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How to setup an Online Remittance (Money Transfer) model using a physical retail calling card business. This is a process presentation that details step by step flow of funds in such a business.
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Flow of Funds
Example: User from USA wants to send US$ 100 to someone in Liberia
USA Liberia
Flow of Funds
They walk into a shop that sells Phone Calling Cards
Flow of Funds
The Remitter, then proceeds to buy phone minute cards. The amount he/she wants to send, is the
card(s) he will pick. In this case he will pick and pay for the $ 100 calling card.
Flow of Funds
User access a website, and registers (providing their basic KYC information)
Flow of Funds
To initiate a Remittance from US to Liberia, the user fills out all of this information online, on either a
website, which could be running on a tablet or kiosk. Information filled out is Beneficiary Information.
Flow of Funds
User then enters the Calling Card Number + PIN into the system. This will be the $ amount that he wants
to transfer
Remitter
Flow of Funds
This information is checked in real-time from the operators USA system and if the card is valid, the
amount is accepted by the system.
Flow of Funds
The system then informs him that $100 has been credited and his transaction is good to go
Remitter
Flow of Funds
The User accepts this information and a Transaction ID number is generated for the User.
Remitter
Flow of Funds
The back-end system at phone operator will send the transaction details (including remitter
information, beneficiary information, IP, $ Value, Transaction ID, etc.) to MTOs Transaction
Management System.
Phone Operator US MTO
Flow of Funds
Upon the settlement time-frame agreed, the money will be transferred from Phone Operators Bank to
MTOs designated Bank Account. Thus completing the transaction from Phone Operators side.
Phone Operator MTO
Flow of Funds
MTO then transfers the money to the Correspondent MTO (which already has access to the data where
the money has to be credited/delivered)
Correspondent MTOMTO
Flow of Funds
US MTO then updates its database that the transaction has been completed and notifies the
Remitter AND the Beneficiary.