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Transferring money internationally made easier

Transferring money internationally made easier article image

It's even easier to sign up and transfer money internationally after a new agreement between international payments specialist NZForex and RealMe, to use its online identification service.  

Under the new agreement new customers no longer need to physically present identification documents.  

NZForex, a wholly owned subsidiary of the ASX listed OzForex Group Ltd (ASX: OFX), helps thousands of New Zealanders transfer money every year.  

Now through RealMe, a New Zealand government and New Zealand Post initiative, new customers can avoid having to go through physical idenfication processes when signing up to send money overseas.  

OzForex Group Ltd CEO Neil Helm says the new secure service is important to the business because it provides New Zealand customers with greater convenience by simplifying the sign up process.  

“We believe our customers will welcome the additional convenience. For customer with a RealMe identity they no longer have to fax or scan identity verification documents to sign up for the service.  

“By streamlining the on boarding process further it improves our efficiency, reduces administrative costs and minimises risk from the transaction process.”  

Having won the Australian Growth Company of the Year Award in October 2013, the OzForex Group continues to grow rapidly.  

During the 2014 financial year it increased turnover by 49 percent to almost NZ$15 billion in transactions from a total of 581,000 international money transfers.  

Benefits of RealMe  

New Zealand Post Head of Agency Services Mandy Smith says they’re particularly pleased that a company acknowledged for innovation has recognised the benefits of RealMe.  

“Big banks and financial service companies have been the early adopters of RealMe.  We’re also now receiving enquiries from a wide range of other sectors keen to benefit from the risk reduction and business process improvements RealMe provides, while giving a greater digital customer experience to their customers.”  

Mandy Smith says NZForex is also the first to sign-up for the new Datacom hosted integration to the RealMe service. This solution meant that NZForex could get to market quickly with minimal effort and investment on their side.  

“We are delighted to have provided Datacom’s latest SaaS offering, the Cloud Identity Integrator to NZForex.  What is most exciting about this gateway solution to RealMe is that it provides a unique method to rapidly access the full suite of RealMe services simply, quickly with zero capital expense,” says Datacom Director, Alastair Turrell.  News_NZ logo

Innovative step  

Richard Foy, head of Digital Transformation at the Department of Internal Affairs says “it’s fantastic NZForex is taking this innovative step for their customers. We know having a verified identity makes life much easier for consumers.”  

The NZForex brand has been operating since 2001 and is a wholly owned subsidiary of OzForex Group Limited, a global provider of online international payment services for consumer and business clients.  

Launched last year, RealMe is a partnership between the New Zealand government and New Zealand Post. It is the new and secure way for people to access services and prove their identity online within New Zealand. Using biometric verification technology, it boasts world-first capability in identity verification.  

How RealMe works to confirm your identity online:   

  1. If you want to apply for something online, like a bank loan, the bank will need to know who you are.
  2. You login to the RealMe service and tell it you want to share your details with the bank.
  3. Your identity data is securely stored by the existing, official organisation. RealMe sends an instant request to this organisation asking it to share your identity data with the bank. RealMe never stores the information you share. It simply acts as a gatekeeper
  4. The bank now immediately knows who you are, and can get on with processing your application  

Privacy protection was at the heart of the Real Me design and a number of independent privacy impact assessments were completed as part of its development.  

Individuals retain full control over personal information, who they send it to and when and to ensure the solution is highly secure.  

The RealMe service enables you to give consent to organisations that hold your official information to share it with another organisation. But only when you say it's okay to do so. Your account records provide a clear history of where and when you have used your ID.  

RealMe will not allow New Zealand Post or the Department of Internal Affairs to see or access the information on individuals held by organisations which use RealMe as their verification system. 

For more information, contact OzForex on: 1300 300 524 or visit www.ozforex.com.au

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