Personal remittance worldwide was a 554 billion USD market in 2015, according to the World Bank. For such a sizable market, it is surprisingly untapped by banks as serving small value transfers often incur a high burden in terms of compliance and paperwork, and are not worth the time of the big banks.
For aspiring entrepreneurs, processing money transfers is a good business to be in. By making cross-border money transfer faster and cheaper, you are essentially helping migrant workers put bread on the table for families back home.
Once you understand the basics, the remittance industry is not that difficult to enter into. But competition is fierce – how do you build a transfer business that is cheaper, faster, and more reliable than using banks or other incumbents like Transferwise?
Whether you are a money transfer app, website, or an offline remittance company, OKLink is your answer. We leverage the use of blockchain to help every remittance company solve some of the problems that have been in the industry for many years, such as the need for pre-funding and counterparty risks, while keeping up with all the new payout options that are ever changing in the economy.
Once signed up with OKLink, transfer companies can start and scale their businesses into new markets quickly, focusing on their brand and their customer service, while leaving the infrastructure in the background to us.
Here are some ways OKLink helps you grow your business:
- Global reach with one integration
OKLink gives you scale that you cannot quickly build by yourself. No matter where you are, connect to the OKLink network and you can instantly access various payout options at 20+ countries including the Philippines, China, Japan, South Korea, India, Indonesia and more. You don’t have to physically visit each country to find payout partners or set up bank accounts – we take care of all that for you.
- The cheapest payout cost
Our low fees enable you to charge customers a rate lower than not only incumbents such as Western Union and SWIFT, which often conceal additional charges within the exchange rate, but also newer players like Transferwise – while still making significant margin. If you sign up with OKLink before 31 December 2016, you can enjoy the first US$100,000 of cross-border transfers for free.
- We pre-fund for you
OKLink reduces the number of partners you need to pre-fund or settle with as you make multiple transactions. Companies on our network settle transactions in real-time using either bitcoin or OKD (USD tokens), which are accepted as credit at any payout company on the network. We eliminate the need for pre-funding as long as you have bitcoin or OKD in your balance.
- Safety and transparency
All our parties on the network are validated and recognizable. Because our transactions are on blockchain, it is possible for regulators and different agencies to see transactions in real time and who sent to who. Read on to find out what we do before launching every corridor.
- Customer service and dedicated support
To ensure the quality and speed of our customer service, we ask each of our delivery company to assign a dedicated staff locally whose job is to liaise with OKLink. We are here to help anytime – our world-class customer support team at OKLink is available round the clock via phone and email.