Welcome to RTpay

Digital currencies for the world’s poor

The current family remittances market is approximately $1 trillion per annum,
50% through legal routes and the rest via illegal Hawala services that exist because the legal services are either:

  • Too expensive – with costs averaging around 9%, according to the World Bank (despite an overdue G20 target of 5%)
  • Not available to the least wealthy due to lack of bank accounts or sufficient Know Your Customer (KYC) documentation to qualify

RTpay and its highly experienced partner companies specializing in central bank risk management reporting and the management of payment systems for major Mobile Network Operators (MNOs) around the world have designed a new solution for this global problem.

ACU diagramBy integrating RTpay’s sophisticated foreign exchange settlement and hedging programs, a closed distribution blockchain accounting structure, and multiple networks of agents for collecting and distributing cash payments, we have created the capability for an entirely new network that will enable the vast number of people who wish to remit relatively low-value amounts to their families in other countries to improve their financial wealth and spending capability.

How do we do this?

The basis of the program is as follows:

  • We reduce the complication of transferring funds into over 200 currencies around the world, by melding regional groups into just six published digital currencies.
  • Each day, the rates are published for every major currency against the six digital currencies – and for the six against their core fiat components. This enables any sender and recipient to know the exact amount they can send and receive, in both the digital currency and the fiat currency that underlies it.
  • The simplicity of this system enables the lowering of costs for transfers, as many transactions can be netted at the digital level, saving conversion fees. This is particularly important for intra-regional transactions, which are currently often at the highest cost as they suffer double conversion fees.
  • Smaller economies can benefit from being in a larger currency bloc, which enables a smoothing of any excessive short term currency swings.
  • The option for recipients to hold any funds in the digital currency – and so save on the conversion costs for going to cash – also enables them to access better prices for financial services such as healthcare and mortgages.
  • The aim is to provide a facility for limited free insurance cover for recipients as part of the package.
  • It also enables international merchants to sell at lower prices with simpler accounting, as they only need to price in six (not 200) currencies.
  • Finally, if VAT is applied to cross-border sales, it can be calculated, collected and submitted to the relevant tax authority in real time as part of the transaction and conversion flow.

Find out more:
> Digital currencies for the world’s poor
> Lowering costs for money transfers

Comprehensive solutions for e-commerce merchants trading internationally

E-VATThe change in EU regulations for the settlement of VAT on digital goods and services from January 2015 is causing confusion and risk for many merchants. Given the shortness of time available before this new regulation comes into effect, merchants and auditors need to have a reliable solution that can handle the new requirements in an efficient, cost-effective and simple-to-manage system.

RTpay has a software solution that can manage conversion between currencies for merchants both within and outside of the EU and the Eurozone, while KPMG has considerable experience and expertise in tax management. Together there is an opportunity to create a system that will enable a merchant to offer a superior product to EU consumers, while relieving that merchant of most of the obligations involved in calculating and settling the due VAT to the correct Tax Authority.

Contact RTpay for further details on how we can be of help.

Real-Time Solutions for Remittances, Benefits and Government Payments

RTpay is a not for profit organisation which actively promotes and helps develop innovative Real Time solutions using modern, tried and tested, Real Time technologies.

We work with governments, tax authorities, fraud analysis and transaction specialists, credit card companies and banks to create Real Time solutions and approaches for national and international information and financial transfers.

Digital Payments, Transfers and Remittances

A joint report by the World Bank Development Research Group, the Better Than Cash Alliance, and the Bill & Melinda Gates Foundation to be submitted to the G20 Group emphasises the importance of digital payments, transfers and remittances for the G20 goals of broad-based economic growth and financial inclusion.

Global RemittancesThe report urges strong action by G20 countries and other stakeholders to ensure that G20 policy objectives in the key areas of financial intermediation and increasing efficiency of and access to payment, savings, insurance, and credit services are achieved.

Identifying a sharp reduction of costs and increased transparency of remittances as a key factor in achieving these goals, the report also identifies regulatory difficulties as a crucial barrier in achieving financial inclusion and fairness in cross-border person-to-person payments.

The report urges the G20 to create an enabling environment that fosters private-sector innovation, to encourage new business models to address the critical concerns that confront regulators, including anti-money laundering and counter financing of terrorism (AML/CFT), and to encourage governments and regulators to take on board the guidelines produced by The Financial Action Task Force (FATF).

At RTpay we advocate the introduction of a global real-time system that will facilitate cross-border person-to-person remittances, using sophisticated monitoring and fraud checking to ensure that identities are verified and FATF guidelines adhered to so that regulation can be applied with a lighter touch.

Furthermore, by offsetting the foreign exchange costs associated with these remittances – often vital in ensuring the economic well-being of immigrant workers’ families back home – against purchases by higher net worth individuals in developing countries, the overall cost can be brought down to well below the G20’s stated target of under 5%.

Contact us for more information on RTpay’s proposals.

For the full report to the G20, see http://www.gatesfoundation.org/~/media/GFO/Documents/What%20We%20Do/G20%20Report_Final.pdf


Real Time tax collection

The advantages of Real-Time collection can be applied not only to indirect taxes such as VAT but equally to a range of other national and international central financial collection and distribution systems, including PAYE and Benefits Payments.

Tax collection ratios can be significantly improved if electronic transactions are processed using a coherent, coordinated and centralized system, particularly if due tax can be collected during the course of the payment.

With efficient tax collection leading to greater tax revenue, it becomes more feasible for benefits to be paid, infrastructure to be improved and sustainable capacity building to be achieved – and financial inclusion can become part of every citizen’s opportunity.

The RTpay Central Server System

RTvat is working proactively with a number of governments and organisations to develop systems which are efficient, effective and resistant to fraud.

Working with tax authorities and tax organisations worldwide

RTpay are proactive in working with national and international groups to support the use of innovative technology solutions in tax collection. We provide technical expertise, consultancy and application solutions on a not-for-profit basis.