Connecting the World

With over five billion mobile subscribers worldwide, coupled with the high volume of agent distribution network coverage that is offered by mobile wallet providers, the mobile industry is best placed for transferring money within and across borders. This evolution provides recipients with additional channels that go beyond traditional Money Transfer Organisations.

Bridge is a best in class global money transfer hub that connects Mobile Network Operators and Money Remittance Organisations to the global remittance market around the world.

Bridge is also fully compatible with all M-wallet systems and supports integration with money sending and receiving organisations other than mobile operators, such as Payment Service Providers (PSPs), cash-in or cash-out agents and financial institutions such as banks.

How it works:

Bridge acts as an interface between sending and receiving payment systems and exchanges the required information to update the two systems.

  • Through Bridge, the receivers’ network is informed that a certain amount of money has to be made available to the receiver and the senders’ system is informed that the wallet of the sender must be debited with a corresponding amount.
  • If it is a cash based transaction, Bridge will return the amount that needs to be cashed in by the agent, taking into account the different service charges.
  • Bridge will manage the commission, currency conversion, settlement and the data routing.

Service Features:

  • Commission Management
  • Conversion Management
  • Tax Management
  • Advisory Function (AoC)
  • AML/CFT Rules & Blacklisting
  • Financial Clearing & Settlement
  • Operations & Customer Care

Why Mobile Money Remittance?

  • Over 175 million migrants currently use remittance services, sending money to over 800 million recipients at an estimated average transaction value of US$200
  • The latest World Bank figures estimating that in 2007, US$318 billion was sent cross-border through formal channels (total approx $500 billion)
  • According to Western Union, the global migrant population is expected to grow from 191 million in 2005 to more than 280 million in 2050 with the total value of global remittances in the next five years estimated to be $700 billion
  • Traditional remittance services have limited reach and high costs
  • Mobile phones provide a new remittance channel with greater reach
  • Networks’ dealer / franchise outlets offer larger POS & greater flexibility
  • Mobile technology can lower the cost of remittances
  • Offer value proposition to both mobile operators & financial institutes.

Benefits of Mobile Remittance:

  • Mobile money transfers take just minutes to complete
  • Simple integration with other Oxygen8 Money mobile services
  • Other remittance services are limited in their reach and can have high commission rates
  • Opens new business opportunities in new markets across the globe.