"Inbound" and "Outbound" in remittance refer to the direction of the money transfer. This distinction is often used in the remittance industry to track and manage the movement of funds across borders, particularly when discussing fees, regulations, and the processing of payments between different countries or regions. "Inbound" refers to money or funds being sent into a particular country or region from another location. It signifies the flow of funds from a sender outside the country to a recipient within that country. For instance, if someone in the United States sends money to a family member in India, the funds are considered "inbound" to India and "outbound" from the United States. Similarly the "Outbound" refers the movement of funds from one country or location to another. For example, if someone in India sends money to a family member in the United States, the funds are considered "outbound" from India and "inbound" to the United States.

Peer to Peer (P2P) payments is a mechanism by which users can transfer funds from their bank account to another individual's account via a digital medium.

Old school payment methods are becoming outdated. Yes, cash makes the world go round, but a cashless society will soon be the main objective. There’s a huge demand for it, and most importantly, it provides much-needed financial inclusion.

Fiat money is a government-issued currency that has been established as money but holds no intrinsic value. The value of fiat money comes from a government maintaining a specific value, or two or more parties agreeing its value. The vast majority of fiat currencies are paper currencies, such as the dollar, pound or euro. Fiat money gives governments and central banks greater control over an economy because they can limit how much money is printed and therefore how much fiat currency is in circulation. However, because the value of fiat money is not backed by a physical commodity such as gold, its value can collapse in the event of hyperinflation, or if a central bank prints too much of it.

A payment gateway is a service that a merchant uses to accept card payments from their customers (cardholders). Payment gateways are the consumer-facing interfaces, such as chip & PIN readers you see in-store or payment processing portals found online. Payment gateways may be provided by a bank to its customers, or a specialised payment service provider. The payment gateway is a mediator between transactions and the payment processor. It is responsible for acquiring authorisation for the transaction.

An acquirer (also known as an acquiring bank) is a bank or financial institution that processes card payments on behalf of a merchant. The acquirer allows merchants to accept card payments from an issuer (also known as an issuing bank). The acquirer is responsible for receiving the card transaction details from the merchant’s terminal, which are passed to the issuer via the card scheme for authorisation. Once authorisation has been granted, the acquirer completes the processing of the transaction. The acquirer will then arrange for the card transaction to be settled and will typically credit the merchant’s nominated bank account with the funds.

API stands for Application Programming Interface. It is essentially a set of functions and interactions between two or more applications.APIs are working behind the scenes to give you the information you need. Tango AML’s platform is built on a range of APIs to provide effective transaction solutions and an exceptional level of service.

KYC stands for Know Your Customer, i.e. a methodology of identifying the customer through their government issued identification documents and ancillary services like address verification, banking access, utility bills, and facial recognition to name a few.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is only used for international transfers (messaging) to settle ledger balances between two banks. It has no direct correlation to remittances. Remittances are a subset of a SWIFT transaction (as either a standalone transaction, batched transaction, i.e. aggregated, or as part of settlement transaction).

Money transfer apps let you transfer cash from person to person, or from entity to entity, quickly, conveniently, cheaply, and securely.

The White Label Money Transfer App take a few weeks to complete. If outsourcing the build to Tango AML, both you as the client and Tango AML will have a shared understanding of objectives and project completion dates. Also, there are a few factors that may affect the time spent on developing a money transfer app such as the core system or platform being used and any customization. Make sure to set up your App/Play store accounts so that Tango AML can add the apps once the development is complete. Google Play Store account - for publishing Android apps. App Store Connect account - for publishing iOS apps. After we add the app to your App Store Connect account, you will need to generate an API key. We will provide all the guidelines you need to succeed with this task.

Some software systems are mission-critical. Therefore, we can provide you with 24/7 support with a rigorous SLA. Our support team guarantees a short response time. We can also guarantee time to restore your operations. All to ensure that your business runs without interruption.

FX and forex are both abbreviations for foreign exchange, which is the conversion of one currency into another. The FX market is the most liquid in the world, with trillions of dollars exchanged every day. Many of these exchanges are done for practical purposes, but the vast majority come from traders who try to make a profit. FX markets are open 24 hours a day.

An issuer (also known as a card issuer or issuing bank) is a bank or financial institution that issues payment cards to customers or cardholders on behalf of debit and credit card networks. The issuer is responsible for paying the acquirer any transactions that have been made on cards they issued. The issuer is also responsible for debiting funds from the cardholder’s account

Cross-border payments are transactions involving parties that are situated in at least two different countries. Typically, cross-border payments are made using country-specific regulations, which can result in slow and expensive processes. Having an understanding of country-specific requirements can speed up payment times and make the process less inconvenient.

Enhanced Due Diligence, as the name suggests, is the process of conducting enhanced verification of a person or a company’s identity. In the event of a person, it requires additional information for them to confirm their identity affirmatively. In the event of a company, where EDD is usually applied, it means providing additional information of the business, such as shareholder information, tax filings, audited financial statements, bank statements, customers contracts, business invoices, deep dive into the type of business the company is engaged in, the markets / geographies it works, in, etc. Both the person and the company are subject to enhanced screening from the various sanctions &/or PEP lists.

The Flow of Funds (of FoF) is a visual depiction of the movement of money from the point of origination of the transaction, to the point of end credit to the beneficiary. Showing custody of funds along the way.

You can build your own mobile app or online portal and connect it to the Tango AML core system. We offer full flexibility on how you wish to interact with your customers. You can always use our white-label front end mobile apps or online portals or you can use your own. Regardless of the scenario, you can rely on the Tango AML team to give you the best guidance to meet the correct flows and process transactions.