This convergence produces as a result the platform WEM, which is a system to promote financial tools that offer a lot of more possibilities than any other conventional models
To convert cell phones in a tool for the assistance of finnancial services, reducing the cost of transfers or international remittances.
The target is to carry all operations through cell phones, the main operations which makes possible that users are aware that they have all the provision of their office at their terminal: balance, movements and checks, payment by standing order, hiding services, cancellation of notebook and cards, transfers, orders, values, founds, cards, loans, deposit, allowances, insurances and taxes, among other operations.
It is equivalent to what is commonly known as banking platform, but WEM offers lots of possibilities, outstanding the information management, which can be configured depending on the specific needs of every customer; one system with integral solutions for every customer.
WEM provides the needed support to develop the authorization, reconciliation, clearing, and settlement and conflicts solution of all financial transaction, national and international.
Banks of all over the world have pursued for a long time the remittance market, one business that in some countries is not possible because most of the population is not on banking and / or they do not have access to a computer.
The agencies of sending money control the 70% of remittances which are sent from countries, and it is not rare that financial entities want to gain part of this business.
Despite the difficulty of accessing to new technologies in poor countries, the use of cell phones has been multiplied by four in the last decade, in contrast with what has happened with the number of banking accounts, which practically it does not exist.
Banking services through cell phones give people (who do not have banking accounts), the possibility of managing currency transfers in an easy, fast and safe way. So, operations from big banking companies and from some companies dealing with sending money abroad are in the same direction: using cell phone platforms as a tool to deliver these amounts.
WEM offers a suitable system to every side of the business and it DOES have the necessary capability to establish the agreements with both parts - banks and phone operators.
Current models of banking systems by cell phone are not different from what it already exists and they are only an adaptation of its use. Transferring money from one cell phone to another one exists from long time ago; most of cell phone companies offer this possibility, as well as the refund of the pre-paid cash to the own account. They focus the importance of what already exists but they do not contribute with anything new functionally speaking.
The largest worry is about the telephone application but what is really complicated is to make the cell phone platform operative and the back-office which can give the support to the authorization, reconciliation, clearing, settlement and conflict solution process.
In many of poor countries it is not possible to identify people, since there is no compulsory identification document and identification is only reduced to the development of census for elections.