Banks: The Preferred Remittance Services

• by Akhand Tiwari, Abhay Pareek and Ghiyazuddin Mohammad
• Mar 14, 2012
• 1 min
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This Note discusses the features of two agent-based remittance models introduced by banks

This Note discusses the features of two agent-based remittance models introduced by banks: 1. Direct remote deposit into a bank account from business correspondent agent (BC agent) location (referred as direct deposit); and 2. Money transfer between two no-frills savings accounts (NFA). It concludes that with a well explored and researched strategy focussing on customer service and agent satisfaction, banks can service significantly higher number of remitters and receivers with a safe, fast and trusted remittance product/channel.