A strategic market that is still under-exploited
Financial transfers from diasporas now represent considerable sums for the countries of the South. For some of them, these flows even exceed official development assistance or foreign direct investment. Yet most local banks are still unable to tap their full potential. Why is this? Because they have neither the infrastructure nor the compliance required to operate effectively internationally.
Regulatory requirements often underestimated
There are many cross-border money transfer solutions available today, but few guarantee both speed, controlled costs and end-to-end regulatory compliance.
International transactions are subject to strict controls:
- Central banks monitor currency flows, and in many cases carry out their foreign exchange control and documentation duties
- The Ministries of Finance and Foreign Trade require full traceability of payments to justify import/export operations or investments
In addition, third parties (notaries, suppliers, supervisory authorities or various administrative authorities) require traceable and documented payments.
An individual who transfers 50,000 to buy a property in AfricaIf the transfer is to be registered by a notary, the transferor must be able to present all the documentation relating to the transfer and provide proof of the origin of the funds, so that the transaction is compliant. Similarly, an exporting company must be able to obtain all the documents relating to its transfer so that it can make a series of registrations and declarations to the authorities, particularly the customs authorities.
A PaaS platform for simplified, compliant transactions
This is where IYU provides real added value. Designed as a platform PaaS (Payment as a Service)IYU provides its correspondent banks with :
- A robust technical infrastructure in the cloudwhich can communicate with all banking systems
- Integrated compliance A rigorous LCB-FT framework implemented as an authorised institution supervised by the ACPR-Banque de France.
- Access to qualified customers and data to improve the efficiency and relevance of services offered to non-residents
With IYU, a bank in West Africa or North Africa can offer cross-border payment services with the same ease as domestic payments, while meeting the requirements of the authorities.
A double benefit for economic players
The advantage of a solution like IYU is that it combines the speed and competitive prices of a fintech with the rigour and compliance of banking standards.
For end users, this changes everything:
- Individuals with projects can offer full traceability of their flows, which are essential in investment contexts (real estate, financial products) and even for everyday remote payments
- Legal entities (institutions, companies, NGOs, importers/exporters) can justify their operations with the documentation required by customs, trade ministries or auditors
Backed by IYU, the corresponding banks offer a real competitive advantage: they become capable of managing international transfers, combining agility and compliance, while creating and deepening the link with their non-resident and diaspora customers.
IYU, a catalyst for regional growth
With an effective presence in West Africa, Central Africa, the Maghreb, and very soon in Asia and Latin AmericaIYU acts as a facilitator of North-South and South-North financial flows.
Its B2B2C model connects financial institutions, legal entities and individuals on a secure, flexible platform tailored to the diverse uses of diasporas.
Correspondent banks do not need to develop their own infrastructure or deal with the complexities of regulation on their own: IYU takes care of the entire technical and legal framework.
Towards a new generation of cross-border banking services
In a world where international transfers are multiplying, it's no longer enough to be fast or cheap: you have to be compliant, traceable and able to meet the growing demands of the authorities.
In this, IYU makes it easier for all third parties to carry out transactions in complete security and compliance, and goes much further by positioning itself as a a connector between financial institutions in Africa, Asia and Latin America and their diasporas in Europewith a clear objective: make every project possible and encourage a decisive impact in every country!
