Direct, instant, and secure fund transfers
The services that a bank or credit union offers, regardless of its size, can directly impact its ability to attract and retain clientele. Understanding and adapting to the changing landscape of service offerings is a crucial strategy for growth and sustainability.
Convenience is paramount in the modern era. Customers expect seamless, secure, and diverse options. Digital peer-to-peer payments are rapidly becoming the gold standard around the globe.
Moreover, the right offerings can enhance cash flow, reduce the risk of fraud, and expand reach.
Operating at the industry level, Bevertec ESP-Link™ Money Transfer Solution provides financial institutions the ability to offer their customers seamless, secure, and instantaneous inter-bank digital funds transfer capabilities between institutions.
These digital peer-to-peer payments are the go-to solution for direct, instant, and secure fund transfers between bank accounts. Designed to simplify financial transactions, Bevertec’s MTS connects customers directly to their bank accounts, providing a hassle-free payment experience.
MTS can further provide financial institutions with a complete solution, including built-in capabilities of card management, electronic payments, and internet banking functionality, if needed.
The interoperability between all participating financial institutions helps reduce the barriers between payment systems and introduces an efficient, cost-effective, and innovative payment ecosystem that benefits end users and further helps digitalize payments in the economy.
Bevertec ESP-Link™ Money Transfer Solution is unmatched in its ability to move money directly between bank accounts, eliminating delays and costly administration.
Customers can transfer funds directly between bank accounts without the need for intermediaries.
Bevertec's Money Transfer Solution works within a country's network of banks and credit unions that subscribe to the service.
Customers can connect their Money Transfer Solution account to their bank account through their bank or credit union's mobile app or internet banking platform.
This means customers do not need to manage a separate wallet or additional account when their financial institution supports the service.
Customers can transfer funds within minutes, supporting a fast, secure, and efficient transaction experience.
This helps financial institutions meet customer expectations for immediate digital payment services.
Transactions are efficiently processed through Bevertec's Money Transfer Solution at lower marginal costs compared with other cash-based channels.
End users can send and receive money without extra charges from Bevertec MTS. Individual financial institutions may apply their own fees.
Customers can easily identify users through their registered email address or mobile phone number.
Recipients receive notifications and can accept payments by linking their bank account, where required.
Users register through their bank's mobile app or website and link their email address or mobile phone number with their account number.
The sending customer chooses the recipient, enters the amount, and confirms the transaction. Funds are transferred directly to the recipient's account.
Recipients receive a notification. If already enrolled, the funds are deposited directly into their bank account. If not enrolled, they can complete a simple enrollment process to receive the money.
Customers can access the money transfer service through their existing bank or credit union apps or websites.
Customers can enjoy near-instant transfers, helping them move money when it is needed.
Customers can use the service knowing that the right security measures are in place for every transaction.
End customers do not need to manage extra accounts if their bank or credit union supports Bevertec MTS.
Customers can send and receive money without additional transaction fees from Bevertec MTS. Individual financial institutions may apply their own fees.
Financial institutions can rely on a solution built on Bevertec's banking technology experience since 1981. Bevertec is regularly put through rigorous security checks and is Payment Card Industry compliant.
The solution enables a convenient digital payment service that can exceed customer expectations and improve the overall banking experience.
Bevertec ESP-Link™ Money Transfer Solution offers financial institutions an opportunity to create an additional revenue stream through transaction volumes by tapping into the cash transaction space.
As cheque processing decreases and digital payments become more common, financial institutions can free up resources for other initiatives.
Banks and credit unions can set limits on transaction amounts per transfer or per day, giving them greater control over the service levels offered to customers.
The shift toward digital money movement brings benefits beyond the individual customer experience.
Reducing cash use can help reduce theft, fraud, and counterfeit money circulation within the economy.
Financial institutions and businesses can reduce the cost and operational burden of managing cash.
MTS provides details on movements that may have previously been handled by cash, supporting investigations, audits, and better transaction visibility.
ESP-Link™ Money Transfer Solution helps reduce reliance on cash and cheques, supporting a more connected and digital payment ecosystem.
The solution is currently available for transactions within a country, linking accounts across participating banks and credit unions.
A fully operational debit switch provides the operational backbone for funds transfers between participating financial institution accounts.
The central MTS server provides financial institutions with customer registration and service feature controls. It also provides API plug-ins for participants to integrate the service into their respective customer solutions.
The highest gains are achieved when participating financial institutions actively participate in the ecosystem, helping deliver full functionality and broader customer adoption.
The implementation of a money transfer service is a specialized use case derived from the proven capabilities of Bevertec’s transaction switch, ESP-Link™ Financial Transaction Solution, Comprehensive Card Solution, and Alpha Online solution.
Bevertec has extensive experience in facilitating money transfers using a range of techniques, including:
For organizations looking to establish or upgrade their online banking capabilities, Bevertec’s Alpha Online Internet and Mobile Banking solution can also support secure, real-time funds transfers between accounts at participating financial institutions.
Bevertec ESP-Link™ Money Transfer Solution helps financial institutions make transactions simpler, faster, and more secure from the convenience of the customer’s mobile device.
By connecting participating financial institutions into a secure digital payment ecosystem, the solution supports direct bank-to-bank money movement, improved customer convenience, reduced administration, and a stronger path toward digital payments.
Based in Toronto, Ontario / Canada, Bevertec CST Inc. has been providing the best staffing and banking software solutions to institutions all over the world since 1981. We also serve outside of Canada: North America, South America, Central America, Asia, Africa, Europe, Middle East and The Caribbean.
For more information about MTS please fill the following form and a Solutions Specialist will contact you shortly.