Velmie Extends Its Banking Software with Cross-Border Transfersby Fintechnews Middle East 22. September 2021
Velmie, a fintech and banking software provider, has introduced an FX and cross-border transfers module connected to market-leading providers such as Currencycloud, Rapyd, Nium and others. Its white-label platform is now able to support cross-border payments and money transfers with custom integration.
International payments and transfers play an important role in the Middle East, with two of the world’s three largest remittance corridors located there – UAE and Saudi Arabia. Leveraging cutting-edge technologies, fintech has made international remittances cost-effective, secure, and fast. Users could save USD 15 (about AED 50) on average per transaction by using remittance apps like Wise, instead of conventional banking channels.
Ahmed Musawi, Head of Partnerships at Velmie, says:
“We see a huge potential for remittance solutions in the Middle East region with its favorable regulatory regime, vast mobile and digital penetration and open-minded population. Nevertheless, there are still some gaps, where we see product-market fit for our platform and services.
I believe it can greatly improve the opportunities of many startups and established companies to enter the remittance market frictionlessly with next-gen software to address modern users’ needs.”
Velmie is a modular white-label digital banking platform which includes the back-end, front-end solutions with API, and mobile apps, that cover various use cases from mobile banking to crypto exchanges. Powered by micro-services architecture, the modules can be combined to address each client’s needs.
The recently introduced remittance offer includes a pre-built platform with must-have remittance app features and customisation services to build unique solutions. Features include advanced user and accounts management, instant currency exchange, P2P transfers, QR payments, bill payments and more.
Velmie’s clients can access solutions that combine integrations with local banks and market-leading providers (Currencycloud, Rapyd, Banking Circle, Nium, etc.) to provide cross-border transfer services with incredibly low fees.
Moreover, the company helps its clients address a commonly occurring situation, where regulators and investors require a live product to make decisions on licensing and capital investments.