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Home » Issues » 2012 » Issue 16 July / August 2012 » The key to remittances

The key to remittances

KeyBS, a new payment solutions technology company, has announced the launch of the KeyKiosk-KeyRemit, an automated remittance channel that allows customers to send money all over the world by simply using a self-service touch screen machine.

As part of the initial phase of the roll out, it has partnered with leading exchange house Al Bader, which will install the kiosk at all its branches.

The KeyKiosk significantly speeds up processing time as transactions are completed within minutes, while enhancing the security of transactions by issuing a receipt with a reference number. Furthermore, the SMS notification system alerts customers once the money has been transferred.

Ibrahim Darraz, managing director, KeyBS, said, “Our mission is to introduce practical and cost-effective technology solutions that boost business performance and ultimately benefit the public through more efficient financial services.

“The launch of this cutting-edge solution in the UAE is an important step in our goal to capture between five to eight per cent of the country’s total remittance outflow in the next two years, while adding momentum to our growth plans across the Middle East.”

Adel Al Khoury, managing director Al Bader Exchange, said, “Technology continues to re-define the way we serve our customers and we are confident that our strategic partnership with KeyBS will enable us to keep pace with the latest technology innovations in the delivery of premium remittance services. The KeyKiosk-KeyRemit is certainly an ideal solution that caters to the growing demand of our customers for faster and more efficient remittance transactions. Al Bader Exchange is looking to capture 200,000 of the total automated remittance transactions within the first year of installation as we expect the KeyKiosk-KeyRemit to serve as an important tool in our continuing efforts to satisfy the needs of our customers.”

“The interactive, user-friendly automated remittance system is easy to install and customise for various exchange houses. It is completely reliable and can be used for both cash and cashless transactions. Customers use the self-service machines to enter their registered card number, choose the beneficiaries and the amount and currency, and then take a token. The transaction is then completed by paying through debit or prepaid card at the self-service machine or by cash at the counter,” said Sara Kobayaa, director of sales and marketing at the, KeyBS business unit to more than 200 issuing banks in 83 countries.

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