The saying “Necessity is the mother of innovation” just sit correctly on the international money transfer industry in these days. Increase in the number of immigrants in different countries from various countries of the world, growing international relationship for cross border purchasing between the representing governments of the two separate countries and also the closeness of the international market for the people made the has emerged the requirement of the safe and advanced system of cross border money transfer at global level.
The need for transmitting the money of the people and also the government has led to innovate the ways through which we can transfer the money from one country to another country with all safety and securities. The Internet has facilitated the whole nation with eliminating the physical boundaries for trade, but with that, a thread of fraud has also emerged. We can hear this type of fraudulent happening on the internet by cybercrime and steal the money of others. Traditionally the money from one country to another country was sent through money order, cheque or any other form of currency notes, then also there was always a risk of damaging the notes in a middle way.
To avoid these type of traditional thread and also advanced threads, there are lots of innovations and advancements taken place in money transfer industry to safe guard the money of the people. Some of the most significant innovations in money transfer industry are given as
Safe, secure and faster payment system
With the increasing use of the technology in international money transfer industry, the payment transfer methods have been more secure, and on the same time, they have become more confident. Changing in the money transfer technology such as the emergence of PayPal, Instarem, Western Union Money Transfer and many others has made money transfer easy. On the back seat, SWIFT (Society for Worldwide Interbank Financial Telecommunication) plays a crucial role in minimizing the risk factor in money transfer. It facilitates the communication between the banking system and protects the wrong and forgery transfer of money.
Distributed Ledger Technology
It is another significant innovation in the money remittance industry, Distributed Ledger Technology has led to minimizing the risk of transferring money from one country to another digitally, with the increasing use of Bit coin to safeguard their money, and people have also come to know about the DLT technology. Bit coin transfers the value of the currency with the intermediary of banking institutions on real time basis.
Introduction of digital currency
It is said to be the most significant innovation in international money transfer market. Digitalization of the money has increased the risk of fraud through using the internet network of bank and stealing the money of the people.
Emergence of PayPal other new and advanced payment gateway
Before PayPal, western union money transfer was the only shoulder on whose shoulder the complete remittance industry was put, but the emergence the most intelligence and secure payment gateway has made it world famous.
Emergence of Mobile banking players
With the increasing transfer of money, the service facilitators and their mode of service providing has also changed. The increasing use of mobile in our daily life has helped the industry to transmit the old method of money transfers with the newest, advanced and safe channel for money transfer.
There are multiple players available in the market which provided international mobile banking service to the ordinary people such as https://www.instarem.com
This application and service providers have helped the common man and also the government to transfer the money from one nation to another nation and are easy to use.