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 his / her identity document, a PIN number and the cash to be transferred. The store logs the details in the system and accepts the funds. A reference number is generated by the system. The originator (sender) contacts the beneficiary (receiver) and supplies the reference and PIN numbers to the beneficiary (receiver) who collects the funds at the nearest store in his / her area.
 

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).