This document provides an overview and training on home remittance products and services for branch staff at Summit Bank. It begins with defining remittances and explaining their importance for Pakistan's economy. It then discusses the global and local remittance market size and scope of business opportunities for banks. The document reviews Summit Bank's home remittance products like Amanat Cash and arrangements with partners. It outlines key features, payment modes, and issues to address at branches to improve services. Finally, it discusses marketing initiatives and compliance procedures regarding transactions.
“Digital” is the new buzz word in the banking sector, with banks all around the globe hopping onto the digital bandwagon. Banks of all sizes are making sizeable investments in digital initiatives in order to maintain a competitive edge. Vijaya Bank shows us what are the benefits of the digital banking.
trend of remittance in Rajasthan.
i am sharing as my personal experience there didn't do any research from my side.
On the behalf of ten to twenty household women's interviews.
This PDF based on "Digital Payment System" How the digital payment system works, what are the advantages & Disadvantages, security etc..... It is use full for the Students as well as Online payment users.
Thank you.
Alternative banking, as the name suggest, is the NEWER METHOD OF CARRYING ON BANKING OPERATIONS
It includes
1. ATM (AUTOMATIC TELLER MACHINE)
2. POS TERMINAL
3. INTERNET BANKING
4. MOBILE BANKING
5. NEFT
6. RTGS
7. ECS
“Digital” is the new buzz word in the banking sector, with banks all around the globe hopping onto the digital bandwagon. Banks of all sizes are making sizeable investments in digital initiatives in order to maintain a competitive edge. Vijaya Bank shows us what are the benefits of the digital banking.
trend of remittance in Rajasthan.
i am sharing as my personal experience there didn't do any research from my side.
On the behalf of ten to twenty household women's interviews.
This PDF based on "Digital Payment System" How the digital payment system works, what are the advantages & Disadvantages, security etc..... It is use full for the Students as well as Online payment users.
Thank you.
Alternative banking, as the name suggest, is the NEWER METHOD OF CARRYING ON BANKING OPERATIONS
It includes
1. ATM (AUTOMATIC TELLER MACHINE)
2. POS TERMINAL
3. INTERNET BANKING
4. MOBILE BANKING
5. NEFT
6. RTGS
7. ECS
A concise overview of the retail banking business in the United States. Part of a continuing series of presentations on the financial services industry.
Module - 1 :
The foreign exchange market, structure and organization- mechanics of currency trading
– types of transactions and settlement dates – exchange rate quotations and arbitrage – arbitrage with and without transaction costs – swaps and deposit markets – option forwards – forward swaps and swap positions – Interest rate parity theory.
Computerized banking system is a proven, secure, modular, on-line, real-time, flexible, scalable, multi-currency. It is user friendly, easy to manage, and easy to operate information system, based on fully integrated and co-operative components.
This presentation describes the remittance and development correlationship. It also provide some information about the remittance data sources and present Remittance flow trends.
A concise overview of the retail banking business in the United States. Part of a continuing series of presentations on the financial services industry.
Module - 1 :
The foreign exchange market, structure and organization- mechanics of currency trading
– types of transactions and settlement dates – exchange rate quotations and arbitrage – arbitrage with and without transaction costs – swaps and deposit markets – option forwards – forward swaps and swap positions – Interest rate parity theory.
Computerized banking system is a proven, secure, modular, on-line, real-time, flexible, scalable, multi-currency. It is user friendly, easy to manage, and easy to operate information system, based on fully integrated and co-operative components.
This presentation describes the remittance and development correlationship. It also provide some information about the remittance data sources and present Remittance flow trends.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
1. BRANCH TRAINGING
PROGRAM
OMs, CSOs & TELLERS
Home Remittance Products Overview
Branch Functions, Role and Responsibilities
Muhammed Owais Muzaffar
AVP-1(Relationship Manager )
Home Remittance Department, Head Office
Home Remittance Training Program
3. What is Remittance?
Remittance is a small payment sent across borders from one person to
another/family.
