Transferring Money Internationally Becomes Easier and Cheaper with Sicap

Transferring money internationally, a large source of remittances from the developed world to the developing world, has just become easier and cheaper with the launch of Sicap at Mobile World Congress in Barcelona on Tuesday. Sicap is a fee-free means of transferring money internationally and domestically that can also be used to pay for pre-and post-paid mobile phone accounts.The launch of Sicap is of particular benefit to the 200 million people working abroad who regularly send remittances back home. The World Banks says remittances from workers in developed countries to developing countries totalled $328 billion in 2008, more than double the $120 billion in official aid flows from OECD countries, according to The Economist. India benefited by $52 billion from foreign remittances, more than the country received from foreign aid.The launch of Sicap will allow cash remittances to be sent more easily and cheaper than before. By following the on-screen instructions on the automatic teller machine, the sender will enter the phone number of the recipient, the expiry date and the withdrawal code and the cash amount to be sent. The recipient will then receive an SMS with a one-time access code generated by the Sicap Remittance Server. Together with the withdrawal code, the recipient can then withdraw the amount in cash from any operator owned Cash Remittance ATM or any other participating machine.Sicap currently serves more than 90 customers in 62 countries worldwide from 11 locations with more than 80 mobile operators, representing more than 550 Million subscribers.Sicap will also allow mobile phone companies the possibility to offer an ATM machine linked to their customer relationship manager ensuring a cost efficient (no commissions) means for cash remittances, cash top ups and a self service kiosk for the management of personal applications such as subscriptions.For mobile phone top ups, a pay-as-you-go subscriber (or even post-paid subscriber) can go to a cash top up machine, insert their cash and get an instant top up with no need for a bank account. It’s not an issue in the developed world, but in the developing world, many people do not have a bank account.To use Sicap, a mobile phone user goes to the Sicap Self-Service Kiosk and enters their details and PIN using the touch screen. The customer then navigates through the menus or enters digits on the keypad.Sicap aims make transferring money or updating mobile phone accounts easier, while providing mobile phone operators with a cheaper means of allowing consumers to add credit to or pay mobile phone accounts. It will also allow for an additional channel for selling, promoting and advertising products and services.It is planned that Sicap Cash Remittance ATMs will be installed in operator retail outlets or any other indoor, outdoor or offsite prime location. Servicing of hardware and cash handling will typically be outsourced to 3rd parties.The ATMs are connected to the operator’s Sicap Remittance Server. The server manages all transactions and interfaces with the appropriate systems. An interface allows operator staff to view and manage all transactions and information flows and to perform remote diagnosis of all Sicap Remittance ATMs.The Sicap ATM solution is co-developed by Sicap and Wincor Nixdorf.More information on Sicap can be found at

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