Remittance Company No. 1 (RC1) has 10 shops and agents receiving cash manually. This has been the gold standard for sending money.
RC1’s clients spent a lot of time filling in forms to send money while visiting the cash agent. The problem is humans handling numbers with a big chance of missing out on a single digit.
RC1 themselves were responsible for KYC checks and recipient checks without a register to control AML or PEP against.
RC1 installed Tango within their business, having all their clients register through the website or app on their computers or smartphones.
RC1 collects all clients, and their recipients, the relationship between the sender and receiver within the database. When the client visits the cash agent they show their passport/ID and have it photographed or scanned. This is also saved in Tango.
RC1 clients can now visit any of the 10 cash agents and have a central database. The records which could also be controlled and exported to the regulatory instance of the country they had their financial license.
Remittance Company No. 2 (RC2) has 150 cash agents around the world where people deposit money to have it remitted to African and Asian countries.
The cost of having cash agents, the personnel it requires and the security of holding cash was very high. Sharing systems between the agents to successfully provide reports and at the end of the quarter to stay compliant with KYC rules and regulations was hard or impossible.
A lot of rules have changed after 2010 on how to conduct Remittance KYC/AML/PEP and secure payments.
RC2 installed Tango on all 150 cash agent locations simply allowing their computers to access the system as account managers. The clients were given the opportunity to pay on the website or over desk with Visa/MC instead of cash.
After a few months the core clientel started recommending RC2’s web service to their friends. This has resulted in RC2 stealing a lot of customers from their competitors. Over the years RC2 created an online portal to completely serve the younger clients that are comfortable working with mobile and web solutions rather than cash agents.
For the currency exchange and remittance businesses, Tango system serves as a Transaction Monitoring System with predefined rules for processing and storing KYC / AML, and sensitive personal data.
Laying at the core of your business, Tango facilitates your business model by not demanding any fees on transactions.
So you have it fair, secure, and successful.