The remittance sector has been here for centuries. People send money across borders for personal and professional reasons using international money transfer services. However, in recent years, fintech advancements have changed the way cross-border transactions work. Earlier, it used to take weeks and even months for money to successfully reach the recipient located in some other country. Now, remittance software has just accelerated the process and enhanced the remittance experience for businesses as well as customers.
Remitters can send money online through money transfer software, and service providers can easily process the request to directly route the funds to the recipient’s accounts. Needless to say, it is the most lucrative business model for any enterprise looking to build a remittance setup to provide cross-border money transfer services. But building a remittance solution from scratch can be a great hassle, especially if you are just starting! Nevertheless, a modern fintech innovation, “White label remittance software,” is just changing the narrative. Read this article to know exactly how!
What Is White Label Remittance Software?
White-label remittance software is a pre-developed money transfer platform that can be customized as per the remittance service needs and rebranded under the business. Thus, instead of building the remittance solution from scratch, a remittance company can simply purchase this ready-made software from a provider and tailor it as per the brand’s logo, color, theme, etc.
Key Features Of A White Label Cross-Border Payment Solution
We at Webcom Systems offer a specific set of essential features in our white-label remittance software, which are listed below:
Multi-Currency Support
The software supports multiple currencies, allowing the remittance business to facilitate money transfers between any two countries.
Live Exchange Rates
It provides live exchange rates to avoid any mistakes or delays. This allows businesses to deliver complete transparency in their money transfer services.
Customizable Interface
From theme to logo, color, and many other customization options are available to personalize the app and web interface as per the brand identity.
Margin Control
Remittance businesses have control over setting margins on international transactions carried out over their platform to earn profits.
Advanced Reporting & Analytics Tools
This white-label software is fitted with real-time analytics and reporting tools so that businesses can check and enhance their performance.
Smart Admin Dashboard
Businesses can easily monitor platform transactions, set transaction limits, and access reports to manage their remittance business operations.
Live Transaction Tracking
Platform users can track the status of their international money transfers with the real-time transaction feature.
Notifications
The software can provide notifications for the platform users regarding discounts, transaction status, and more.
Compliance Tools
The system includes a comprehensive suite of built-in compliance tools for major regulatory compliance, including KYC, AML, and more.
API Integration
This software can be easily integrated into existing remittance systems without any interruptions or downtime.
Why Is Developing An In-house Remittance Solution Challenging?
Building your in-house remittance software can present multiple challenges, as mentioned below:
- It takes an immense amount of time to build remittance software from scratch. Probably anywhere between six months and a year, or even more. Eventually, it causes a significant delay in both market entry and profit-making.
- Businesses would need to hire a complete team to develop the solution, integrate it, and even maintain it. It can put a significant financial burden on hiring and employing a massive crew.
- Resourcing the tech stack needed to build the remittance software would also impact the budget of the remittance company.
- Remittance software that would be used to process these transactions between multiple countries needs to stay compliant with related regulatory laws. These regulations are complex to follow, and any regulatory setback can result in steep penalties and even a permanent halt.
What Makes White Label Remittance Software the Future of FinTech?
White-label remittance solutions are gradually becoming the future of fintech. By eliminating the challenges posed by in-house remittance software development, white-label solutions assist the remittance businesses in so many ways, such as:
Affordable Alternative
As hiring a software development team and resourcing a tech stack for the same can cost a lot, white-label remittance software helps to skip it all. Remittance solution providers handle the ideation, design, development, testing, integration, and even after-deployment support of their software. Businesses can thus get a fully functional remittance platform with ongoing support by simply paying the product purchase price.
Quick Market Entry
Due to pre-built infrastructure and simple customization options, white-label remittance solutions can be launched in the market in no time. There is no need to wait for the development and testing cycles, as the solution provider can instantly integrate it into the existing system after suggested customizations.
Enhance Flexibility
Getting a white-label platform is not the same as simply using another company’s platform. Businesses have more control over the customer experience and brand identity due to the numerous customization options, which include branding components, platform features, user interface, and more.
Secure Framework
White-label solutions are protected against unauthorized access and cyberattacks by incorporating different security protocols. It includes secure elements like multi-layered authentication, end-to-end encryption, vulnerability management, and more. Not only this, but software development companies ensure solution security through rigorous security audits, penetration testing, and comprehensive security testing before integrating them into the business’s existing systems.
Drive Innovations
White-label remittance software for fintech is developed using the latest technologies and tools. Using this advanced remittance software, businesses can also drive innovation in their remittance services. Additionally, a reputable remittance software development company such as Webcom Systems maintains an R&D team that continuously looks for the newest market trends and technological advancements to keep its white-label solutions updated. Their modern white-label solutions include AI-powered fraud detection, Smart Contract automation, Blockchain integration, and other features.
Lower Risk and Uncertainty
Remittance software development agencies even provide solution maintenance and support services. With security parameters managed and checked through the remittance solution provider’s end, businesses don’t have to worry about technical failures or security threats. They can even avoid potential expenses that can be incurred through system failures.
Impressive Scalability
Remittance firms do not have to invest in developing remittance software on a regular basis when they require additional functionalities or experience an increase in user base. It is because white-label remittance software has a scalable architecture and can easily handle growing industry needs and rising user traffic.
Support Business Growth
By saving so much time as well as funds by opting for white-label remittance solutions, remittance firms can relocate their focus to improving business operations, marketing strategies, customer acquisition, and more.
Wrapping Up
White-label remittance software has gained significant recognition in the fintech industry due to its impressive capabilities. Undoubtedly, a white-label remittance solution is an ideal choice for both startups and established enterprises. If you are looking for a high-quality white-label remittance solution, Webcom Systems can assist you. Our expertly developed white-label solutions feature multiple customization options and advanced functionalities, allowing you to modernize your services in a cost-effective way. Contact us to learn more about our remittance solutions!
Recommended Read: Is Remittance Software the Right Solution for Your Business?
