Money Transfer System
CBOSS Corporation offers CBOSSmoneyTransfer, the option allowing dealers and subscribers to transfer funds from their accounts to other subscribers via the IVR, USSD, SMS, or web interface. Money can also be transferred across dealer accounts. The transfer option enables dramatic reduction of the telco’s CSR load.
The electronic money transfer allows account top-up even in cases, when the customer is unable to make a cash or voucher payment.
The service popularity and convenience are undeniable: the capability to recharge a friend’s, relative’s, or subscriber’s own account in real time from anywhere within the operator’s coverage or via the Internet will certainly be extremely popular among mobile customers.
CBOSSmoneyTransfer also supports multi-branch dealer networks. A certain level is assigned to each dealer, with different commission fees and limitations on money transfers based on preset rules configured for each level. For example, a dealer may transfer money only to its subdealers or to all lower level subdealers. Each money transfer operation requires user authentication. These features enable powerful fraud protection.
System Operation
Let’s discuss CBOSSmoneyTransfer operation on an example of an SMS request.
From a mobile phone, a dealer or customer sends an SMS request for a money transfer from/to his/her account to the service access number. The request should contain phone numbers, password of the account debited, and the transfer amount. The billing system verifies these details and, if all information is correct (phone numbers, account password, active Money Transfer service, sufficient account balance, etc.), performs the transaction. Transaction participants are then notified by SMS.
USSD, IVR or web requests for money transfers trigger similar operations.
If the transfer is not permitted (e.g., insufficient account balance), the initiator is notified of the rejection reason.
The Money Transfer service is available for both prepaid and postpaid subscribers.
1, 2 - Dealer/subdealer/subscriber connects to the billing system and sends a money transfer request via IVR, SMS, USSD or the Internet.
3 – The system checks operation availability.
4 – The system supports account reservation for prepaid subscribers, which prevents accounts receivable.
Having obtained the approval and reserved the necessary funds, the financial subsystem registers a money transfer between customer accounts. The target account is then credited, and the source account is debited.
The system enables the necessary data integrity control for all transactions (debit and credit transactions and their amounts are correlated to prevent possible fraud)
5, 6, 7 – The system sends SMS or USSD transaction confirmations to all participants. The notification language and currency are preset for each subscriber. The transfer initiator is notified of the transfer request registration and receives a confirmation after the transaction has been completed. In cases, where the transaction is not permitted, the initiator is notified of the rejection reason. The transfer recipient may also be notified of account crediting.
Key Features
- Transaction verification (account numbers, password, active Money Transfer service, account balance, etc)
- Multiple notification languages available for selection
- Configurable automatic notifications of registered requests, successful transactions, etc
- Limitations on the transfer amount
- Control of the debited account balance to avoid debt
- Transaction data integrity control
- Flexible commission fees in dealer networks.
Benefits
- Interactive communication with subscribers
Interactive user sessions enable the minimization of system response time and fast money transfer operations. - Usability
The service is very easy-to-use: to transfer money across accounts, subscribers need to use one the following interfaces, supported by CBOSSmoneytransfer (SMS, USSD, IVR, or the Internet). - Password-protected access
- Multi-language support
- Multi-currency support
Subscribers may choose the transfer currency. - Automatic charging of dealer commissions
- Flexible taxation options
- Low load on the customer care and minimum cost of customer maintenance
- Increased subscriber loyalty and new customer acquisition
- An easy-to-use and extremely convenient service that will certainly enhance the attractive image of the carrier.
