Accountability & Integrity through Technology™
Some Banks and SARB define remittance as Cash to Cash or Account to Cash only. Utilising a Wallet solution to facilitate international remittance will require Reserve Bank approval per territory and logistics and operational implementations, but the technology is already enabled to facilitate these solutions.
PMT will use existing Banking backbone infrastructure in other territories to enable interoperability functions for remittance across territories, where the Master Crimson™ enables the financial switching between the territories for Wallet systems. The actual moving of the funds remain within the backbone infrastructure.
PMT makes use of Crimson™, our core financial switch, which facilitates ISO8583 transactions for both Issuing and Acquiring institutions, currency conversion, and message switching and translation. Sending funds from South Africa to other countries from Amethyst™ to Amethyst™ will be facilitated through Crimson™.
The mechanisms on how this will be managed need to be discussed in terms of retailer integration in territory, or the use of existing IMV integrations and infrastructure. However, the means to facilitate international remittance and compliance from a technical perspective through a Wallet solution is catered for in the PMT solution set. Amongst others, Amethyst™ can facilitate Cash Out for unregistered Users for remittance as was done successfully in EcoCash.