PARIS--()--MONEXT has just signed an agreement with KCS Monetic centring on the KCS Transfer solution. This international money transfer solution operates through the use of ATMs and mobile phones. It is aimed mainly at immigrant workers who wish to send money back to unbanked family members in their home countries.
A new player on the Money transfer front
The World Bank and the G20 are keen to encourage the emergence of alternative solutions and players that will make money transfer services accessible both to those on low incomes and to the unbanked. By taking Automated Teller Machines (ATMs), Self Service Terminals, POS terminals and mobile phones and using these existing technologies to provide a new service, KCS Transfer is able to offer a solution that is simultaneously safe, easily-accessible, simple and competitively-priced. KCS Transfer will be one of the most keenly-priced services on the market, with a commission rate of around 6%.
What role will the banks play in all this?
Thanks to the KCS Transfer solution, banks will be able to offer a wider range of money transfer services whilst still retaining their longer-established money transfer solutions. This will also give them the opportunity to attract a new clientele to their local branches, more specifically, immigrant workers who want to send money to their dependants abroad.
To begin with, the money transfer routes targeted by this solution will include Western Europe to the Maghreb, sub-Saharan Africa, Eastern Europe and Asia. Other routes are under consideration.
How does it actually work?
KCS Transfer is a multi-channel service. Only the person sending the money needs to have a bank account. They can carry out an international money transfer either online or via an ATM, using their normal credit card. If sending money via an ATM, all the sender has to do is insert their card, select ‘money transfer’, key in the recipient’s mobile telephone number and the amount to be transferred. They then choose the collection point to which the money is to be sent from amongst hundreds of thousands of local KCS Monetic partners such as the Money Express network’s outlets.
Once the transaction has been authorized, the transfer server will send a code by text message which will be required to collect the money. This service functions on all mobile phone networks. In order to collect their money, the recipient must go to a KCS Monetic partner outlet with their code and identity card.
MONEXT is a key player in electronic payments in France. This payment services processor covers the entire value chain. MONEXT markets innovative electronic payment solutions for payments performed with or without a card, at the point of sale, online or via mobile telephone, delivering transactions that are secure, reliable and instant. Boasting clients in the banking, distribution and retail sectors. The company generates an annual turnover of over 60 million euros and employs a workforce of 480.
About KCS Monetic
KCS Monetic has developed an innovative solution designed to facilitate money transfers between banked immigrant workers in Europe and members of their family still residing in their home country. These transfers are cash transfers, with the service being a multi-channel solution.
The service may be accessed via an ATM, a POS terminal, by mobile telephone or the internet, enabling money to be sent to unbanked individuals – all they need is a mobile telephone. KCS Monetic is classified as an intermediary in banking transactions and is registered with the Banque de France.