Category : Best Innovation – Finance (Innovation in Banks)
Innovation Title : International Insta Remit
Organization : Social Islami Bank Ltd.
Bangladesh intra payment system has grown drastically when transfers are made between Banks, Wallets and Cards real time. Meanwhile, International Remittances to Bangladesh has also evolved with NPSB, BEFTN etc. But International Remit from Bangladesh to world is still not developed and Correspondence Banking and Demand Drafts are being used which resulted in customer inconvenience, due to high cost, transfer time, uncertainty of fund transfer. This scenario piqued customers to look for alternative options like Hundi. Additionally, Formal Outbound Market (C2C/C2B) is valued $200 MN, and Informal Market $800 Million.
■ Addressing the key customer pain points for International Remit from Bangladesh.
■ Real Time transfer (Money in Minutes).
■ Funds out option – Cash, Bank Account, Mobile Wallet, Cards.
■ Lower Charges and Transparency.
■ No corresponding Banking charges.
■ Settlement in Multiple Currency.
■ Easy Cancellation.
The idea was to leverage the capacity of a Global Fintech & Money Transfer Company, with a state of art product
development to meet customer & regulatory expectation and mitigate the current customer pain points.
■ Identification of the scope under FED GEFT Guideline of Bangladesh Bank for Realtime C2C / C2B Transfer.
– Student Payment – Insta Edu Remit
– Medical Payment – Insta Medi Remit
– Expatriate Payment – Insta Family Remit
■ Regulation change of the Central Bank with special approval to SIBL to execute the service through Western Union.
■ Develop a Gateway & Host to Host solution by connecting 200+API of Western Union with SIBL core banking system.
■ Reduced complexity and optimized efficiently with one single integration.
■ Excellent feedback after soft launch, and smooth operation of the product
■ Sent to 200+ countries and territories
■ BDT to 130+ currencies
■ Greater transparency of transaction information to support
■ Multiple payout options: bank, mobile, card, local currency