ALLProfits Remittance is a java/browser-based comprehensive remittance/funds transfer system that automates inward/outward remittances in the forms of foreign currency check, demand draft, traveler's check, mail transfer, telegraphic transfer and SWIFT.
- Single global application hosted at the bank’s head office can support multiple branches, affiliates/correspondents and remittance centers in multiple countries and has unique base currencies, different fee structures, exchange rates, products, accounting entries per branch
- Centralized management of currency risk, global transaction/position reporting in real time and single location maintenance
- Real-time interface to FIS Financial Systems (savings and demand deposits) with 24x7 immediate credit to beneficiary’s account. Automated Accounting interface to FIS Financial Management System and other accounting systems and entries for another branch/country can be separately extracted
Inward Remittance
Received from customers for collection, full or part discounting. Can be paid in any currency, by cash, credit to account or check. Optional customer advise via SWIFT, mail or telex.
Payment via direct credit to beneficiary’s account via real-time interface to FIS Financial System, check issuance, over-the-counter payment, courier delivery. Interface to interbank funds transfer system can be developed to allow credit to an other-bank account.
Outward Remittance
Automated generation of SWIFT/FedWire, telex message files. Generates/prints mail transfers and demand drafts. Can generate customer and beneficiary advises. Supports testkey recording for telex remittances. Supports generation of SWIFT/FedWire messages to cancel remittance instructions. Customer payment can be in any currencies.
Supports settlement for branches, correspondent banks (with testkey arrangements), or with funding from a third reimbursing bank. Telex/SWIFT/FedWire message to reimbursing bank can be generated.
Remittance Centers
A bank affiliated or independent remittance center can have multiple terminals in one or more locations. There can be multiple remittance centers in a country. Each center can have unique exchange rates, fees, accounting entries, customers and security.
Features
- Online, real-time deal entry
- Transaction status: for outward remittances, the system will indicate if a remittance is active, cleared, stale, unclaimed or on-hold
- Subject to controls and conditions, users can stop or cancel a remittance
- Automated accounting entries to a central general-ledger system
- Flexible commissions and charges structure. User can define structure of commissions and charges for each product.
- Customer advise. User defined format of customer advise and reports.
- Settlement via SWIFT, FEDWIRE, telex or mail. SWIFT and FedWire remittance messages can be uploaded automatically. Information is mapped directly to FIS Remittance. Settlement can also be done via SWIFT/FedWire, telex, mail. Template for defining SWIFT, FedWire, and other messages.