Latest news with #moneytransfer
Zawya
a day ago
- Business
- Zawya
QIB and Visa partner to facilitate B2B Cross-Border Payments
Businesses will enjoy efficient, reliable and secure, money transfer services. Account-to-account transactions from QIB Corporate accounts to beneficiary banks to be facilitated through the deployment of Visa B2B Connect. QIB Corporate and SME customers will gain access to an account-to-account cross-border payments service that operates 24x7 with ability to transactions in over 80+ currencies. Qatar, Doha. QIB, Qatar's leading digital bank, and Visa, a world leader in digital payments, have partnered to streamline corporate cross-border business-to-business payments to 120 countries worldwide through the adoption of the Visa B2B Connect platform. The Visa B2B Connect platform is a payment network that will allow corporates to send money conveniently and securely from Qatar to multiple markets across the globe through QIB, therefore, facilitating seamless business operations. The announcement of the partnership signifies QIB's continued commitment to collaborate with its partners to facilitate trade across various international payment corridors by giving customers cost-effective, efficient, reliable and secure, money transfer services. Commenting on this, Mr. Tarek Fawzi, QIB's General Manager – Wholesale Banking Group, said: 'In today's fast-paced business environment, it's essential for companies to have a banking partner that can ensure swift transactions. Our partnership with Visa reinforces our commitment to providing businesses with efficient cross-border payment solutions. By leveraging cutting-edge technology and digital advancements, we're able to process account-to-account transfers promptly, helping businesses stay competitive and contributing to the broader economic landscape.' QIB will be the first Islamic bank in Qatar adopting Visa B2B Connect and complementing its already existing outbound money transfer solutions and platforms simplifying international money transfer and payment services globally. Also commenting on the partnership, Mr. Shashank Singh, Visa's VP and General Manager for Qatar and Kuwait, said 'Visa B2B Connect provides seamless, secure and efficient global money movement solutions for financial institutions and their corporate clients. The solution also supports the Qatar government's efforts to drive digital innovation in the financial and business sector and so we're excited to partner with QIB in bringing Visa B2B Connect for the benefit of the local market as well as the wider Middle East region.' Although many businesses may find international money transfer complex, the new network promises predictability and transparency to customers, therefore, providing key insights for strategic decision making and business planning.
Bloomberg
6 days ago
- Business
- Bloomberg
Consumer Weakness Starting to Hit Travel, MoneyGram CEO Warns
The CEO of the international money transfer firm MoneyGram says the consumer is starting to feel stressed, especially when it comes to travel spending. Bloomberg's Sonali Basak caught up with Anthony Soohoo, the CEO of the company at the Goldman Sachs Leveraged Finance Conference in California. They talked about the impact of tariffs and when MoneyGram might go public again. (Source: Bloomberg)
Finextra
26-05-2025
- Business
- Finextra
Essential Security Features for a Reliable Money Transfer Platform: By Nikunj Gundaniya
Security is the foundation of a reliable money transfer platform. Customers trust you with their hard-earned money. They expect safe and seamless transactions through your platform. A single security breach can damage your reputation, which may result in financial losses and lead to compliance penalties. To protect your business and customers, you need strong security features. These features ensure safe transactions, prevent fraud and help you comply with regulations. Let's explore the most essential security measures for your cross-border remittance system must have in this blog. Let's get started. Key security features every money transfer platform must have A secure cross-border remittance platform protects transactions from cyber threats. Here are the key security features you must implement. 1. Multi-factor authentication (MFA) Passwords alone are not enough to stop hackers. MFA adds an extra layer of security by requiring multiple verification steps. Your customers must confirm their identity using OTPs, biometrics, or security tokens. This makes it harder for fraudsters to gain access, protecting your platform from unauthorized logins. 2. End-to-end encryption Every transaction and customer detail should be encrypted. End-to-end encryption ensures that sensitive data remains unreadable to hackers. Even if a breach occurs, encrypted data remains useless to attackers. Strong encryption standards keep your international remittance platform safe from cyber threats. 3. Regulatory compliance & anti-money laundering (AML) measures Regulations like KYC, AML, and CFT prevent money laundering and financial crimes. Your platform must verify customer identities, track transactions, and report suspicious activities. Compliance not only protects you from fines but also builds trust with banks and regulators. 