Abstract
The present disclosure provides a method and a system for managing international remittance transactions in a closed loop transaction network. The method includes receiving an initiation request for an international remittance transaction that is funded by a sender via a sender funding financial institution system. The initiation request may originate from a receiver and be transmitted to the sender for review, approval and funding. The initiation request is validated at the sender funding financial institution system and transmitted to a transaction service provider system. The validated transaction is then exclusively routed to a designated financial institution system that is pre-associated with the sender funding financial institution for the recipient country. The transaction service provider system applies a pre-negotiated foreign exchange rate to the transaction. The designated financial institution system processes the transaction and deposits the remittance amount into the account of the recipient. Finally, the sender is notified of the successful completion of the transaction.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Recommended Citation
Chennareddy, Vinay Babu; Venkataraman, Jaishankar Kumar; Kumar, Anil; and Meszaros, Richard, "MANAGING INTERNATIONAL REMITTANCE TRANSACTIONS IN A CLOSED LOOP TRANSACTION NETWORK", Technical Disclosure Commons, (June 30, 2025)
https://www.tdcommons.org/dpubs_series/8294