What is a outward remittance processing SaaS for banks?

Outward remittance processing SaaS (Software-as-a-Service) for banks is a type of software solution that enables banks to automate the process of sending money from their customers' accounts to recipients located outside of the country.

With an outward remittance processing SaaS, banks can streamline their cross-border payment processes, reduce manual errors, and provide a faster and more efficient service to their customers. The software typically includes features such as anti-money laundering (AML) and Know Your Customer (KYC) compliance checks, automatic currency conversion, and real-time tracking of remittance status.

In addition to the benefits for banks, an outward remittance processing SaaS can also be beneficial for individuals and businesses that need to make international payments. By using a bank's outward remittance processing SaaS, they can benefit from faster and more reliable cross-border payments, as well as competitive exchange rates and lower fees compared to traditional methods.

An outward remittance processing SaaS can help banks to remain competitive in the global payments landscape by providing a more efficient and streamlined service to their customers.

Fable Fintech creates customizable international remittance SaaS solutions / white-label money transfer software / open banking APIs / white-label global payments platforms (SaaS/PaaS)/ Forex rate systems for banks and financial institutions. Fable Fintech also provides cross border B2B, DTC remittance solutions for businesses along with Fx rate systems. Learn more about cross-border remittances and international payment technology on Fable Fintech's cross border payments blog