Global Processing Architecture

The VirtuaRemit platform has been architected to meet the processing demand of multi-country operations spanning the globe.

A key advantage of such an architecture allows for the bank or remittance company to deploy into different countries and territories with relative ease and speed. The main attributes of the platform architecture include:

• Centralised Processing
• Business Rule Consolidation
• Common Integration Architecture

VirtuaRemit Technology

The VirtuaRemit platform is built using state-of-the-art Internet and Service Oriented Architecture (SOA) technologies. The very latest in XML data management and transformation techniques, straight through processing (STP) mechanisms, middleware sub-systems, web automation, rule based engines, .NET and Java Web Services technology are employed.

Unlimited Branches and Agents Worldwide

With its web based front-end, the VirtuaRemit platform allows for ease of deployment into countries and territories that the bank or remittance company wishes to deploy into. The VirtuaRemit back office administration module allows for the set up of unlimited branches or outlets in one or more countries and supports 3rd party franchise agents.

Automated Transaction Workflows

Remittance transactions are originated, routed, amended, authorised, approved or rejected and paid out seamlessly within the VirtuaRemit platform. The lifecycle of a remittance transaction is governed by a flexible in-built workflow engine.

Customer Information Database

The customer information repository within the VirtuaRemit platform encompasses both remitter and beneficiary information. The integrated customer information database enables the bank or remittance company to implement effective Know Your Customer (KYC) policies and procedures.

Currency and Exchange Rate Management

The VirtuaRemit system handles multiple currencies as well as multiple exchange rates for each currency. Exchange rates may be applied globally or uniquely for each country, branch or agent.

Rule Based Engine for Charges

As business rules and regulatory compliance vary from one country or region to another, the VirtuaRemit platform comprises an expert system shell that implements a rule based engine. The rule engine allows for the dynamic injection and/or alteration of business rules and parameters without the need to modify, alter or shut-down the system.

Anti Money Laundering Features

OFAC checks and United Nation watchlists may be uploaded automatically into the VirtuaRemit platform. All transactions processed by the system are filtered on an online realtime basis. The VirtuaRemit workflow engine works in tandem with the suspicious transaction filter to flag and isolate questionable transactions.

Extensive Reporting

The VirtuaRemit platform is packaged with a comprehensive set of management, operations and regulatory reports. Reports may be generated on an ad-hoc or batch basis, and may be output into a range of formats. All reports within VirtuaRemit are easily customisable and extensible.

Seamless, Easy and Rapid Integration

Seamless online real-time integration to 3rd party systems of remittance partners is the name of the game in the remittance business. The VirtuaRemit XGate remittance gateway allows for the bank or remittance company to embrace and extend the systems of remittance partners quickly and easily. This is done through the use of the XGate Process Editor (XPE) which is a graphical tool that enables the user to define the integration link with any 3rd party system.

XGate Process Editor Message Flow