4. Fraud detection and AI-powered risk monitoring Fraudsters constantly develop new techniques to bypass security. AI-powered risk monitoring detects unusual transaction patterns and blocks fraudulent activities in real-time. Advanced fraud detection minimizes chargebacks, prevents financial losses, and keeps your platform secure. 5. Secure API integrations Your platform connects with multiple financial systems through APIs. Weak API security can expose sensitive data to cybercriminals. You can use secure APIs with authentication protocols to ensure safe third-party integrations. This protects customer information and maintains transaction integrity. 6. Data protection and secure cloud storage Customer data must remain protected at all times. Secure cloud storage with role-based access ensures that only authorized users can view or modify information. Compliance with GDPR and other data protection laws adds another layer of security, preventing legal risks. Security is not just a protective measure; it also drives business success. Strong security builds trust and helps you stand out in the competitive remittance market. How strong security enhances business success Secure white label money transfer software does more than just prevent fraud. It gives you a competitive advantage and helps your business grow. Let's look at how security improves business outcomes. Builds customer trust and retention Customers want to feel safe when transferring money. A secure platform reassures them that their transactions and personal data are protected. Plus, when customers trust your platform, they return for future transactions. This boosts customer retention and increases revenue. Prevents financial and reputational losses A single security breach can result in financial losses and legal consequences. Cyberattacks and fraud can lead to stolen funds, regulatory fines, and loss of customers for you. A well-secured platform prevents these risks, which protects your business from financial and reputational damage. Ensures seamless cross-border transactions Security issues can slow down transactions, causing delays and failed payments. A strong cross-border remittance system ensures fast and smooth transactions without disruptions. Secure systems reduce fraud-related disputes, enhancing the customer experience. Strengthens regulatory compliance Global financial regulators enforce strict security measures to prevent illegal activities. A secure platform helps you comply with KYC, AML, and CFT regulations. Compliance builds trust with banking partners and allows you to expand your business without legal hurdles. Gives a competitive advantage Security can be a key differentiator in the remittance industry. Your customers prefer platforms that guarantee safety and transparency. Offering a highly secure international remittance platform helps you attract more customers and financial partners. Security Best Practices for Financial Businesses Strong security isn't just about features—it's also about habits. As a bank, fintech, or financial institution, following industry best practices helps you stay ahead of threats, maintain compliance, and build trust with customers. Here's what you should focus on: Conduct Regular Security Audits and Pen Tests Think of this as a health check for your tech. You wouldn't drive a car cross-country without checking the brakes, right? The same goes for your platform. Regular audits help uncover hidden gaps, and penetration tests simulate how a hacker might try to break in. It's better to find the cracks yourself—before someone else does. Train Your Team to Spot the Red Flags Most breaches don't start with a genius-level hack. They start with someone clicking the wrong email. That's why your team—yes, every department—needs to know what a phishing scam looks like or why using 'Password123' is a bad idea. A quick monthly refresher, a simulated attack, or even a Slack reminder can make a huge difference. Empower your people, and they'll protect your platform. Don't Just Plan for Breaches—Rehearse Them Here's the truth: even with the best tools, things can go sideways. What matters is how fast you respond when they do. Do your people know who's calling the shots in a breach? Who talks to customers? What systems get shut down first? Having a playbook is good. Practicing it—even just once—turns that playbook into muscle memory. Be Picky About Who You Trust with Access Every integration you add—whether it's for KYC, payments, or notifications—is a new door into your system. And not all doors are built the same. Vet your vendors like you're hiring someone to guard that vault we talked about earlier. Ask about their certifications, security policies, and how often they update. And once they're in, keep tabs. Trust, but verify. Conclusion Security is a crucial factor in building a reliable money transfer platform. Implementing strong security features protects customer transactions, prevents fraud, and ensures regulatory compliance in your cross-border remittance system. More importantly, a secure platform not only keeps your business safe but also strengthens customer trust and drives long-term growth. Investing in a well-secured white-label money transfer software positions your business for success. A secure remittance system enhances customer confidence, prevents risks, and helps you stay ahead of competitors. Last but not least, by implementing robust security features in your international remittance platform, you can stand out as a key differentiator in the remittance business.
