FREQUENTLY ASKED QUESTIONS(FAQ)

• What sets remitz apart from other money transfer software providers?

  Remitz offers money transfer software , which can meet regulatory requirements, improve customer experience , use advanced technology and be operated in a 15 days from sign up. You can go live in 15 working days.

• Can Remitz's software be customised to suit the specific needs of my business?

  Yes. Remitz’s Software can be customised according to your money transfer business, Any API’s can be integrated into your remittance application.

• How does remitz ensure the security of transactions?

  Remitz uses 2 factor authentication and also a pin system to make a transaction. This means for the customer to login to his account he needs to verify the otp sent to his mobile or email. And to make a transaction he can set a 6 digit pin , which is required to key in at the time of making a transaction.

• Is remitz's software compatible with existing systems and platforms?

  No. Remitz is not compatible with existing systems but date can be migrated from your system to new system

• What kind of customer support does remitz offer to its clients?

  Customer support is available monday to saturday during offer hours on call/email and whatsapp and during weekend by email and whatsapp.

• Is a License Required to Start a Money Transfer Business?

  Yes, obtaining a license is essential for operating a money transfer business. The money transfer industry is tightly regulated, necessitating a license issued by the local financial regulator in the country where the transaction originates. Additionally, you'll need a license in the destination country where the transaction is completed. It's worth noting that banking institutions conducting money transfers for their internal purposes are exempt from needing a separate money transfer license, as their banking charter already covers such activities. However, if you operate as a non-banking financial institution (NBFI) and facilitate money transfers as an intermediary, you must obtain a license from your financial regulator. It's important to emphasize that acting as a money transfer intermediary requires a license. While I am not a legal expert, I recommend consulting your local financial regulator for precise information and guidance.

• How long does it take for the software to become functional?

  The timeframe can vary, but generally, you can anticipate being operational within 15-30 days provided that all your information, technology, and financial components are ready. For most clients, this process is completed in about 6-8 weeks. If you have all your APIs ready for use, the setup can be expedited and accomplished within 3 weeks.

• What are the costs involved in acquiring an SPI License in the UK?

  Application Fee: Around £1,500. Capital Requirements: None. Legal and Compliance Costs: £30,000 – £100,000. Operational Costs: £25,000 – £100,000.