GVG’s e-Remittance solution was specifically developed to account for all remittance transactions and ensure the comprehensive collection of levies associated with such transactions. It also allows governments and the relevant authorities to monitor the market and provides them with updated statistics and information needed to inform the policy-making process related to remittances.
Jean Geoffrion, Chief Technical Officer, who was recently involved in the development of the e-Remittance solution at GVG expands on how this specialised and sophisticated technology helps secure the new source of revenue: “GVG has the necessary technology and world presence to ensure that the levy is properly applied to each transaction and to give government a clear view of all real time, transactions while they are taking place.”
The World Bank estimates that in 2015 alone, a high volume of transactions—more than USD 534 billion—flowed to emerging countries. There is thus tremendous financial potential for leveraging these transactions in this rapidly growing market, but there is also risk. Without a regulatory system to monitor the remittance transactions, the remittance market is left wide open to fraud, money laundering and the financing of terrorism.
“Our strategy is to implement our system without it being intrusive in the remittance service provider operation. For it to be as painless as possible to implement for all existing players in their normal business process. We decided to create an external service for the implementation of eRemittance that can be easily used by all remittance service providers, without them having to change anything in their existing system. The e-Remittance solution allows for a centralised monitoring and management of all transactions. This brings about more transparency to the process and enables an audit-trail to be established for any transaction.”
The e-Remittance solution brings transparency to the financial transaction and enables an audit-trail to be established for any transaction.
Geoffrion reiterates that it is of utmost importance that this type of project is completely transparent. “It is for this reason that we publish information to the general public about the amounts of the income retrieved and how these funds are utilised. It can be used as a means of communication with the public and to provide transparency to them—the government can let them know how much money was raised by the levy on the remittance transaction and which government development programme is being supported by the amount collected.”
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