The VirtuaRemit Automated Remittance Processing System is a web based application designed to streamline and simplify the processing of inward and outward remittances by providing a single remittance processing platform that will interface with remittance carriers/facilities such as SWIFT, Local Currency or Dollar Clearing Systems and Overseas Foreign Worker Funds Transfers.

Origination

The VirtuaRemit Origination sub-system is a web based branch level system that is used by banks and remittance companies to originate remittance transactions.

Key features include remitter / beneficiary database, transaction origination and maintenance, general ledger and auto GL entries generation, treasury services, currency and exchange rate management, anti-money laundering and know your customer (KYC) features, rule based charges engine and extensive system parameterisation.

Remittance Gateway

The XGate remittance gateway allows banks and remittance companies to quickly and easily connect to foreign remittance partners with minimum programming.

With the XGate Process Editor (XPE), operations personnel implement online real-time links diagrammatically to the 3rd party systems of remittance partners. The XPE tool generates software code automatically which is then uploaded into XGate.

The XGate remittance gateway manages the data communication protocols with the various systems of remittance partners, performs message formatting / dissection and data mapping of message fields.

Distribution

The VirtuaRemit Branch Teller sub-system allows banks and remittance companies to process and payout remittance claims by beneficiaries of a remittance transaction.

VirtuaRemit Branch Teller is the single user interface for the branch personnel to access remittance data from multiple remittance service providers.

Application Architecture