Moneyhub’s Post

NEW PROGRAMS for TRANSFERS LiIST OF FOLLOWING TRANSFER PROGRAMS MT 103 DIRECT CASH TRANSFER…….25% / 75% (75% TO THE SENDER & SENDE’S SIDE FEE’S) IBAN TO IBAN DIRECT CASH TRANSFER……. 30% / 70% (70% TO THE SENDER AND SENDER’S SIDE FEE’S) BANK API TO BANK API CASH TRANSFER……. 30% / 70% (70% TO THE SENDER AND SENDER SIDE’S FEE’S) KTT 50% / 50% …….. 50% TO SENDER AND SENDER’S SIDE’S FEE’S VISANET 50% / 50%……. (50% TO SENDER AND SENDER’S SIDE’S FEE’S GPI FULLY AUTOMATIC WITH THE UETR CODE…….. 30% / 70% (70% TO THE SENDER AND SENDER’S SIDE’S FEE’S) GPI SEMI-AUTOMATIC WITH UETER CODE……. 50% / 50% (50% TO THE SENDER AND SENDER’S SIDE’S FEE’S) IF YOU HAVE A GENUINE AND READY SENDER FOR ONE OR MORE OF THE FOLLOWING, AND THE SENDER IS WILLING TO SIGNED OUR NCNDA, WE CAN CLOSE THE DEAL… Send KYC and screens and black screen with recent fresh date no more than 2 days. THANK YOU, ESPAÑOL. NUEVOS PROGRAMAS para TRASLADOS LISTA DE LOS SIGUIENTES PROGRAMAS DE TRANSFERENCIA MT 103 TRANSFERENCIA DIRECTA DE EFECTIVO…….25% / 75% (75% A LAS TARIFAS SECUNDARIAS DEL REMITENTE Y DE SENDE) TRANSFERENCIA DIRECTA DE EFECTIVO DE IBAN A IBAN……. 30% / 70% (70% AL REMITENTE Y A LOS HONORARIOS DEL REMITENTE) TRANSFERENCIA DE EFECTIVO DE API DE BANCO A API DE BANCO……. 30% / 70% (70% A LOS HONORARIOS DEL REMITENTE Y DEL REMITENTE) KTT 50% / 50% …….. 50% AL REMITENTE Y A LAS TARIFAS DEL REMITENTE VISANET 50% / 50%……. (50% AL REMITENTE Y A LAS TARIFAS DEL REMITENTE GPI TOTALMENTE AUTOMATICO CON EL CÓDIGO UETR…….. 30% / 70% (70% A LOS HONORARIOS DEL REMITENTE Y DEL REMITENTE) GPI SEMIAUTOMÁTICO CON CÓDIGO UETER……. 50% / 50% (50% A LOS HONORARIOS DEL REMITENTE Y DEL REMITENTE) SI TIENE UN REMITENTE GENUINO Y LISTO PARA UNO O MÁS DE LOS SIGUIENTES, Y EL REMITENTE ESTÁ DISPUESTO A FIRMAR NUESTRA NCNDA, PODEMOS CERRAR EL TRATO... Envíe KYC y pantallas y pantalla negra con fecha reciente reciente de no más de 2 días. GRACIAS,

Nice summary of the benefits APIs bring in with the right implementation.

It’s quite exciting to read below article that imphasizes the future of cross border payments on such a time where our recent project of realtime cross border remittances solution utilizing API technology is launched with an amazing achievement and great reach #payments #banking #realtime #crossborder# #remmitances #FastTranfers

API led Banking is the way forward in providing a better Customer experience.

#MediaCoverage BW Businessworld's recent story features our CEO, Vishal Jain, sharing insights on RBI's push for banks to address frozen accounts and simplify KYC updates. Read more: https://lnkd.in/gtgBzYge #KYC #KnowYourCustomer #FrozenAccount #BankAccount #ReactivateAccount #ComplianceMatters #DoorstepKYC #SecureBanking #CustomerVerification #DigitalKYC #FinancialSecurity #IdentityVerification #SafeTransactions #KYCProcess #RegulatoryCompliance #SeamlessBanking #BankingSolutions #FraudPrevention #SecureFuture #Fintech #FinancialInclusion #PhygitalBanking #PhysicalBanking

