Best Transfer — uberization of cross-border money transfers
Best Transfer is a SaaS platform for banks and merchants that provides a multi-functional tool with a wide range of remittance systems through unified connectivity and security features.
About us

Our platform is a cloud-based core banking system (CSB) that connects to banks and Money Transfer Operators (Western Union, Ria, MoneyGram, and several other MTOs are already integrated). The platform presents a unified front end to the bank, providing an interface for accessing a variety of services, depending on the modules connected. In particular, the Remittance module provides single access to all MTOs.


Best Transfer’s clients are commercial banks providing money transfer services. Our users are all people who send or receive money. They are assisted by a mobile app that sends a request to the CSB, which in turn generates a transaction for the user.


We want to enable banks to enter the huge remittance market, where high transaction fees are the biggest difficulty.

Challenges
Market size
1 billion users on the remittance market performing transactions totalling $ 700 billion annually with an average fee of 7.5% (World Bank). $ 150 billion of these relate to US accounts.
No single central bank
The USA has no single regulator for the entirety of the country. Each state has its own laws and regulations. We want to enable US banks to enter the huge remittance market, where high transaction fees are the biggest difficulty. The EU, on the contrary, has the opposite situation, with a huge number of its own banks in each country, through which transfers are made outside Europe.
High remittance fees
Migrant workers face high remittance fees when they transfer money to their families in their home countries. Banks do not always consider them as their customers and do not offer them any self-service applications or tools.
The fee for a $ 200 transfer outside the US can be as high as 11%.
Our clients and users
Banks
Banks are our main clients and beneficiaries of remittance fees. We allow banks to work with each other directly through our platform. As a result, users and banks obtain a cheaper rate in comparison and wider network coverage.
Retailers
Retailers who are located in areas with a lot of migrant workers benefit from our system, as they receive more transfer traffic and correspondingly more commission income. To do this, retailers need to put in a cash agent and choose a bank.
MTOs
MTOs do not have their own cash desks, they work through agents. The MTOs are limited by their coverage area, so they can get more transaction volume by having access to more agents and banks. By introducing new agents, money transfer process becomes more comfortable.
Migrant workers
Migrant workers face high remittance fees when they transfer money to their families in their home countries. Banks do not always consider them as their customers. We offer a money transfer mobile application with choosing a lower rate of comission fee.
Our value for clients

If each bank has an exclusive contract with an MTO, then our platform will continue to integrate with other operators working in the US.


Our clients (banks) and agents (retailers) do not need to develop anything, as we provide ready-made software with an open API. When an individual attends a shop and deposits money for a transfer then the bank will have permission to debit this amount. The bank and the retailer get a commission on the transaction.

Our achievements
The full version of the software has already been installed and tested in banks in two countries in Europe and Asia.
How Best Transfer Works
$200 appears in the shop’s cash register to be sent.
The shop’s current account is debited with the money. The bank is the guarantor of the execution of the transaction.
The bank in the recipient country charges the MTO with the money.
The MTO charges the bank in the country for remittance outflows.
The bank is notified that someone has deposited money in the shop.
Those $200 appers in a shop in the recipiente country.
Best Transfer does not create a new commission,
and it integrates with the existing ones.

Technology

Best Transfer’s architecture is cloud-based, allowing for on-the-fly capacity expansion, a connection of new external systems and financial services, scalability, and load balancing. All data is signed with an X.509 certificate and transmitted via a secure SSL channel.
Meet Our Team
Dmitrii Grishin
CEO & Founder

Dmitriy has founded our company. He has worked in the banking sector and fintech projects for more than ten years. As director of innovation at the bank, Dmitriy knows most of the financial market problems and is looking for opportunities to solve them.
Seong Min Gong
Head of the customer service and international partnership development
Seong Min has experience in communications at the Korean innovation centre and manufacturing companies abroad. She helps to bring us new opportunities in international partnerships.
Arsenii Tretiakov
CMO

Arsenii presents the project to the world and our potential clients. He was a PR specialist for Eastern European start-ups. Currently, Arsenii is getting Ph.D. in Madrid, and his thesis is about fake Spanish news.
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