Essentially, the sender can have the money withdrawn from his account through an ATM transaction. The intermediary processes the payment, and sends a code to the recipient on his mobile that allows him to withdraw the money from any nearby bank’s ATM. The system will take care of necessary safeguards of customer identification, transaction validation, velocity checks etc.
The establishing of the Credit Registry of Legal and Physical Entities, which is in the function of commercial banks in respect of making better business decisions, also has a preventive impact on financial stability and decrease of credit growth.