asia.

14 global and local MTOs are already integrated.

There is a custom version of the program for clients (banks, retail) and end-users of the system.

Problem or Opportunity

The remittance market has 1 billion users and annual transactions to the value of $700 billion with an average fee of 7.5% (World Bank). $150 billion of these relate to US accounts.

The US has no single central bank and no single regulator for the entirety of the country. Each state has its own laws and regulations.

Migrant workers face high remittance fees when they transfer money to their families in their home countries. 80% of labor migrants receive cash wages. Banks do not always consider them as their custom

Solution (product or service)

This is the SaaS platform for banks and merchants that provides a multi-functional tool with a wide range of remittance systems through unified connectivity and security features.

We create the broadest coverage network as a result of banks connecting their merchants (agents) as close as possible to the sender or recipient. In contrast to money transfer systems, we do not need to build up our agent network as the banks already have it in place for acquiring services. We allow banks to work with each other directly through our platform.

Business model

Generation of commission income from cross-border transfers in the amount of not less than 0.2% of the amount of transfers within 12 months from the date of service implementation.

Incubation/Acceleration programs accomplishment

Visa Everywhere Initiative
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