%201.png)
Payments are made through WhatsApp Business accounts connected to a mobile phone number.
LOS ANGELES, CA – Jaime González-Gasque, CEO of Reimagination Technologies, Inc. (RTI), and Mariana Aguilera, CEO of Mexico-based TDM Dinero Seguros, SA de CV, introduced RTI's new WhatsApp remittance module last week passed at the National Credit Union Organizations annual conference in Las Vegas.
The Remittance Module offers an innovative way for US Credit Union customers to send money to family members in Mexico and other countries safely and without excessive bank transfer fees.
At the conference, the presenters demonstrated the ease of sending remittances via WhatsApp®, both for the sender in the United States and for the beneficiary in Mexico, in compliance with anti-money laundering law and regulations while at the same time avoiding fraud. Over $60 billion per year is sent in remittances between the United States and Mexico alone. Most of these are small transactions: $200 to $300 once or twice a month.
This makes the WhatsApp Remittances module perfect for credit unions, many of which have large migrant populations as clients; González pointed out that WhatsApp is already a popular communication tool around the world, with 2 billion users. Regulations for Remittances are strict, and the platform closely monitors
Close transactions.
Remittances at Social Cashier® & VoicePay are made through a WhatsApp Business account that is connected to a mobile phone number of the Credit Union or Remittance Company, which is verified and marked as an official number. The sender and the recipient can also verify it.
Once the first remittance is sent, it is possible to pay subsequent Remittances with a simple voice command or VoicePay®, which biometrically authenticates the sender, using the associated ValidSoft® voice biometric authentication technology.
SocialCashier® Transactional Engine ;The development of SocialCashier®, the cloud-based transactional engine, has been a great challenge for our technicians; Gonzalez-Gasque said.
We have submitted a non-provisional application to the Office of United States Patents and Trademarks because this engine is so powerful that it allows simultaneous transactions to be processed, up to 90 transactions per second. SocialCashier also performs multiple document processes and biometric authentications and records the transactions on the blockchain, leaving a perennial and inviolable record that establishes legal security for You Voice Has the Power to Pay in all parties.
This technology led to Reimagination Technologies as an innovation award finalist at the Merchants Payments Ecosystem Meeting in July 2022 in Berlin, Germany.
SocialCashier® AWS Infrastructure
Reimagination Technologies recently transformed the technology architecture of its digital products to the flexible, scalable, and innovative cloud components of Amazon Web Services (AWS).
The platform as a service (PaaS) of the SocialCashier® solution on AWS has the highest
security standards and PCI compliance, enabling agile provisioning, growth through infrastructure autoscaling, resilience to faults, high availability, security, and cost efficiency.
Payment acceptance services in association with NUVEI
Reimagination Tech is partnered with NUVEI, a world-class payment processor, headquartered in Montreal, with a presence in the United States and Mexico, and is also a public company listed on the NASDAQ.
In addition to processing credit and debit card payments, it has more than 450 alternative payment methods, including cash payment and cash dispersal, making it the ideal partner for broadcast delivery.
About Reimagination Technologies
Reimagination Technologies, Inc. (RTI) is an American corporation located in Los Angeles, California, focused on creating new payment solutions and digital services, helping acquiring banks, remitters and PSPs to unlock the potential of their business by reimagining the relationship between people and technology.
RTI is a Los Angeles-based company specializing in new payment acceptance solutions through social media platforms like WhatsApp®. He is the inventor and developer of a cloud service solution: SocialCashier® & VoicePay, and operates a wholly owned subsidiary and software development unit or software factory in Mexico City.
SocialCashier is a patented blockchain transactional engine. VoicePay is a free, user-friendly payment method using social media channels with secure biometric authentication from ValidSoft®.
Comments