In today’s common usage, it is the portion of an immigrant worker’s earnings sent
back to family members in his or her country of origin.
As the scale of international migration has increased in recent years, remittances
have taken on greater significance:
they connect families across borders,
increase standards of living
contribute to the growth of country economies.
Home Remittance Training Program
INTRODUCTION
4. Importance of Remittance
For Pakistan, inward remittances are the second largest source of
foreign exchange for the country after the export proceeds.
Source of foreign Investment from savings by Non–Resident
Pakistanis (NRPs).
Pakistan is in the top 10 countries to receive remittances with the
volume of more than $29.4 billion in FY2021
(Source: SBP Economic data)
Remittances help raise the standard of living of the people
Home Remittance Training Program
INTRODUCTION
6. Global & Local Market Overview
Remittances are playing significant role in the economy of many
countries and contribute as a key factor to generate foreign reserves
for the country and stable economy. As per the World bank estimates
the top five remittance recipient countries in the world are India,
China, Mexico, Philippines and Bangladesh respectively.
Pakistan falls among the top 10 (ten) remittances recipient countries in
the world with the highest growth rate. Home remittances in Pakistan
is the largest source of foreign exchange reserves after the export
proceeds. Pakistanis living in Saudi Arabia is the major contributor of
remittance to Pakistan.
As per the SBP/PRI (Pakistan Remittance Initiative) estimates the total
market size of remittances in Pakistan is over $29 billion. So there is
huge potential & opportunity and challenge for the banks to divert &
convert illegal remittances inflows to legal channel and mobilize
remittances through legal banking channels only. Attract customers by
offering fast, reliable and value added services and various attractive
savings products.
Home Remittance Training Program
7. Scope of Business
Home Remittances is not only required for national economy as biggest
sources of Foreign Exchange but same is also source of service income for
the banks associated with limited operational risk specially in the period of
slow growth of economy and high credit risk situation in the country.
Commercial banks are serving the national cause by facilitating home
remittance services, it is a viable business for the banks. Commercial banks
are generating sizable service income by following avenues :
• Rebate Income from GOP/SBP
• FX Gain on FX Treasury Deals
• Float Income on average balances of Tie-ups current account or
advance funding
• Open new customers accounts
• Opportunity to increase deposit base
Home Remittance Training Program
8. CHANNEL OF HOME REMITTANCES
Banks
Exchange Companies
Post Offices
Telecom & Franchise
Digital Banking
Home Remittance Training Program
9. It is a national cause.
Home Remittances are vital for our developing economy as it is the
second largest source of Foreign Exchange after export proceeds.
It is a source of business for banks. SBP is providing a special
incentive of SR25/- per remittance to commercial banks in
Pakistan.
a. It is a source of service income for the bank associated with
no financial risk and limited operational risk, specially in
current period of slow growth of economy and high credit
risk situation in the country.
b. Further it provides Exchange Earnings, Float Income,
opportunity for low cost Deposits.
Why do we do it?
Home Remittance Training Program
10. Remittances is a very easy source of income for Bank and branches.
SBP provides a rebate of 25 Saudi Riyal for each transaction
over $100 to the paying bank
This revenue is shared with the agents/tie-ups as well.
If the quality of service increases at the branch level so will increase the
inflow of transactions and hence the income of the bank and branches.
Fee Income for Branches at SMBL - Cash Remittance/Payment
o Rs. 100 – Amanat Cash, Xpress Money
o Rs. 150 – Western Union
Home Remittance Training Program
Why do we do it?
11. • Home Remittance
Strategy FY 2021
Objectives :
Improve business by 20% transactions and volume.
Keep our services fast, convenient, reliable and satisfy
customers needs.
Keep our products and services compatible with the
latest technology leverage new products & services.
Strategic alliance with 1 Link/ SBP National Remittance
Loyalty Program (NRLP)
Home Remittance Training Program
12. Key Points to be focused to achieve Desired Objectives
Provide quality service to customers in branches - Branches
Open Accounts/Increase A/c holder base of Bank - Branches
Broaden correspondent base. H.O.
