Question

You currently work as an Accountant at BBVA. BBVA Transfer Services (BTS) offers processing, monitoring, settlement, aggregation, and regulatory compliance support services as a solution for companies with international payment services needs. BTS developed a proprietary IT platform that enabled consumers to quickly and safely send money to Mexico, Latin America, and many other countries, while at the same time, remain fully compliant with all applicable state and federal laws and regulations. This proprietary platform enabled BTS to offer its service to third-party banks and other licensed money transmitter organizations, who in turn offered it to their end customers. With its new system, BTS initially targeted the fast-growing money remittance market from the U.S. to Mexico, and then broadened its distribution reach to the Central and South American markets.

What sort of transactions would you encounter in that field? What are the impacts of those transactions on the business? List and describe several examples.

Answer 1

Transactions that we can encounter in that field:-

1) Multiple real-time payments to various accounts.

2) Deposit to account payment option

3) Cash payout at banks

4) electronic fund transfer

5) Payments to government accounts, tax payments, other regulatory payments etc.

6) Foreign outward remittance

7) Foreign inward remittance

With these transactions, their business will increase its area of operations. If the same will be safe and secured, it will be profitable to the entity. However, all these transactions should be as per the laws and regulations of the different countries where the company wants to expand its business.