Trans-Bit is an application that manages, executes and controls Money Transmitter operations with automated processes, user-friendly interfaces and customizable reports. It incorporates the complete process from the creation of the transaction up to the point where it's paid.
Trans-Bit is a Web based application; this means it can be easily implemented with minimum requirements. The complete application is comprised of 3 different components:
It is Bilingual (English / Spanish); users can easily switch language by the click of a button; the application has a centralized user control access and supports multiple currencies with different destination countries.
Strong security measures and rules are embedded in the application to prevent unauthorized users or computers to access the application; only System Administrators can create Users and PC IDs.
Transactions can be entered to Trans-Bit by any authorized corporate user using the Agent Application. This is useful for Money Transmitters with Call Centers attending Phone or Fax generated Money Transfers.
The Agent Application has as an "easy to use" wizard that guides the user through the process of creating a Money Transfer operation; the wizard has the following features:
- Customer and Beneficiary Lookup
- Quick retrieve of cities and states by typing the US Zip code
- Payer branch lists by City and State
- Expandable information panels for details review or editing
- Customizable receipt and printing options
We have included some basic reports to the Agent Application such as:
- Daily Balance report,
- Transaction Lookup,
- Exchange Rate and,
- Transaction Fees.
User access can be restricted by applying roles to each user, by doing this the System Administrator can control who access what.
Currency and Payer Management
The Management Module allows to:
- Create and configure Fee Tables and Currency Schemes to be assigned to each agent,
- Create and configure Reference Exchange Rates and Spreads to be used by the system for the operation,
- Maintain payer information such as branches, payment types (Cash or Deposit), countries, etc.
Agent Management
The Agent Management Module allows System Administrators to maintain Agent information including:
- Business Information
- Owner Information
- Assigned Equipment
- Communication Type
- Countries and currencies
- Fees and Exchange rates
- Payment Schedules
- Credit and ID Limits
- Commission Structures and Schedules
- Cancellation Charges
Accounts Receivable
An Accounts Receivable Module is included to assist in collecting money from the Agents in an easy way. Trans-Bit has different easy to use screens and reports containing valuable information to perform this duty efficiently.
Compliance
Compliance is performed using configurable system rules that can automatically inspect each transaction as it's received. Trans-Bit can also hold transactions to be manually inspected by the Compliance Office either to check it against the OFAC list or to verify the Identification information of the customer.
Each Transaction event is recorded in the Transaction Log which can be displayed by authorized users.
Trans-Bit has different processing services depending on the payers; Trans-Bit can currently be connected to the following gateways:
- BTS (Automatic process)
- Banamex (Manual Process)
- Bital (Automatic Process)
- Banorte (Automatic Process)
- FAMSA (Automatic Process)
Bitmore has developed some core reports to provide all user types with different types of information. These reports include:
- Agent Balance
- Transactions Report
- Process Transaction Report
- Collection Report
- Etc.
Trans-Bit also includes a Demo Mode for training purposes.