New Technologies are the cutting edge of money transfers,” says Dr Thaer Sabri, CEO Electronic Transmitters Association
A key theme to the second Global Money Transfer Conference which will take place on 30th October 2006 in London, UK will be the latest technologies in money transfers.
Leading the discussion will be Dr Thaer Sabri, CEO of The Electronic Transmitters Association whose expertise reaches out to the latest developments in money transfer technology.
Says Dr Sabri,” We are concerned to ensure that money transfers are conducted as efficiently and as economically as possible. By using the latest technology you can go a long way to meet this. This is one of the reasons why the use of mobile phones for money transfers has been piloted and will come on stream next year in certain countries such as Japan.
“We also take very seriously the means to improve access to remitted money especially in the more remote areas or areas less well developed in terms of financial services. This is increasingly being done by the use of ATMS and also advanced payment cards systems which serve as a simple form of bank account without actually having one.
“Finally we are engaged on encouraging systems whereby those who do not have bank accounts, will find themselves in a position that they can take advantage of banking services, again through a variety of card payment systems.
“This can particularly help the undeveloped world. The recipient of cash can use his card as a cash deposit, and only take out what he needs for the moment, leaving the rest safely protected. This is different from a mainstream money transfer operator whose money is collected in cash on the spot and that is it.
“One such service provider is Advanced Payment Solutions. The end result is that the recipient who may not have a bank account is then on the first step to a financial service, and ultimately he will move on to others in the main stream banking system. The informal ‘hawala’ system could then be deemed to be outmoded.
“For the money transfer service to thrive it is important to keep abreast with all the new technologies coming onto the market. The dynamics of the world are changing and it is up to us to ensure that the latest high-tech is there to serve us all.”
Says IAMTN CEO Lady Olga Maitland: ”We are taking very seriously indeed the whole field of new developments in technology. Its use can be a huge service in terms of cutting costs, cutting the time for the transaction by a dramatic amount, and making money transfers more user friendly.”
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