Running a money transfer business means you have two very important goals:
But how can you do both at the same time? The answer is smart and simple: your money transfer software (back-office/admin panel) should have bank-grade transaction monitoring capabilities.
Let's break down what that means and how it works.
Transaction monitoring is like having a security guard who automatically watches every single transaction that happens on your platform. This "guard" is your software, and it's trained to look for specific warning signs (often called risk indicators) that a transaction might be fraudulent or illegal.
Instead of slowing things down by checking everything by hand, good transaction monitoring software does this work instantly in the background. It helps you catch problems fast while letting good transactions go through smoothly.
Effective transaction monitoring software looks for several different kinds of warning signs. Here are some of the most important ones:
First, the system makes sure your customers are who they say they are.
Next, it watches for strange or unusual transaction patterns.
The system also checks where the money is coming from and how it's being sent.
A good transaction monitoring system doesn't just find warning signs—it acts on them. You can set up simple rules in the system. For example, you could create a rule like this:
“IF a new customer tries to send a large amount of money from a high-risk country, THEN automatically pause the transaction and notify a team member to review it.”
This automates your safety process, saving you time and protecting your business 24/7.
For any MSB, a strong transaction monitoring system is not just a nice feature—it's essential. It helps you:
The security we've discussed isn't a premium add-on; it's the standard for every RemitSo partner. We believe powerful and easy-to-use transaction monitoring is essential for your success.
Curious to see how these features work in a live system?