Discover these key features to achieve international remittance success for banks

Living abroad and sending money home sometimes is a challenge. Making cross-border payments becomes a problem considering the complexity of the existing methods. One needs to invest a lot of time and energy to send money from one country to another. 

The struggle is real! 

To cut down the struggle and simplify international remittance, banks like yours can include cross-border payment solutions with their services. For a successful and secure international remittance, you must consider several things. To help you make smart decisions and create a user-friendly space, adhere to the features we share here. 

These are some of the basic features that can help you be at the top of your business. 

Key Features to Gain International Remittance Success

Seamless Payment Experience

To retain your customers and ensure they do not abandon your application offer them a seamless payment experience along with cross-border benefits. With multiple payment options, you can let your users use their cards or account transfers for cross-border payments. 

You can also offer in-branch services making it easier for users to make their transactions with the least effort. 

Competitive Pricing and Exchange Rates

Offer your users competitive pricing and exchange rates to make remittance less costly and fair. With real-time exchange rates, your customers can rest assured they get a fair deal. 

With an in-built FX calculator, you can offer credible cross-border payment services at competitive prices. Users must make transactions with least charges to ensure they bear not much financial losses. 

Secure and Compliant Remittance Payments 

When making online transactions, cybersecurity and legal compliance play a significant role. Most countries have some legal compliances to ensure the user is protected and their transactions are safe.

If you want to offer cross-border payment services, ensure your product abides by the compliances and regulations of the countries where the application can be used for transactions. 

Thus customers can extend their trust in your brand and feel their money is safe with you. 

Transparent and Interoperable Solutions 

Transparency in making payments is another key feature you need to consider. To ensure uninterrupted cross-border benefits allow your users to check through their payments as and when they want to. 

Being updated about their remittance status in real time develops confidence in the users of your payment systems. 

Risk Management and Fraud Detection 

Crucial factors to focus on are fraud detection and risk management. To ensure your users enjoy cross-border benefits to the best, you must provide them with a safe and secure transaction environment. With advanced behavior analysis and fraud detection mechanisms, you can track real-time suspicious activities and prevent major loss or fraud. 

With pattern analysis software, any unusual transaction would be reported in real time, thus, you can cross-check before allowing such transactions. 

Added Benefits Over Competition

To survive the market you must stand ahead of your competition. This includes creating a strong presence in the market and offering users some perks and additional benefits for using your cross-border services. 

You can offer loyalty points, rewards, coupons, cashback, etc. to engage your users and entice them to use your services. 

Wide Network Reach 

With so many alternatives to make payments in the market, picking the right one is a challenge. Extend your services to a wide network to engage maximum users and let most people avail of cross-border benefits. 

The fintech software developers these days can integrate specific networks or extend the payment methods to upkeep your systems with the latest trends and technology. 

User-Friendly Technology 

One of the reasons why most users abandon any application is they aren’t comfortable using it. Use technology and trends that your target audience can adapt to. With interactive design and an easy-to-navigate solution, you can let your users accomplish payments faster and more conveniently. 

With complex navigation or unpopular functioning, they may not feel comfortable using your application thus making your solution obsolete in the market. 

Multilingual  

Let users use your cross-border payment solution in the language they are comfortable in. With language choice, users can engage better and leverage your application to its full potential.  

These are some basic, yet significant features you must include in your cross-border payment solution to offer a seamless and user-friendly experience. 

The Key Takeaway! 

Cross-border payments have been a pain point since digital wallets became popular. People wanted a solution that would make international transactions as easy as sending money to friends or family living in another city.

With advanced technology, cross-platform payment is now possible in a snap of fingers. For a popular, safe, secure, and engaging cross-platform solution, consider integrating the features discussed. 

After several iterations and reviews, we have curated a list of all the significant yet basic features of a popular cross-border payment application. Transform your financial services and elevate customer experience with DigipayGuru. Contact us today to revolutionize your digital offerings.