Zawya
26-05-2025
- Business
- Zawya
Careem Pay launches international money transfers to Jordan
Jordan is one of the UAE's largest outbound remittance corridors, with the annual outbound flow averaging over $1 billion Dubai, UAE: Careem Pay, the digital payments platform within the Careem app, expands its remittance service to Jordan, allowing UAE residents to send money directly to bank accounts in Jordan quickly and at competitive rates. Careem Pay facilitates money transfers to some of the largest remittance corridors in the world, including India, Pakistan, the UK, Europe, the Philippines, Lebanon, and Egypt, providing a quick and simple way to support families, manage finances, or contribute to investments abroad. The UAE is home to a large Jordanian expat population, making Jordan one of the top recipients of remittances from the UAE. In recent years, annual remittances from the UAE to Jordan have exceeded USD 1 billion. Mohammad El Saadi, VP of Careem Pay, commented: 'Sending money home is one of the most meaningful things our customers do with Careem Pay. For many Jordanian expats, it's about supporting loved ones, covering school fees, or helping parents with everyday expenses. We wanted to make that process simpler, faster, and more affordable.' The launch comes in time for Arafah Day and Eid Al Adha, when international money transfers from the UAE typically see a spike as people increase financial support to their families abroad for charitable purposes and Eid preparations. To celebrate the launch, first-time remittance users enjoy zero fees on their first two transfers to Jordan. Repeat customers can send up to AED 25,000 per transaction, with a fixed AED 10 fee on all transfers. Careem Plus members benefit from even greater savings, with zero fees on transfers above AED 1,500 and reduced fees on smaller amounts. Careem Pay's transfers to Jordan are completed within 24 hours on average, offering a speed that rivals traditional exchange houses. The service supports transfers in Jordanian Dinars directly via bank transfer to any valid IBAN. Careem Plus subscribers benefit from a wide range of exclusive perks across Careem services, including discounted rides, free delivery on food and groceries, and zero-fee remittance on eligible transfers. To send money to Jordan or any of the other available corridors, download the latest version of the Careem app and select 'Send Money' on the home screen. About Careem Careem is building the Everything App for the greater Middle East, making it easier than ever to move around, order food and groceries, manage payments, and more. Careem is led by a powerful purpose to simplify and improve the lives of people and build an awesome organisation that inspires. Since 2012, Careem has created earning opportunities for over 3.5 million Captains, simplified the lives of over 75 million customers, and built a platform for the region's best talent to thrive and for entrepreneurs to scale their businesses. Careem operates in over 70 cities across 10 countries, from Morocco to Pakistan. For media inquiries: Jasmine AlDameary
Times
23-05-2025
- Business
- Times
Wise founder: ‘We move 5% of the world's money for people cross-border'
Running one of Britain's biggest financial technology companies leaves Kristo Kaarmann, the billionaire boss of the money transfer business Wise, with little time for a restaurant lunch. 'They take a lot of time,' he says in his slightly lilting Estonian accent. 'You never have an hour and a half or an hour in a day to do that.' So instead, we're planning to go to one of the street food stalls across the road from Wise's London headquarters in Shoreditch, although not before Kaarmann, 44, insists on showing me how to sign up to Wise to demonstrate how quick and easy it is to use its smartphone app. He reckons it will take about 10 minutes, although a couple of glitches, including difficulties with the
