Workers’ Remittances Application (AEG Remit-Pro)

Workers’ Remittances are generally low value payments made by workers to their families in far away locations, in the same country, or across border. The payment instructions are generally made by the sender’s bank to banks having branches or agents in or nearby the beneficiary’s cities and villages.

AEG Remit-Pro Application is designed to function as a middleware for the SWIFTNet Worker’s Remittances service. It assures the integration of the back-office system with the Alliance products (Gateway and Access). Low value payment transactions made ready for sending to the participant banks, will be captured by the AEG Remit-Pro application, checked against the WRAG rule book guidelines, converted from the back-office proprietary format to ISO 20022 and sent to the participant bank via the Alliance gateway using FileAct in store and forward mode.

The application manages the communication with SAG for sending and receiving the files.

Remit-Pro has a powerful tool for monitoring, error tracking, reference data search and management.

Fast, Efficient, and Cost-effective Interbank Clearing and Settlement for Person-to-Person Payments
SWIFTNet Workers’ Remittances Service is designed to support the specific requirements of financial institutions that offer, cross-border, person-to-person, and low-value payments services. The development of the Service was driven by an industry need to better use existing correspondent banking infrastructure to serve the needs of this market.

SWIFTNet Worker’s Remittances utilize SWIFTNet FileAct services and ISO 20022 message standards to exchange payment orders with other banks.

AEG Remit-Pro Functionality
The workers’ Remittances are generally low value payments made by workers to their families in the same country in different cities and villages or cross border. The payments’ instructions are generally made by the sender’s bank to banks having branches in or nearby the beneficiary’s cities and villages. The cost of the transfer is a key factor for this service, therefore, utilization of SWIFTNet FILEAct versus normal FIN messages helps lowering this cost.

AEG Remit_Pro application, a middleware product developed by AEG, is designed to perform the following:

  • Capturing the payment transactions performed in the back-office system of the sender’s bank. The transactions can be in a proprietary format of the bank and stored in a file

  • Checking the files and converting the messages to the correct MX ISO 20022 message format

  • Checking the correctness and compliance of the message with the worker’s Remittances Rulebook

  • Storing the converted messages in a file and send it using the FILEAct service through the Alliance Gateway

  • Monitor the result of the transmission

  • Messages received from the correspondent will be convert to the back-office proprietary format and delivered to back-office applications

 

AEG Remit-Pro Components
 The Remit-Pro application consists of the following components:

  • Mapping interface to map the proprietary back-office format into the ISO 20022

  • Core application to handle the conversion of the message format, check its compliance with the Rulebook and handle the transmission and reception via the Gateway

  • Reference Data interface with very powerful search engine. The reference data will be downloaded to a local data base to facilitate the search.It facilitates also the creation of required updates and amendments to be sent to SWIFT

  • Monitoring interface for the files and messages sent and received and their status

  • GUI interface for manual entry of the worker’s

  • Remittances transactions

 

Application Security
 The different components of the application can only be run by authorized users.
Depending on the roles and permission granted to the user, he/she can run specific functions and have access to, or view, specific data.

Application Platform

  • Remit_Pro should be installed on a Windows 2003 server equipped with MS SQL server

  • The Remit_Pro server should be able to connect to the Alliance Gateway and to the back-office systems to send and receive files.

 

Events Logging and Audit Trail
 An event and audit trail log keeps track of successful and unsuccessful events and of errors occurred during the execution of the application. It can be consulted by authorized users