Getting Remittances RightCountry Focus Notes Author: Akhand Tiwari, Abhay Pareek, and Ghiyaz Mohammad
Published: March 14, 2012
This Note discusses the features of two agent-based remittance models introduced by banks:
- Direct remote deposit into a bank account from business correspondent agent (BC agent) location (referred as direct deposit); and
- 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.