A Case Study On

Internet Soft’s Payzz.com Remittance App Transforms Global Remittance with Currency Cloud and VISA Direct Collaboration
Payzz
Industry: IT/Software    Region: USA

How Can We Help?

cropped-IS-Logo-Favicon-Orange-White-01-01.png

Introduction

In this case study, we will examine how Internet Soft successfully soft-launched the Payzz.com remittance app and established strategic collaborations with Currency Cloud and VISA Direct to expand its remittance services to 180 countries. We will also explore the incorporation of AI, ML, and AML compliance to ensure security and regulatory compliance.

Technical Stack

Technology Used

Laravel, MySQL, HTML/CSS, React Native

Team Size

15

Methodology

Agile

Project Duration

1 Years and Ongoing

Experience the future of banking with our Digital Banking App.
Talk To Our Expert

Background

Internet Soft recognized the growing demand for convenient and efficient cross-border remittance services. To address this market need, Internet Soft has developed Payzz.com, a user-friendly mobile application that enables individuals to send and receive money internationally.

Highlights

Payzz.com soft-launched successfully, refining features based on user feedback

Collaboration with Currency Cloud enabled remittance services in 180 countries, with real-time exchange rates and efficient transfers.

AML compliance measures included AI-powered identity verification, transaction monitoring, and reporting.

Integration with VISA Direct reduced remittance time to 30 minutes, leveraging global financial institutions.

AI and ML technologies enhanced Payzz.com with fraud detection, smart remittance routing, and personalized recommendations.

By incorporating AI and ML capabilities into these impressive features, Snack POS offers businesses a cutting-edge solution that enhances efficiency,
personalization, decision-making, and overall performance in the retail and hospitality sectors

Contact Us

Soft Launch of Payzz.com

To ensure a smooth rollout, Internet Soft opted for a soft launch strategy. We initially released Payzz.com in a limited geographic area, gathering feedback and iterating on the app's features and user experience. This approach allowed Internet Soft to refine the product based on user insights before scaling up to a broader market.

Collaboration with Currency Cloud

Recognizing the importance of establishing a robust network of global banking partners, Internet Soft collaborated with Currency Cloud, a leading provider of cross-border payment infrastructure. This partnership allowed Payzz.com users to send remittances to 180 countries worldwide.

Through Currency Cloud’s powerful API, Payzz.com gained access to a secure and scalable platform for processing international payments. The integration enabled real-time exchange rate calculations, transparent fees, and efficient fund transfers, enhancing the overall user experience.

Integration of VISA Direct for Faster Remittance:

To further improve the speed and convenience of its remittance services, Payzz.com entered into a collaboration with VISA Direct, Visa’s real-time push payments platform. This collaboration enabled Payzz.com to reduce the remittance time from traditional several days to an impressive 30 minutes.

To further improve the speed and convenience of its remittance services, Payzz.com entered into a collaboration with VISA Direct, Visa’s real-time push payments platform. This collaboration enabled Payzz.com to reduce the remittance time from traditional several days to an impressive 30 minutes.
Unlock the future of banking with our innovative solutions. Contact us today!
Contact Us

Utilization of AI and ML:

To enhance the overall functionality and security of the Payzz.com remittance app, Internet Soft integrated AI and ML technologies. These advancements allowed for various improvements, including:

Fraud Detection

AI algorithms were implemented to detect and prevent fraudulent activities, such as identity theft and money laundering. By analyzing transaction patterns and user behavior, the system could identify suspicious activities and trigger appropriate security measures.

Smart Remittance Routing

ML algorithms were employed to optimize the remittance routing process. The system analyzed various factors such as exchange rates, fees, and transaction history to determine the most cost-effective and efficient transfer routes for each transaction.

Personalized Recommendations

AI algorithms were used to provide personalized recommendations to users, such as suggesting the most favorable exchange rates or offering tailored promotions based on individual transaction history and preferences.

AML Compliance

Given the nature of cross-border remittances, Internet Soft prioritized compliance with Anti-Money Laundering (AML) regulations. Payzz.com implemented robust AML measures, including:

Personalized Recommendations

AI algorithms were used to provide personalized recommendations to users, such as suggesting the most favorable exchange rates or offering tailored promotions based on individual transaction history and preferences.

Transaction Monitoring

AI algorithms continuously monitored transactions for any suspicious activities or patterns. Unusual transactions triggered alerts for manual review by compliance officers to ensure compliance with AML regulations.

Reporting and Compliance:

Payzz.com generated comprehensive reports and maintained a secure audit trail to comply with AML reporting obligations. These reports provided transparency and accountability to regulatory authorities and demonstrated Payzz.com’s commitment to combating money laundering and illicit activities.

Conclusion

Through a strategic soft launch strategy and successful collaborations with Currency Cloud and VISA Direct, Internet Soft’s Payzz.com remittance app achieved significant milestones in global expansion and enhanced efficiency. By leveraging AI, ML, and prioritizing AML compliance, Payzz.com was able to provide users with a secure, user-friendly, and efficient cross-border remittance experience. These initiatives positioned Payzz.com as a leading player in the remittance industry, poised for continued growth and success in the future.

67%

Efficiency Increased By

10000+

Global Customers

5X+

Faster Release Cycle

Explore More Blogs

View Blog