The world of Money Service Businesses (MSBs) has come a long way now, and there are a lot of effective payment options bringing benefits to many people. The money transfer software is the backbone to all MSBs, but there are some issues that consumers face which are good to be considered before choosing a remittance software.
The money transfer software does not have the most efficient interface
Many people face the first one that they do not have a responsive website. It is majorly because of not having the right interface. Although many tools come as pre-built tools, they might be perfect for some users but not for all. It works as a huge loophole for the MSBs.
Money transfer software is not compatible with inter-country transactions
One of the biggest applications of the MSBs' money transfer software is to allow transactions between two different countries. Software not being compatible and compliant with inbound and outbound is a huge issue for each country. It restricts most transactions and gives rise to additional difficulties like different pricing and more because of a lack of compliance with official authorities.
Reliability and security issues from the money transfer software
Although the digital world is making progress and online transactions make things easier by all means. There are bad actors in this system as well. If the software does not provide reliability and security from hackers, it is not very acceptable for any MSB. Not getting state-of-the-art security and reliability from money transfer software is still a huge issue many MSBs face.
You do not have the right options to know your customers in the best way
Providing services all alone is not enough in today's fast-paced world. For any MSB, it is necessary to know the customers and provide the right services. Getting data and processing work is a must for such software. However, most software focuses on providing basic services and does not go into in-depth features for KYC and data processing.
You are using a money transfer software that has outdated features now
The last issue that you may face is that your money transfer software's features are outdated now. There could be a chance that you are using software for the MSB, but it includes manual inserting of information. This means human interaction and that can lead to several chances of mistakes like missing a single digit. Such human errors can lead to major blunders at your end, and they decrease efficiency as well.
So, what should you do to avoid this all? Don’t worry we have the solution for you
Tango AML makes the best choice as a remittance software for every MSB. It provides the software services and ensures that everything is compliant with the official agencies that supervise all the financial transactions. It is the same agency where you hold your MSB license.
Tango AML provides the right data that can be used for processing and decision making, along with a responsive website. On top of everything, it keeps things secure and reliable while maintaining the best operation between different countries.
If you are also facing some issues with your old software or need a new one now, Tango is the best choice because of its quick control and all Anti-Money Laundering features.