Title: Navigating Regulatory Challenges in the Digital Financial Landscape Recent regulatory actions against prominent payment banks and finance companies underscore the complexity of regulatory compliance and risk management in the digital financial sector. Understanding regulatory perspectives is crucial for addressing challenges and ensuring financial system integrity. 1. **KYC Compliance Scrutiny:** Know Your Customer (KYC) requirements, led by the Reserve Bank of India (RBI), pose challenges for payment banks and finance companies. Despite Aadhaar's role in digital KYC, restrictions regarding masking hinder efficient customer identity verification. 2. **Credit Evaluation Processes:** Recent regulatory actions against finance companies emphasize the importance of thorough credit evaluations for individual borrower creditworthiness. Despite self-liquidating lending products, rigorous credit assessments are vital for risk mitigation and regulatory compliance. 3. **Balancing Innovation and Compliance:** Payment banks and finance firms operate in a rapidly evolving digital landscape. While innovation is key, stringent regulations necessitate a delicate balance between innovation and compliance, especially in KYC and credit evaluations. 4. **Regulatory Flexibility and Collaboration:** Regulatory flexibility is crucial for accommodating unique challenges faced by financial institutions. Collaborative efforts between regulators, industry players, and technology providers are essential for pragmatic solutions that balance compliance and innovation. 5. **Investment in Technology Solutions:** Technology plays a pivotal role in addressing KYC compliance and credit evaluation challenges. Innovative solutions leveraging biometrics, AI, and blockchain streamline processes while ensuring data security and privacy. 6. **Enhanced Risk Management Practices:** Investment in compliance infrastructure and risk management systems is paramount for payment banks and finance companies. Robust customer verification mechanisms, data security protocols, and regular audits mitigate risks and ensure regulatory compliance. 7. **Proactive Engagement with Regulators:** Proactive dialogue and engagement enable financial institutions to gain insights and seek clarification on compliance requirements. Transparent communication, collaboration, and a culture of compliance build trust with regulators and stakeholders. In conclusion, recent regulatory actions highlight evolving regulatory landscapes and the importance of compliance, risk management, and innovation for financial institutions. By embracing regulatory challenges, institutions can navigate complexities while delivering innovative solutions aligned with customer and regulatory needs.

Big KYC News Alert! 🚨 You know that endless cycle of paperwork when opening a new bank account? Yeah, we’ve all been there. But not anymore! The RBI just made our lives way easier by updating its KYC guidelines. Here’s the scoop: If you’ve already done your KYC with a bank, you’re off the hook for doing it again when opening a new account or using other services with the same bank. Translation? Less time chasing documents, more time sipping coffee (or chai) while your bank account works for you! This isn’t just a win for customers—it’s a power move for banking efficiency. Balancing ease with compliance? Chef’s kiss 👌. Now, we’ve got fewer headaches, and banks stay secure. Talk about a win-win! Let’s hear it for progress in the banking sector! Have you noticed any other banking processes getting smoother? Share below—I’m all ears! 🎤 #RBI #KYCUpdate #BankingMadeEasy #ComplianceWithACherryOnTop #FinancialSimplification

Hawala is an informal method of transferring money, often used in regions where formal banking systems are limited or less trusted. It's based on a network of brokers, known as hawaladars, who facilitate money transfers without physically moving the cash. Hawala is valued for its efficiency, low cost, and the fact that it operates outside formal banking systems, which can be particularly useful in areas with unreliable banking infrastructure. However, because it operates outside traditional financial regulations, it can be susceptible to misuse for money laundering or illegal activities. Following are the cons of this system: Lack of Regulation: Since hawala operates outside traditional financial institutions, it isn't subject to the same regulatory oversight. This can make it easier for illicit activities, such as money laundering or financing terrorism, to occur. Fraud Risk: Without formal oversight or official documentation, there's a risk of fraud. If a hawaladar decides to abscond with the funds or doesn't honor the transfer, there's little recourse for the affected parties. Lack of Transparency: The informal nature of hawala means there is often limited transparency in transactions. This can make it difficult to track and verify financial flows, which is a concern for law enforcement and regulatory bodies. Legal Issues: In some countries, hawala is illegal or heavily regulated due to its potential misuse. Participating in or facilitating hawala in these jurisdictions can lead to legal consequences. Economic Impact: Since hawala transactions are often unrecorded, they can contribute to the informal economy, which can undermine tax revenues and economic planning. Addressing hawala's risks involves enhancing its regulatory oversight and transparency, while using formal banking channels generally offers greater security and compliance with legal standards.

🚨 **Important Update for Financial Institutions!** 🚨 The Reserve Bank of India (RBI) has issued a significant warning to banks regarding the freezing of customer accounts due to Know Your Customer (KYC) compliance issues. This move comes in response to growing concerns about customer dissatisfaction and the need for a more balanced approach to KYC norms. KYC procedures are essential for maintaining the integrity of our banking system, but it is crucial that banks handle these processes with sensitivity. Freezing accounts can lead to severe inconvenience for customers, especially those who rely on their funds for daily transactions. The RBI emphasizes that banks must exhaust all options, including notifications and reminders, before taking such drastic measures. Here are some key takeaways from the RBI's guidance: 1. **Customer Communication is Key**: Banks must prioritize effective communication with customers regarding KYC requirements. Providing clear information can help prevent account freezes. 2. **Use of Technology**: Implementing advanced technology solutions can streamline the KYC process and reduce the likelihood of errors that lead to account issues. 3. **Flexible Approaches**: The RBI encourages banks to adopt a more considerate approach by allowing customers time to comply with KYC requirements before resorting to account freezing. 4. **Focus on Financial Inclusion**: A collaborative effort towards financial inclusion must remain at the forefront. Ensuring access to banking services for all individuals is essential, and excessive measures can hinder this goal. 5. **Monitoring and Compliance**: Regulatory bodies will be keeping a close eye on how banks manage KYC compliance to ensure customer rights are upheld. The banking sector is at a pivotal point where customer experience and compliance must go hand-in-hand. By following the RBI's recommendations, banks can foster a positive relationship with their customers while ensuring regulatory adherence. 💡 **Let’s push for a banking environment that values both security and service!** #Banking #RBI #KYC #CustomerExperience #FinancialInclusion #RegulatoryCompliance #DigitalBanking #FinanceCommunity Note: AI-powered post. May contain errors.