APS International Boosts Growth with RemitONE’s Money Transfer Solution

Challenges and Solutions

Challenges Before RemitONE

  • Lengthy Integration Times: APS’s previous provider required extended integration periods, hindering their ability to onboard new partners efficiently. 
  • High Costs: Scaling their operations within budget proved challenging. 
  • Lack of Flexibility: Their existing system was not adaptable to support new features or functionality, limiting their potential for innovation and diversification. 
  • Restricted Network Expansion: APS faced difficulties in extending their reach and opening new corridors. 

How RemitONE Resolved These Challenges

  • Streamlined Integration: RemitONE reduced integration times by two-thirds, enabling APS to onboard new partners and services with greater speed and efficiency. 
  • Cost-Effective Solutions: The RemitONE platform offered a cost-effective alternative, allowing APS to scale and innovate without excessive financial strain. 
  • Export and Payment Gateway Integrations: Numerous payout integrations were implemented, facilitating a significant increase in transaction volumes. Additionally, payment gateway integrations provided customers with more options and convenience. 
  • Tailored Solutions: RemitONE worked closely with APS to thoroughly understand their business objectives and the obstacles they faced. Through consistent collaboration, RemitONE made regular system enhancements that supported APS’s unique operational goals. 
  • Expert Team Support: RemitONE’s experienced team ensured a smooth implementation process and ongoing support, helping APS overcome roadblocks and maintain momentum. 

Results and Benefits

Key Metrics

  • Transaction Volume Growth: APS achieved a 200% increase in transaction volumes. 
  • Client Retention: The modern, feature-rich and user-friendly platform strengthened customer loyalty and attracted new users. 
  • New Revenue Streams: APS successfully launched additional services such as mobile top-ups and bill payments, diversifying their income sources. 
  • Partner Expansion: The platform’s seamless integration capabilities enabled APS to enter new corridors, such as Germany and Sweden, and establish new partnerships. 

Enhanced Capabilities

  • Modernised Compliance Software: APS now operates on a cutting-edge platform that ensures efficiency, scalability, and compliance with industry standards. 
  • Higher Customer Retention: Innovative features such as loyalty programmes and promotional codes have enhanced customer engagement and satisfaction. 

Future Plans

APS International is set to continue its growth journey by:

  • Expanding into additional corridors to widen their reach. 
  • Enhancing their superapp with even more innovative features. 
  • Further diversifying their service offerings to meet evolving customer demands. 

Conclusion

This partnership illustrates how a tailored, flexible SaaS solution like RemitONE can empower businesses to innovate, scale, and thrive in the competitive money transfer industry. By working collaboratively to address challenges and seize opportunities, APS International and RemitONE have cultivated a partnership that drives success. 

Ready to unlock your business’s full potential? Schedule a free consultation with our expert team today and let’s supercharge your growth: https://www.remitone.com/consultation-booking-oussama/ 

Cyprus-based G.S Cashline leverage RemitONE Software to Streamline Operations

Business Challenge

  1. The need for a highly customisable solution that could adapt to their specific requirements and facilitate easy changes 
  2. Limited global reach, restricting their ability to serve a broader customer base 
  3. Using separate systems for their operations in Greece and Cyprus instead of all-in-one suite 

Money Transfer Solution

RemitONE addressed G.S Cashline with the following solutions: 

  • Money Transfer Engine™ (MTE): industry-leading money transfer platform used by banks and Money Transfer Operators (MTOs) worldwide 
  • Agent Remittance Manager™ (ARM): an agent-based money transfer system, allows G.S Cashline’s branch tellers to create transactions in a secure and compliant manner 
  • RemitONE Connections™: Access to our global network of banks, MTOs and payment getaways, to help G.S Cashline to expand its global reach and create more seamless transaction processes for their customers

Benefits and Results

  • One Unified System: G.S Cashline implemented RemitONE MTE™ software, which allowed them to use a single system across both Greece and Cyprus. This streamlined their operations, making them more efficient and reducing the complexity of managing separate systems. Since partnering with RemitONE, they experienced a remarkable 1,700% increase in transaction volume in the Greece corridor over a 3-month period.
  • Highly Customisable Platform: The RemitONE ARM™ enabled G.S Cashline to request and implement changes quickly, ensuring their system could evolve with their needs. 
  • Enhanced AML and Compliance measures: Strengthened their AML and compliance protocols with live ID verification system for online customer onboarding. This system verifies the authenticity and real-time presence of individuals, enhancing security and mitigating the risk of fraud. 
  • Global Expansion: With RemitONE’s network, G.S Cashline established 11 new connections, including corridors to Africa, allowing them to serve African migrants and diasporas in Greece and Cyprus.

If you are a Money Service Business interested in G.S Cashline’s offering or interested in RemitONE’s Money Transfer Software solution, please email marketing@remitone.com. 

HK Pinoy accelerate expansion after adopting RemitONE Money Transfer Platform

Background

HK Pinoy is an established and trusted pay-out aggregator, providing Money Transfer Operators with an extensive pay-out network to Africa. They aim to improve efficiencies in the market and provide their clients with cost-effective, fast and compliant cross-border remittances.

Operating since 2015, HK Pinoy quickly realised that building their own technology platform from scratch was time consuming, complex and expensive. In the early stages of their development, they decided to adopt a SaaS Money Transfer Platform from RemitONE, so they could rapidly go to market and focus on expanding their pay-out network for their clients.

