Remittance in modern times refers to the sending of money from a migrant to his/her country of origin or external international destination
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To the developing world remittance is more important than international aid as the figure exceeds it on a global level. In India alone $55.6 billion was received through remittance during 2009.
Money is usually transferred from sender to receiver through official channels. The sender requires an agent who then transfers the money to the required destination, usually a bank account. However, companies like Western Union and MoneyGram have agents posted all over the world allowing people to send and receive money through their stores.
Over the past few years there has been a rise in international remittance via the internet. Such transfer operations depend on reliable money transfer software that enables senders to execute transactions through online means.
With remittance being a large contribution to the global economy, many agents are taking to the opportunity and seeking suitable partners to help them in their transactions.
Online remittance is conducted via software, such software must be a secure, online software for transferring money from sender to receiver.
With the needs of consumers ever growing with rapidly changing societies, money needs to be transferred via multiple means.
Transferring money through mobile phones would be very advantageous for a villager in Bangladesh or through traditional banking to a professional in Lahore.
Agents need to be dynamic in how they allow customers to use their services.
Global security issues have also changed the game some what. Money transfer agents need to ensure they are meeting anti laundering legislation and that money is not being used for terrorism.
From a business approach, analytical tools such as profit and loss as well as multi language capabilities will provide efficiency to money transfer dealings.