Small World is an international money remittance company ranked 3rd in the world. Small World has more than 250,000 cash pick-up locations in 160 countries and direct-to-bank account pay-out in more than 100 countries.
In Africa, settlement via local banks takes 3-5 days. Inflation and volatile FX create unwanted risk exposure, increasing transaction fees. As a result, customers do not get their money’s worth – not a fair situation, given the dire economic conditions of most recipients of incoming remittances.
Bancore provides Small World with instant settlement and real-time FX conversion. Bancore’s global payment gateway helps Small World settle in several optional currencies across multiple payment corridors. In 2019, Small World processed $100m remittance volume via Bancore and reduced transaction cost by 20%. Beneficiaries also received value above the average market rate.
