Phases of Executing Cross-Border Payments & Remittances

Phase 1 — Regulatory Review & International Compliance Alignment

Objective: Build a legally compliant foundation across sending and receiving countries.
Key Activities:

Analyze cross-border regulations: FX controls, AML/KYC standards, sanctions lists, data sovereignty laws.
Secure approvals with central banks, financial intelligence units, and monetary authorities.
Establish correspondent partnerships with banks, remittance networks, and money transfer operators.
Develop a global compliance framework (FATF-aligned).
Design governance protocols for multi-country data sharing and settlement rules.

Objective: Identify priority remittance corridors and establish local anchors.
Key Activities:

Conduct market analysis for major corridors (e.g., GCC–Asia, GCC–Africa, MENA–Europe).
Partner with telecommunications operators, fintechs, and financial institutions in receiving countries.
Develop bilateral cooperation with government agencies for migrant labor remittance support.
Map settlement routes and liquidity demands for each corridor.
Define fee structures, FX spread models, and instant/offline settlement options.

Objective: Build an interoperable, fast, and secure multi-currency remittance network.
Key Activities:

Construct a real-time payment architecture using ISO 20022 messaging standards.
Build multi-currency wallets and automated FX conversion engines.
Integrate with mobile money platforms, QR-payment systems, and national switches abroad.
Design fraud-detection layers, risk scoring, and compliance automation.
Create unified dashboards for remittance partners, agents, and regulators.

Objective: Deploy the technical infrastructure that powers end-to-end remittances.
Key Activities:

Build mobile app and web systems for customers sending and receiving funds.
Develop partner APIs for banks, fintechs, and mobile money operators.
Enable biometric or national-ID based onboarding where allowed by local regulations.
Integrate automated AML/KYC screening tools with cross-country watchlists.
Run performance testing, FX accuracy checks, and end-to-end transaction validation.

Objective: Test system behavior in high-volume corridors under controlled rollout.
Key Activities:

Launch pilots with migrant communities in partnership with employers and labor ministries.
Validate transaction speed, settlement accuracy, FX transparency, and customer experience.
Test multiple disbursement options: bank deposit, cash pickup, mobile money, QR-based payouts.
Gather insights from regulators, partners, and customers.
Refine UI/UX, AML triggers, and liquidity buffers.

Objective: Scale the network across more geographies and user segments.
Key Activities:

Expand remittance corridors in collaboration with partner governments.
Enable low-cost, instant cross-border transfers for workers, SMEs, and international students.
Introduce “same-day guarantee” or “instant payout” features where infrastructure allows.
Deploy marketing and financial literacy campaigns for migrant communities.
Integrate with cross-border SME invoicing and merchant settlement systems.

Objective: Maintain a secure, stable, and compliant global remittance ecosystem.
Key Activities:

Monitor AML patterns using AI-driven anomaly detection.
Conduct periodic corridor-risk assessments (geopolitical, liquidity, FX volatility).
Update compliance protocols based on changing laws and FATF recommendations.
Implement continuous model training for fraud prevention and identity risk scoring.
Provide monthly or quarterly reports to regulators in all participating jurisdictions.

Objective: Transform cross-border payments into a high-value national and regional asset.
Key Activities:

Integrate with digital ID programs and e-wallets in multiple countries.
Explore CBDC interoperability for instant FX and low-cost transfers.
Enable cross-border merchant settlements for tourism, e-commerce, and SMEs.
Develop bilateral remittance programs with governments to reduce fees.
Expand into GCC, MENA, Africa, and ASEAN through state-level MOUs and partnerships.
Introduce advanced services: automated payroll remittance, QR-based diaspora payments, AI-driven FX forecasting.