The top 1 international remittance corporation, TransferWise, launched inbound remittance service with PayGate (transfer funds from other countries into Korea).
While many internal companies are focusing on outbound remittance service (transfer internal funds into other countries), PayGate is contrarily devoting to inbound remittance service and leading the way in remittance market.
Most of the remittance companies are relying on licensees and appointed banks to proceed the remittance service.
Sender -> Local currency -> Exchange (USD or GBP) -> Remit -> Recipient -> Local Currency Exchange (KRW)
For example, the sender needs to exchange the local currency for GBP or USD to transfer the money and the recipient has to exchange it into KRW again, which leads to a time-wasted process and high transfer fee.
However, the user doesn’t need to worry about the long processing time and high transfer fee if he uses TransferWise to send the money through online homepage.
The business model of TransferWise service is based on Netting (offsetting the money to be sent and the money to be received), which is an efficient way to proceed the payment with lower transfer fee and less time cost, and many global foreign currency remittance companies are in the process of establishing a netting remittance network as well.
PayGate’s Seyfert, a financial API based on block chain technology, has attracted attention for its stability and application. Paygate announced that Seyfert supports secure transfer through its own KYC (Know Your Customer) certification and AML (Anti-Money Laundering) function.
PayGate implemented inbound remittance Beta service with TransferWise at the end of last year, and by the cooperation with Jeonbuk Bank,which is a domestic partner bank, PayGate has built a stable the system of identity verification, Anti-Money Laundering, and API interlock for KRW payment.