This area includes:
 

• Money transfer - closed loop

  The “closed loop” money transfer service enables a chain store or corporate group to offer individuals the ability to transfer money to any recipient by way of their store / branch network without the need for a bank account. The originator (sender) provides their ID document and the cash to be transferred.  The store logs the details in the system and accepts the funds, with the system automatically generating a PIN and reference number.  The originator (sender) and the recipient receive an SMS containing the reference number and PIN number.  To collect the funds at their nearest store or branch, the recipient presents their ID document for FICA purposes, captures the PIN number and receives the cash sent.

   

Features and advantages

• No bank account is required:
  
  The service is offered to a wider range of customers which includes under serviced or unbanked.
   
   

• Originators are taken through the FICA process when originating a transfer:
  
  Money laundering is combated.
   
   

• Safe money transfer functionality:
  
  Customers will enter the stores / branches to use the system. This equals potential business in other areas (feet through the door).