Remote migrant workers were once plagued with a high costs when remitting money. The International Finance Corporation and Tonga Development Bank, developed a concept which provided a solution for low-cost remittances. Cymonz instated their remittance platfrom that enabled the delivery of this solution. Each new transaction saves the customer money, creates new revenue streams for Tonga Development Bank and adds strength to Tonga’s import/ export ledger.
Cymonz allows you to take on remittance giants such as Western Union and Money Gram.
Online Marketplaces, Supermarkets and large retail chains are implementing Cymonz remittance platform as it adds new services to their current customer base, as well as attracting new clients. These businesses can accept both cash transactions due to having a large number of physical stores, as well as catering to those seeking an online experience via the web portal or mobile app.
Cymonz provides user-friendly functionality and speed for the consumer/remitter at both the sending and receiving end.
Allow your remittance business to scale without the need to develop your own platform.
A customer self-service platform where the end customer can transact. Back office management application from where the remittance business can be managed.
Integrated with third parties to both increase the customer experience and straight-through processing rates.
Utilise multiple payment rail providers giving the end customer more choice on how fast or the most cost-effective to send money.
Cymonz can provide those who don’t offer financial services but have an existing customer base the opportunity to expand their services with an out of the box, highly scalable and customisable branded solution.
Your customers can transfer currency at live market rates or set limit orders to be automatically monitored and executed. You set the currencies available, the margins (profit markup) charged and the hours clients can trade. Your customers are buying and selling currency, specifying payment details in a secure, efficient and competitive environment.
Customers can register for your currency exchange services online and access, view and provide any required compliance documentation. Our integrations with Netverify (c) allow your customer to easily provide identification requirements and our PEP databases ensure you are meeting compliance obligations. If you already hold the appropriate data for your client contact us to learn how you can bypass this process.
Your clients can transact all their currency requirements from their smart phones. Functionality is the same as your customer website offering and includes a client dashboard, currency transactions, limit orders, beneficiary management, account history and account management functionality.
Get full control of the public pages you display to your clients and leads. Manage colours, logos, menus, pages available and all your content through our content management system along with selecting whether to display currency calculators to the public.
Set your settlements process times and then follow the work flow for all daily settlement tasks and processes. Manage customer receipts and bank account statements, counter party reconciliations, extend or cancel overdue contracts, view and execute counter party and beneficiary currency payments and link customer bank accounts where direct debits are available.
Our API allows you to integrate key currency functionality into your in-house or customer-facing applications, provide access to third party developers or even provide customers access to their account through the API. The REST based API provides functionality to create customer accounts, transact currency, manage beneficiaries and pull complete account history.
If you elect to not use automatic clearing on all client transactions you can manage your risk through your currency position sheets in real time. Positions are marked to market every thirty seconds and any new transactions are added in real time. Manage required liquidity through SWAPs and automatically close and transfer positions daily.
Cymonz integrates with PEP databases for automatic database name scanning. As PEP matches are made, compliance is alerted and matches can be processed within the application. Set matches as positive, false positive or suspend accounts and report to outside authorities if required. Set your risk management and suspicious transaction monitoring rules and allow your application to notify your compliance staff of any suspicious transactions.