Let’s make a bold assumption; migrants in the diaspora need an international money transfer operator to send money to their home countries. Likewise, businesses want the ability to make international transactions. Yet, when the importance of this need is essential for financial inclusion and growth of the economy, why are there still issues to meet this need?
We understand that cross-border payments have a lot of risks and complexities but there is certainly “room to improve”.
One of the challenges is fund remittance in real-time. This is a major factor driving growth in cross-border payments. Other challenges include high costs of remittance, security issues, and lack of transparency.
High Cost of Remittance
Looking at the high cost of remittance, studies have shown that the global average cost of sending $200 is still very high (6.5%), more than double the Sustainable Development Goal target of 3% in 2020. Overseas workers and international businesses will always consider pricing as a key factor in choosing a service provider.
Fund remittance in real-time
Traditionally in cross-border payments, it takes an average of two to five days for a bank transfer. This is so because so many entities are involved in the movement of the funds. While international transactions are undoubtedly complex, financial institutions must reduce processing time to meet their customers’ needs.
Security issues
Due to a high level of security breaches for systems that aren’t reliably regulated and have the best security and risk measures in place, cross-border payments suffer enormous losses. Customers want to feel confident their money is safe, and this is the same with banks.
Lack of transparency
Transparency is important for customers and businesses who want to ensure that there are no hidden fees or transaction errors in performing international transfers. A 2017 SWIFT and EuroFinance survey found that 64% of corporations want real-time payment tracking capabilities, while 47% wanted better visibility regarding the costs and deductions involved.
Greater transparency leads to more profitability and more insights to improve processes, time, reduce costs and enhance decision making.
Swerve is a cross-border payment infrastructure for instant funds disbursement into countries in Africa, Asia, and Europe. Through our simple API connection, we disburse funds to millions of bank accounts and mobile wallets in over sixty (60) countries with unlimited local currency liquidity.
Why choose us?
Convenience & Speed: Our API provides you access to multiple Banks instead of having to integrate directly to all banks individually. Also, we would like you to note that our transactions are processed/completed in less than 10seconds, Yes! 10 seconds!!!.
Affordability: Swerve as a product is giving you great service for a little charge, there will be no charges incurred on the beneficiary account.
Why should you consider the Nigerian Market Corridor?
Currently, Nigeria accounts for over one-third of migrant remittance flows to Sub-Saharan Africa. This presents a huge market opportunity for the remittance business in Nigeria.
Finally, We would like you to note that due to the Simple APIs we have built alongside our system, Integration is completed in 48hrs considering the speed to market of our partners
