KoenigFinance Money Transfer Solution

Build and grow an instant cash transfer agent network powered by KoenigFinance!

Our software fully automates the interaction between your financial service and various money transfer systems through a single administrative panel, while providing continuous monitoring of all key components; generation of reports for management and regulator; and much more.

Here are some of the possibilities:

• API for quick integration of third-party services—international money transfer systems (such as Unistream, Leader, ContactSys, etc.), payment services, banks, payment gateways, SMS gateways, mail gateways, document verification services, data verification, compliance monitoring, KYC, AML and many others;
• automated data collection of the sender and recipients of funds in accordance with the policy of KYC and AML;
• high speed of processing transactions;
• automatic currency conversion in cases where the recipient's currency is different from the currency of the sender;
• well-functioning scheme of data exchange and mutual settlements between agents

The KoenigFinance platform automates the interaction between your financial service and various money transfer systems through a single administrative panel.

Money transfers can be sent by clients both from the agent's office or your company through the operator, or online from the user's personal account. The process of sending a cash money transfer is as follows: the client chooses a suitable money transfer system, depending on the destination of the recipient, and creates a request for a transaction. At this moment, a unique identifier is generated, which the sender must provide the recipient so that the money sent to him can be received at the agent's office.

Agents exist as a network of physical offices located in different locations that interact directly with the client, both accepting and giving funds. Agents work with the payment system under an agreement, according to which a debit or credit account is created for the agent. Agents also have access to a special web interface where they can enter customer data, attach photocopies of client documents, create outgoing transfers, issue payments, as well as check transaction history, etc.

For example, let's consider the case when the client comes to the agent's office and creates a transfer. It means the client A visits Agent A and creates a transfer. The agent checks the client's documents, enters data into the web application - first and the last name, identification information, transfer amount, currency, etc. The transfer and customer details are verified and then the transfer is performed. This will create a unique number that will be assigned to the transfer. The client transmits this transfer number to the recipient of funds so that he can receive them at any convenient office. The beneficiary's agent enters the data to search for the transfer, verifies the data and gives funds to the beneficiary.

In this case, the cash flow is as follows:

• Client A visits Agent A's office to send the transfer.
• Agent A creates the transfer and fills in all the necessary information in the system.
• The transaction has been created. The transaction amount is debited from agent A's account to the transit account.
• Agent B requests a transfer of funds. Funds are credited to the Agent's B's account.
• Commission funds are credited to the platform commission account.
• Agent B's funds are credited to Agent B's account.
• Agent B receives confirmation of the transfer.
• Agent B pays funds to Client B.

So, the whole process of making instant money transfers will become simple and convenient for you and your clients with the KoenigFinance solution.