WSBI (The World Savings and Retail Banking Institute) launched the FairRemit platform that enables participating banks and like-minded institutions (such as FinTechs and MTOs) worldwide to offer remittances under fair commercial conditions.
Following WSBI’s long-standing active involvement in the global policy debates on remittances, at the request of some of the WSBI Members and increasing demand of the migrants, WSBI developed a framework for fair value international remittances. The framework is built on a value proposition that promotes end-to-end transparency and accountability and which urges signatories to comply with the World Bank/BIS General Principles for International Remittances and the G20 “5x5” objectives. The framework basically governs the relationships between all participating banks and is administered by WSBI. WSBI acts as a promoter of the framework and as an administrator of the participating institutions.
As processor for WSBI's Fair Value Remittances Framework, UPT commits to offer an online remittances platform to participating institutions willing to process remittances under the framework's fair and transparent conditions. At the proposal of UPT, the more appealing name FairRemit has been given to the framework.
Advantages of the platform for the participants:
Single agreement: Financial institutions wishing to participate in the platform only need to sign a Master agreement with WSBI and a bilateral agreement with UPT. In that sense, the participating institutions will not need to sign several agreements with each other while onboarding the platform;
One single secure API for connectivity to all financial institutions: To be connected with all the participating institutions, the parties will be integrated to each other via API technology;
Single settlement account and instant settlements in USD&EUR: All transactions in the platform take place within the books of Aktif Bank which means that this settlement can happen 24/7/365 for each individual remittance instruction crediting the transfer amount together with the transfer commission. The account service provided by Aktif Bank is completely free of charge for all the participating institutions;
Multiple delivery options: Cash, bank account, bank card, e-wallets;
Fair fees, fair FX rates: Standardised and transparent conditions are applicable to all participating institutions. Market level FX rates are provided while collecting or paying in the local currency;
Filtering of transactions from AML&CFT perspective: All incoming and outgoing transfers are filtered in the platform based on the World-check database and automated UN/EU/OFAC/HMT filtering is performed;
You can integrate your e-banking&mobile banking platforms, branches and agents into the FairRemit platform. So your clients can easily benefit from FairRemit services;
Max allowed transfer amounts are USD/EUR 3.000 for cash pay-out and USD/EUR 10.000 for account deposit.