BPC and Coinstar Eurasia team on money transfer offering

Source: BPC Banking Technologies

BPC Banking Technologies, a recognised provider of e-payment and retail banking solutions, and Coinstar Eurasia Limited (Coinstar Group) launched an innovative SmartVista MoneyTransfer module for retail bank money transfer services.

The solution is based on SmartVista processing system whose unique features allow a bank to launch money transfer services with the use of a payment card through the bank's existing branch and self-service network.

The development of money transfer business is one of the current priorities of the global e-payments industry and the most popular financial service with an annual growth of 25 to 35%. Total global remittances in 2007 were estimated by the World Bank to be $318bn. The US was the top country from which money was sent with $42bn in recorded outward flows. It was followed by Saudi Arabia, Switzerland and Germany. Currently, the growth of remittances to developing countries provides robust support to their economies.

The modern level of IT technologies allows the deployment of various schemes for funds transfers: money transfers with the use of a bank account or without it, payments to the prerequisite accounts or to any banking account, money transfers through a bank office or via self service terminal channel with the use of a bank card. Following the market trends, BPC offers financial organisations an opportunity to arrange a modern funds transfer system on the basis of the SmartVista processing solution integrated with the international funds transfers system Coinstar Eurasia Limited (Coinstar Group).

SmartVista MoneyTransfer Module is a reliable instrument for the creation of a bank's fully fledged money transfer system meeting the highest international requirements. The solution provides a highly efficient and reliable platform to arrange an international money transfer system with the use of bank cards. Acting as a payment gateway to the CoinStar e.l. money transfer system, SmartVista MoneyTransfer Module allows for both intrabank money transfers and third party systems money transfers within Constar e.l. services. All the payments can be done with the use of a wide range of delivery channels delivering a fully fledged funds transfer infrastructure: including, ATMs, POS-terminals, mobile handsets, Internet.

"SmartVista MoneyTransfer module, jointly realised by BPC and Coinstar e.l., allows a bank to launch a money transfer system under its own brand with an opportunity to develop this system in the international market. Such organisation of the business provides a bank with obvious economic advantages in comparison to the usage of the third party money transfer systems", said Vitaly Vitenko, Head of Corporate Customers Relations Department, BPC Banking Technologies.

"Our collaboration with BPC allows Coinstar e.l. to offer our partners and SmartVista customers an innovative intrabank technology for arranging retail money transfer services in a full integration with a card management system which provides a reliable modern platform for card to card money transfers. Such an approach allows a bank to expand the spectrum of its retail services and offer its customers a unique opportunity to use a new service on the base of their payment cards", underlines Igor Kluchnikov, Senior Vice President, Coinstar e.l.

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