Close a gap in your services portfolio
How we work
Capitalize on the cross-border payments market by adding a new offering to your services
The global inflow of remittances is expected to reach US$745.1 billion in 2025, growing at a CAGR of 1.20%, for the time period of 2021-2025. To meet the demands of a global user base, many fintech clients are interested in adding remittance options to their product offerings. However, without the necessary licensing to offer cross-border remittances, they require the assistance of a sponsor bank.
While our sponsor bank clients are also interested in global payments options, they typically lack the expertise, technology, or time to configure a program to address the demand. ReadyRemit provides the missing piece of the puzzle and is mutually beneficial to both sponsor banks and their fintech clients. Here’s how:
Problem:
Fintechs and neobanks want API and SDK integrations. Why?
- They lower customer acquisition costs, since customers are already using the existing product and/or service
- They create higher switching costs for users, as the technology is deeply embedded into existing customer workflows
- They offer unmatched speed to market, with a plug-in solution that removes the typical complexity of setting up a new program
The reality is that the fintech industry is going global, but domestic banks are being left behind. Even if your bank currently offers many services to your fintech clients, you might be missing out on a product offering that could be of great value to them.
Solution:
ReadyRemit by Brightwell is a comprehensive remittance solution to make implementing and managing a global payments program easy for sponsor banks. Developed in partnership with remittance experts, ReadyRemit is a full-scale, full-service, fully compliant remittance engine that enables sponsor banks to enter or expand into the global payments space — without spending years and millions of dollars forming partnerships, building infrastructure, and navigating complex compliance and regulatory requirements. (We’ve already done that for you!!)
With ReadyRemit, you will:
- Close a product gap in your portfolio
- Introduce a new revenue stream
- Increase customer loyalty by offering new products
- Reduce the risk of losing clients to competitors that offer similar services
- Launch a comprehensive remittance solution requiring only a minimal roadmap commitment
- Brightwell assumes the majority of the compliance coverage necessary to launch and maintain a remittance program
Use Cases
How can ReadyRemit benefit your existing bank clients?
Let’s say your fintech client wants to expand their revenue stream and focus on the gig economy, but they need to be able to process global cross-border payments in order to build their product.
Without a cross-border payments solution at your bank, the fintech may seek out more progressive banking partners, or other global payments providers. The result? Your bank loses a key revenue opportunity — and possibly a client.
ReadyRemit closes a gap in your product offering, provides an additional revenue stream, and helps retain your existing clients, even if they’re looking to expand.
How can ReadyRemit attract prospective bank clients?
A well-funded fintech is looking for a sponsor bank for an omnibus account or DDA account for their new Latin America-focused user wallet — a great potential client!
But since your bank doesn’t offer cross-border payments and can’t support the prospect’s needs, you’re unlikely to win the new business. Unfortunately, the fintech moves on to evaluate other sponsor banks, or is even willing to pursue additional work and cost to implement the cross-border solution they seek.
ReadyRemit is a win-win: Not only is it a strong differentiator in the market for you, but it also helps drive additional revenue.
Our products
Our products
Expand your revenue opportunities
Leverage our global, cross-border payments experience for your clients
ReadyRemit is a comprehensive cross-border payments solution. It offers simple integration via SDKs and APIs, brand customization flexibility, and a turn-key compliance offering — all powered by our partners’ global network connectivity and payout options.
By implementing ReadyRemit, your clients can eliminate the years of work and millions of dollars it takes to form partnerships and build infrastructure, not to mention navigate the complex compliance and regulatory requirements. Instead, clients will be able to launch global payments to their users within weeks.
Here are just a few features of ReadyRemit that we’re excited to share:
- Initiate payments to bank accounts, cash pickup, or mobile wallet in more than 180 countries
- Get up and running fast thanks to easy integration with ReadyRemit SDKs and APIs
- Utilize your client’s own brand and styling, embedded seamlessly into their native customer experience
- Have peace of mind with required licensing and regulatory coverage provided through our sponsor bank partnership
- ReadyRemit comes with a funds settlement and reconciliation engine, in addition to a comprehensive compliance engine
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Protect your cards from fraud
Fight back against fraudulent behavior, account enumeration, and card testing attacks with Arden
Arden detects malicious patterns in card transactions at the merchant level. Your transaction monitoring team has the actionable insights and recommendations needed to proactively prevent card testing attacks — protecting your entire card portfolio with just one, easy platform.
- Near real-time card data analysis that enables risk teams to quickly make data-driven decisions
- Leverage various rules and machine learning to identify trends and fraud signals
- Spend less time manually searching for suspicions activity and more time taking action to prevent losses
- Alerts delivered in-app or via your preferred communication platform
- Automate custom workflows based on the specific needs of your team
- Identify cards and balance at risk in your portfolio and proactively prevent fraud
- Easily integrate with your processor for transaction data collection
- Apply your own custom rules
- Utilize learnings from a client-data consortium
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Expand your revenue opportunities
Easily, digitally pay global vendors, customers and employees
Managing a corporate disbursement program can be time-consuming for administration, and many businesses still rely on outdated processes like cutting checks. With ReadyDisburse, organizations can easily pay vendors, workers, and others not on payroll, and provide customer-facing payouts like rebates, rewards, and refunds with one digital solution.
- Eliminate labor-intensive tasks of cutting checks or handling petty cash
- Send global payments with one fast, transparent, and cost-effective solution
- Deliver payments in near-real-time, or same day to most end points
- Integrate ReadyDisburse directly into your current toolset, or use our custom platform
Ready to get started?
- Brightwell is a technology provider and not a bank or other regulated financial institution. All regulated services associated with ReadyRemit are provided by The Bancorp, N.A. Terms and conditions apply.