PayCraft is a product for processing cross-border inward remittances. It addresses some of the most crucial business problems including banks' requirements to deploy technology enabled remittance services to the remitter or remittance agencies. It also helps the beneficiary by extending reach to the smaller branches including rural and semi urban areas. Traditionally, this was being handled manually with multiple systems from ingestion to processing to fulfillment.
PayCraft enables banks to offer services such as instant remittance to their customers as well as customers of other banks. The product features out-of-the box support for over 42 exchange houses in the GCC (Gulf Cooperation Council) region.
STP reduces workload for a majority of transactions
Instant global remittance for bank account holders
Control timing of bulk processing
Track changes during correction and re-submission of failed transactions
Increases efficiency by requiring attention to 'In-Error’ transactions only
Keep an eye on the end to end lifecycle of a transaction
Experience reduced timeframes for on-boarding new exchanges