Every year international money transfers account for $2 billion in fees. These fees are particularly high for emerging markets where multiple corresponding banks are used as part of the payment process. To save on fees many companies use collection agencies to aggregate funds prior to making international transfers. The problem is often these collection agencies do not have the necessary licenses or bank accounts in the recipient countries to provide last-leg payments to the intended recipients.   

Solution

FiveWest assists these collection agencies with the transfer of the aggregated amounts to South Africa and then settles the individual amounts into the recipient 3rd party bank accounts on behalf of the collection agency. Both the sender and the recipients complete a KYC process.

FiveWest is also able to provide priority payments using their own liquidity to instant settle on behalf of clients.

Results

Bank fees for the collection agencies as well as their clients are greatly reduced. Collections agencies are able to provide an instant settlement service to their clients for international payments.