Funds Transfers: KCS Transfer Launched

• MONEXT and KCS Monetic have launched KCS Transfer: an international funds transfer service with a commission rate of around 6%. The service has been designed for migrant populations wishing to send funds to their home country. KCS Transfer will first be connecting Western Europe to the Maghreb, Sub-Saharan Africa, Eastern Europe and Asia.

• The sender has to have a bank account, and may transfer money online or using an ATM. At the ATM, once the card inserted and the dedicated option picked, he has to key in the recipient’s phone number, the amount to be transferred and choose a partner collection point. Once his operation completed, the payee gets an SMS displaying a code to be showed for cash take out in the partner outlet.

• KCS Transfer might be seen as a means for banks to attract new customers through diversifying their offers.     

Source: Press release

• As the World Bank and G2O now work towards promoting the emergence of new alternative players to improve access for all to transfer services (through implementing competitive rates for instance), the French e-payment specialist MONEXT is taking its first steps on this market and relies on low commission rates to attract potential customers.

• Industry giants such as MoneyGram and Western Union are also expanding their reach through partnership agreements (see October 2011 and September 2012 for example).

• KCS Monetic was created in 2010 and focuses on widening its range of offers. It already proposes four –multichannel– money transfer products (relying on mobile and POS devices, on ATMs and on the Internet).