Contributed by Jing-Wei Lim, Chief FinTech Officer
According to Statista, the transaction value of digital payments globally has been growing constantly since 2017 from US$ 3.36 to US$ 9.46 trillion in 2023. It is forecasted to grow to US$ 14.78 trillion by the end of 2027. It is a segment that more are exposed to and using it unknowingly.
CYS Global Remit is a Major Payment Institution (MPI) that specializes in Domestic and Cross-Border payments. CYS Global Remit integrates various Fintech APIs (Application Programming Interfaces) that allow specific banking and financial services components connected into its ecosystem. Some examples of APIs used are payment APIs, KYC (Know Your Customer) APIs, and RegTech (Regulatory Technology) APIs.
Payment APIs allow CYS Global Remit to connect and send payment information to other platforms such as our banks and counterparty providers, processing our payments automatically, greatly enhancing convenience and speed, and reducing the dependence on manpower.
KYC APIs allow CYS Global Remit to verify the identity of our customers quickly through documentation and facial verification as well as scanning through sanction checklists. It transforms the customer onboarding process by using technology to streamline identity verification, enhance efficiency, improve customer experience, ensure compliance, and reduce costs.
RegTech APIs is a technology that helps CYS Global Remit to maintain regulatory compliance. CYS Global Remit connects itself electronically to external parties to collect and display relevant information to internal users for regulatory compliance purposes, allowing us to speed up the compliance approval process.
Through the integration of these Fintech APIs, CYS Global Remit can significantly transform our payment processes by introducing advanced technologies, digital payment solutions, enhanced security measures, improved efficiency, and increased speed. It reshapes customer experiences and pushes the boundaries of what is possible in the world of payments. This is how technology is helping CYS in our payment processes.