Cash Tech eyes overseas financial entities

Pune-based Cash Tech, a cash management solutions provider, is planning to sell its TC Remit to banks and financial entities in the US, UK, Latin America and Middle East. Earlier, Cash Tech had signed a similar deal with Land Bank of Philippines.

TC Remit is a web-based transaction offering that processes inward and outward remittances.

"We are actively pursuing banks in corridors with high remittance traffic. Remittances from the US and UK are high and we will focus on these two countries in a big way. Middle East/India, especially Saud/India traffic, will be another area of focus," said Parag Ekbote, head of sales.

The company is focussing on both destination and origination points. India is the highest destination for remittances, accounting for nearly 21 billion dollars each year. Worldwide,business opportunities in remittance transactions have been valued at $150 billion, according to a recent World Bank study.

The other high traffic sectors in the company's list are corridors such as the US/Mexico, US/Latin America, especially Mexico, Brazil and Argentina. India/Australia, where transactions are few but have high value, also figures in the list.

"Several banks have expressed interest in using the platform in India," added Ekbote.

The Nasdaq-listed subsidiary of Suntex, has just done a soft launch of TC Remit with the Philippines' biggest bank, the Land Bank of Philippines. The platform is expected to go live in two weeks.

Cash Tech invested around 18- 20 per cent of its two-year budget to develop this platform. TC Remit supports multi-channel remittances. It provides an easy-to-use and efficient common interface with security for transaction initiation.

With the currency and exchange rate setup, TC Remit supports multi-currency transaction initiation and cross-currency conversion within the application, Ekbote said.