Use Effective Marketing Tools & Advertisement Campaign.
H.O./Branch
Introduce New innovative products. H.O.
Home Remittance Training Program
14. REMITTANCE PRODUCTS
Western Union: a world renowned remittance company whose branches
and sub-agents located all over the world
Amanat Cash: SMBL own products, under which a number of
agents and Money Service Business provider
Utilize services of our bank to send remittance
XpressMoney: a remittance company whose branches and sub-agents,
(inactive) banks located all over the world
Home Remittance Training Program
15. Modes Of Home Remittance Payments
Home Remittance Training Program
Payment Modes:
• Cash Over Counter Payment
• A/c Credit/Transfers - Same Bank
• A/c Credit/Transfers - Other Banks
Inter Bank Fund Transfer (IBFT)
up to Rs. 500,000
Real Time Gross Settlement System (RTGS)
No Limit
16. Payment platforms
Western Union
Xpress Money
Payment Modes :
Cash Remittance Collection from any SMBL, ABL branches (over 1500
locations) - Branch
Transfer to any SMBL branch Account – H.O.
Third Party Payment/ transfers through IBFT & RTGS – H.O.
Home Remittance Training Program
Amanat Cash through H-Plus system
Payment Modes :
Cash over counter payment from any SMBL, ABL branches (over 1500
locations) - Branch
Transfer to any SMBL branch Account – H.O.
Third Party Payment/ transfers through IBFT & RTGS – H.O.
17. Types of Arrangements
Multilateral Arrangements - anywhere model
Summit Bank in association with Western Union and Xpress
Money, offers quick and convenient delivery of cash over the
Counter service, payment can easily be picked up in a matter of
moments through any agent/partner in Pakistan, No matter where
you are around the globe, you can transfer funds to your loved ones
instantly through Western Union and Xpress Money .
Note:
In lieu of above, Xpress Money service is temporary suspended.
We shall share good news with you shortly, as our partner ''Xpress Money''
is reactivated globally.
Home Remittance Training Program
18. Types of Arrangements
Bilateral Arrangements :
Summit Bank has its own Home Remittance product namely
AMANAT CASH to facilitate the non-resident Pakistanis to receive
money from Summit Bank as preferred channel for Home
Remittances. Summit Home Remittance Service provides
convenience and value addition to sender/receiver and motivates
them to increase remittances to Pakistan through our fast,
transparent, reliable, efficient and free banking services.
Home Remittance Training Program
19. Amanat Cash Partners Global IDs
Home Remittance Training Program
S.NO FOREIGN EXCHANGE LIST COUNTRY NAME PKR A/C NUMBER PIN NUMBER FORMAT
1 GCC EXCHANGE UAE 1-2-1-20311-714-142717 12 digits
2 ECONOMIC EXCHANGE CENTRE UAE 1-2-1-20311-714-142749 12 digits
3 AL ANSARI EXCHANGE UAE 1-2-1-20311-714-144340 9 digits
4 MULTINET TRUST EXCHANGE LLC UAE 1-2-1-20311-714-144884 7 digits
5 MALIK EXCHANGE UAE 1-2-57-20311-714-101424 13 digits (start with 63), ME 11 digits
NOTE: If 11 or 12 digits provided by the beneficiary ,
please add ME in the beginning e.g. ME11111111111. Do not add ME if start with 63 (13-14 digits)
6 XPRESS MONEY EXCHANGE World Wide 1-2-1-20311-714-140611 16 digits
7 WESTERN UNION World Wide 1-1-1-20555-714-000001 10 digits
8 PFG MONEY AUS 1-2-1-20311-714-146478 12 digits
9 ORIENT EXCHANGE COMPANY LLC UAE 1-2-1-20311-714-146577 12 digits
20. Summit Bank Home Remittance Services key Features are :
State-of-the-art technology assisting in safest, fastest and
easiest money transfer services
Home Remittance Training Program
Third Party Bank Transfer Service – Summit Bank is the pioneer
in transferring home remittances straight to the beneficiary
account with any IBFT member bank through instant 1Link IBFT
services.
