How they describe themselves: NCore is a remittance relationship network builder providing remittance and e-banking solutions to financial institutions in Asia and the Middle-East. Challenges for banks in the remittance market include: 1) being locked in by the commercial and technological stranglehold of global money transfer organizations (MTOs), 2) frenetic competition and the global financial crisis exerting downward pressures on margins 3) continual challenges to provide seamless integration and interoperation with remittance partners. The VirtuaRemit Product allows remittance players to 1) disintermediate global MTOs, 2) empower banks to establish direct bilateral remittance links with remittance partners, 3) support the entire remittance value chain from origination, integration to distribution.
What they think makes them better: Most banks today deploy technology from the big money transfer organisations (MTOs); hence the lock-in effect. Traditional remittance systems don’t provide flexible mechanisms to integrate easily and quickly without having to incur significant software customization effort. VirtuaRemit allows banks to establish direct bilateral remittance relationships with remittance partners, thereby increasing fee based revenue margins. The VirtuaRemit remittance gateway switches, routes and processes remittance transactions between remittance partners and automates the remittance value chain using multi-channel remittance transaction origination, XGate remittance gateway middleware for straight through processing, and a distribution teller system for remittance payout.