The M SYSTEM™ primarily facilitates money transfer transactions executed directly between banks and MTOs. (see Fig.4a).

On the Bank and MTO graphic user M SYSTEM™ interface(s), Partner Banks quote FX offers to buy the hard currency sums for a desired local currency amount that a remitter wishes to transfer through a licensed Matrix International Holdings Ltd MTO (see Fig. below).

The M SYSTEM™ provides to the MTO (in favour of the remitter) with a receipt containing the following:

(1) a transaction reference number that must be forwarded to the recipient to be presented at the collecting bank;
(2) details of the bank and branch where the transaction has taken place; and
(3) other details of the transaction. The M. SYSTEM™ database stores all transaction data and makes the necessary details available to the Bank and the MTO.

The bank will pay out the remitted funds in local currency to the recipient on presentation of the reference number and the bank's required form of personal identification. The M SYSTEM™ (where legally permitted) also support paying out hard currency to recipients for participating banks that wish to do so.