Cash Over Counter Service - Country wide cash remittance collection
facility at more than 1400 payout locations all which includes Summit
Bank branches and selected branches of our sub-agent network such
as (For AMANAT CASH payments), Allied Bank Ltd.
Summit Bank has established correspondent relationship base with
leading and renowned foreign remittance tie-ups across the world and
customers receive remittances instantly through Summit Amanat Cash
Services from all over the world
21. Summit Bank Home Remittance Services key Features are :
Summit Bank has collaboration with Western Union
which enables Summit Bank to receive money from more
than 245 countries and territories with over 290,000
locations worldwide.
Home Remittance Training Program
SMS alerts to beneficiaries as payment confirmation.
22. Western Union, Xpress Money, Amanat Links
XM & WU are accessible through Internet,
URLs are as under:
https://xpressmoney.biz
https://wupos2lb.westernunion.com
Amanat Cash payout portal is accessible
through Intranet, URL is as under:
http://10.2.249.2/intranet/
SMBL Recommended browser is “Mozilla
Firefox”
Home Remittance Training Program
23. Fee Income for Branches at SMBL - Cash Remittance/Payment
Rs. 100 – Amanat Cash, Xpress Money, per transaction
Rs. 150 – Western Union, per transaction
Opportunity to increase branch deposits and A/c holder base.
Opportunity to cross sell other products / services.
Saving products/Bancassurance etc.
Monthly Incentive Scheme of Branches - Champion Category Branches.
Monthly income Credits in branch GL account: Branch Code+40740-714-114
Home Remittance Training Program
BRANCH BENEFITS
24. Branch Remote payment Support/ Facility by H.O.
Do Not Turndown Customer:
If Western Union, Xpress Money or Amanat Cash system is not working,
network is down OR login IDs or Passwords are locked due to any reason
in any of SMBL branch, the payment can be pulled out through Home
Remittance Department. The request for the remote payment can be
placed through email to HRC Department, situated at Summit Tower.
Payment receipt will be provided to the concern branch for cash payout.
Email address:
To: homeremittance@summitbank.com.pk
For H.O. Support or Complaint Resolution, Please call or Fax the details
on following:
Direct Line: (021) 324684 30-32
Home Remittance Training Program
25. If branch system is not working due to any reason, the Cash over
Counter payment can be made through Home Remittance
Department through email.
Please provide following details via email:
APIN number
Beneficiary name
Beneficiary Valid ID-CNIC/SNIC/ Passport
Expiry date of Valid ID- CNIC/ SNIC/Passport
Sender name
Amount Expected
Email: homeremittance@summitbank.com.pk
You can also call on following #:
Direct Lines: (021) 32468430-31-32
Remote Payment Procedure
Home Remittance Training Program
26. Western Union Customer can collect his/her remittance via cash
over counter twice a week and 4 times in a month.
Payout Amount limitation - WU
Home Remittance Training Program
Turn-Around Time
Turn-Around time of transaction processing for Home Remittance
Customers has to be between 5 to 10 minutes.
Maximum Payment Limit – Amanat Cash
Western Union Customer can collect his/her remittance via Summit
Bank cash over counter up to Rs. 800,000/= in a month.
Amanat Cash Customer can collect remittance via Summit Bank Cash
over counter two payments in a day accumulated sum is not more
than Rs 500,000.
27. Issues at Branches
Low service quality in branches.
Refusal of customers without H.O. support for remote
payment.
Low interest for remittance business.
Lack of knowledge about branch monthly and yearly
remittance targets.
Low motivation and/or lack of interest/awareness about
branch monthly champion category incentive scheme.
Low interest for customer retention by opening accounts
and maintain COC customer data base for follow ups and
retention.
Home Remittance Training Program
28. Issues at Branches
Unhelpful attitude of staff for customer in branches to provide
miscellaneous services such photocopying of CNIC etc.
CSO & Tellers lack of product knowledge such as Amanat Cash
and its Global Partners & IDs/PIN digits.
High turn over and movement of relevant staff (CSO &Tellers)
in branches.
Lack of dedicated remittance staff availability in potential
branches.
Customer divert to other banks due to slow system, network
down, connectivity issues and/or reset & lock IDs & Password.
Home Remittance Training Program
30. Marketing Initiatives by H.O.
Marketing/Advertisement
Home Remittance advertisement on electronic & print media shall support
branches to grab new customers and shall create awareness about our new
product/services among the masses. Focused and cost effective ATL & BTL
marketing campaigns shall include :
Advertisement/Post on Social Media, ATMs, Website, SMS
Home Remittance TVC before Ramadan & Eid ul- Adha
Giveaways during Ramadan
Road Shows/Town Storming – Focus on potential branches
Cable Media Campaigns in focused potential branches.
Banners, Brochures and Window branding (Potential & other branches)
Extended Branch Timings during Ramadan & Eid-ul-Adha
Home Remittance Training Program
31. SMS Marketing in English and Urdu
Digital Media Marketing (Newspapers, Facebook, Twitter,
Linked In & Google)
Co-branded electronic and print media campaign with
partners like Western Union, SM & others.
Branch Window Branding – Home Remittance skin
Western Union & Xpress Money Branch Sinage’s.
Home Remittance Training Program
Marketing Initiatives by H.O.
33. In the absence of biometric verification, branch may ensure
that copy of requisite identification document has been
obtained, marked as 'original seen' by their staff and verified
through NADRA Verisys.
As per the SBP regulation on AML-CFT December 2019,
branches should conduct biometric verification on cash
payment of Rs.500,000, including where the transaction is
carried out in a single operation or in several transactions
that appear to be linked.
Biometric or NADRA Verisys
Home Remittance Training Program
If beneficiary CNIC is expired, branch may process the
transaction on presentation of original NADRA token,
34. As per SBP requirement, sanction lists (OFAC/EU/UN/FIA Red
books/NACTA/PEP) are inbuilt in banking system.
Similarly Amanat Cash system is also interconnected with core
banking.
At the time of processing Home Remittance cash-over-counter
transactions, system automatically filter the beneficiary &
remitter Names through the sanction lists available in core banking
system.
If beneficiary/Remitter Name matches in any of the available list,
a message will appear that “beneficiary/ Remitter name is in AML
list”. The user should report the same to Compliance Division
email (complianceamlunit@summitbank.com.pk) and Home
Remittance Department email (homeremittance@summitbank.com.pk)
with the required details of beneficiary or remitter “Father Name/
Date of Birth/place of birth/Nationality/ID Number/ issuance and
expiry date” for further verification by compliance AML unit.
Transaction Filtration & Screening
Home Remittance Training Program
35. If beneficiary/Remitter detail does not match with the detail in the
sanction list, compliance user will release the payment after proper
verification and confirm via email. Branch can execute transaction.
if transaction is deemed suspicious compliance Division will
immediately report STR (Suspicious Transaction Report) to the FMU
(Financial Monitoring Unit).
Transaction Filtration & Screening
Home Remittance Training Program
Western Union NACTA Filtration
Before fetching the transactions details through wupos, branches are
advised to initially filter the beneficiary details through the NACTA
list which is available in cognos MIS portal, http://10.2.249.2/mis/
with the name Black list search NACTA - Criteria which are set for
screening purpose based on beneficiary name and CNIC/ID. if
beneficiary ID found in NACTA list, branch user should report the
same to Compliance Div. and Home Remittance Deprt. via email
36. Do not hesitate to report any unusual behavior and/or Transaction to
the Head Office (Home Remittance & Compliance Department)
before or after the transaction has been completed.
Suspicious Transaction Reporting
Home Remittance Training Program
Information about transactions reported as suspicious must be kept
confidential customer must not be told that you are considering or
that you intend to file a suspicious transaction report.
Summit Bank encourages you to refuse any transaction that you are
not comfortable with. You suspect if it is related to money
laundering or terrorist financing, or is prohibited by Bank policy.
38. National Remittance Loyalty Program
Home Remittance Training Program
An agreement has been signed between 1-Link and NRLP
participating public sector entities to facilitate the overseas
Pakistanis to enhance inflow of foreign currency into the country.
The Economic Coordination Committee (ECC) of the Cabinet
has approved the National Remittance Loyalty Program
(NRLP) with a view to incentivize remitters to transfer funds
through formal channels thus further strengthening the
inflow of remittances.
Purpose
39. National Remittance Loyalty Program
Home Remittance Training Program
1. Customer downloads the APP and register for NRLP
(Andriod & iOS) (English & Urdu)
Project Overview
2. Connectivity with participating FIs for sharing remittance
data
3. Points awarded on Home Remittance transactions receive
through banking channels
4. Multiple redemption opportunities at Public Sector Entities
& Private Merchants
40. National Remittance Loyalty Program
Home Remittance Training Program
1. Remitters can register as Primary Users and Beneficiaries
as Secondary Users
Project Overview
2. Remitters will receive loyalty points against their remittances
as per the awarding criteria
3. A Remitter is allowed to add one Beneficiary relationship,
and transfer his/her points to the Beneficiary
4. PFIs will share Home Remittance transaction data on a
daily basis
5.The NRLP Points can be redeemed against services at NADRA,
FBR, PIA, Utility Stores, Passport, Overseas Pakistanis Foundation,
State Life Insurance Premium, and private entities/merchant.
41. National Remittance Loyalty Program
Home Remittance Training Program
1. Remitters can choose to manually receive points awarded
against remittance transactions through the NRLP Mobile
App
Features
2. Remitter can input Transaction Ref No., Remittance Amount
(in PKR), and the Transaction Date for the system to validate
3. NRLP system validates the input details and the identification
details of the remitter against the data available from PFIs
4. If the transaction has not been awarded points against
previously, the remitter will receive points in the Mobile App
42. National Remittance Loyalty Program
Home Remittance Training Program
The system will define loyalty tiers/levels for users
(remitters and beneficiaries). Following criteria for
maintenance of loyalty tiers is proposed by the PRI/SBP:
Features
Tier-Based Points Awarding Criteria introduced for different loyalty levels
Category Annual Remittance Amount*
(calendar year)
Awarding Ratio
(% of remittance
amount)
Green Up to USD 10,000/- 1%
Gold From USD 10,001 /–to USD 25,000/- 1.25%
Platinum More than USD 25,000/- 1.5%
43. National Remittance Loyalty Program
Home Remittance Training Program
Charges
Tier-Based Points Awarding Criteria introduced for different loyalty levels
Amount Charged to Frequency
Application Cost
Development Cost Rs.37.0 Million
Borne by the top 5
banks
One time cost
Recurring Charges
Monthly Operational
and Maintenance
Charges
PKR 3.35/-Mln*
Receiving PFIs, on
proportionate basis
w.r.t.no. of remittance
transactions
Monthly
Transactional Charges
Per remittance
transaction uploaded
in to the system
PKR 1.00 per
remittance transaction
Remittance receiving
PFIs
Through daily
settlement
SMS Cost On Actual basis PFIs Monthly
44. National Remittance Loyalty Program
Home Remittance Training Program
Loyalty Points
Remittance
Rs
Awarded
Rs.
NRLP
Points
Redemption
Rs.
(0.1 of NRLP
Points)
1,000 10 100 10
10,000 100 1,000 100
100,000 1,000 10,000 1,000
1,000,000 10,000 100,000 10,000
The remitters will be awarded PKR 10 against every PKR 1,000
remittance (1%). NRLP Point calculation formula: 100 NRLP
Point = PKR 10/-
45. National Remittance Loyalty Program
Home Remittance Training Program
Redemption transaction charges to be decided on a later
stage, once redemption partners will be on boarded
Redemption
The fee for redemption shall be charged from such
Redemption Partners/Merchants as per applicable
arrangement with Private Organization/Merchant and
Acquiring Bank