Business Challenge

HK Pinoy required a money transfer system that was able to overcome several business challenges, including:

  • Simplify complex operational transactions
  • Ensure compliance measures are practised on behalf of their clients
  • Provide one single API for their clients
  • Create detailed reports

Solution

As an aggregator, HK Pinoy are making use of REST APIs provided by RemitONE in order to expand their partner network. This has allowed them to rapidly onboard partners resulting in an increase in transactions month on month. In the first quarter of 2021 alone, transactions have increased by 616% and it is projected to increase in the coming months.

RemitONE provided HK Pinoy with the following solutions

  • Money Transfer Engine (MTE), the industry-leading money transfer platform used by banks and MTOs worldwide.
  • Compliance Manager (COM), one of the world’s first business rules-driven compliance platforms, set by your regulatory authority the engine uses its sophisticated algorithm to enforce them.
  • Hosted SaaS platform.

Business Benefits

Since adopting the RemitONE Platform, HK Pinoy has realised the following benefits:

Operational efficiency – RemitONE were able to create a bespoke system for HK Pinoy aligned to all their business requirements. The RemitONE System can process high volumes of complex transactions quickly and easily, in a compliant manner.

Deliuz Jr. M. Fermin, CEO at HK Pinoy explains, “As we are not a standard remittance business, we are B2B, our model is not classic in the market, we had to choose RemitONE, for their operational know-how and award-winning technical features.”

Accelerated Expansion – As a client of RemitONE, HK Pinoy benefits from introductions to the vast RemitONE network, helping them to expand their client base. By adopting the RemitONE Platform, HK Pinoy was able to start speaking with and onboarding clients quickly because the technology infrastructure was built and ready to go.

Enhanced Compliance – With the RemitONE system, HK Pinoy can adhere to government regulations and security protocols allowing every transaction to be checked against AML and KYC standards.

Deliuz Jr. M. Fermin, CEO at HK Pinoy explains, “Our clients feel very comfortable knowing our technology platform is supplied by RemitONE, a well trusted and award-winning compliance brand in the market.”

Future Plans

The future looks bright for HK Pinoy, currently they have 30+ partners who are using the APIs on the RemitONE production system and they are looking to extend this further by opening new corridors across Africa, Latin America, Middle East and South-East Asia. In addition to adding new functionality such as mobile wallets.

If you are a Money Service Business interested in HK Pinoy’s offering or interested in RemitONE’s Money Transfer Software solution, please email marketing@remitone.com.

RemitONE helps Comfort Remit successfully obtain SPI license

Business Challenge

The FCA has strict regulatory requirements and Comfort Remit were seeking expert advice on navigating through the regulatory framework.

RemitONE Consulting conducted sessions to understand Comfort Remit’s vision and business model, gathered all the necessary documents from them, advised them on how to fill out the FCA application, liaised with the FCA Case Officer, and submitted the completed application with all the necessary paperwork to the FCA on behalf of Comfort Remit.

RemitONE Consulting used the RemitONE money transfer system as the basis for Comfort Remit’s FCA application which was approved by the FCA in record time.

Money Transfer Solution

Comfort Remit required a money transfer system that is compliant with the second Payment Services Directive (PSD 2) and met the FCA’s regulatory requirements. RemitONE setup a test version of the money transfer software, which matches the FCA’s requirements for security and compliance, and helped Comfort Remit acquire their SPI license.

Business Benefits

As Comfort Remit are now independently licensed, they are able to offer their services directly to their customers rather than working with MTOs. They can now serve their customers directly via online and mobile apps and offer a variety of services to them, including remittances, mobile wallet payments, utility bill payments and airtime top-ups.

Comfort Remit can now save time and costs by connecting with RemitONE’s partner IDV providers, payment gateways and SMS gateways.

Comfort Remit can also access new markets rapidly by tapping into RemitONE’s ecosystem of clients and partners worldwide.

Leading International MTO Real Transfers Moves to the RemitONE Platform

Background

Real Transfers, a highly respected MTO sending from Ireland, New Zealand, Switzerland and the UK and specialising in Latin American markets, particularly Brazil, has signed up with RemitONE to use the industry leading RemitONE Money Transfer Solution (MTS) for its international money transfer operation. Real Transfer joined RemitONE in 2013 and have had rapid growth since then. Having partnered with several important players in the remittance industry, Real Transfers wanted a robust, secure and feature-rich money transfer platform that could flexibly integrate with third-party systems of banks, ID service providers, rate feed providers and others whilst coping with impressive growth.

Real Transfers plans to make use of RemitONE’s Ecosystem to tap into new markets with RemitONE introducing Real Transfers to several banks and MTOs which are already on the RemitONE platform.

Mr Juliano DeMoreas, MD, Real Transfers, commented, “I am very happy with the RemitONE system and even more with your customer service. I can tell that you really value your customers. We look forward to working with RemitONE to provide convenient remittance services at competitive rates to our customers.”

Mr Anwar Saleem, CEO, RemitONE said, “We are very pleased to be working with Real Transfers. Their staff are extremely friendly and professional and we value our special relationship with them. I envision great cooperation between RemitONE and Real Transfers as we both focus on technology and strive to deliver an enhanced customer experience. We look forward to a long-term relationship.”

Business challenge

  • Streamline business processes – Real Transfer initially started with the Sale model in order to have greater control and access to their data as this was the requirement from the regulatory body. The information needed to be hosted locally.
  • IT infrastructure management – They soon migrated over to the SaaS model as they wanted RemitONE to manage their IT infrastructure and software while they can focus on remittances. This eliminated the complexity of building, maintaining and hosting a solution.
  • Compliance/ Fraud prevention – Real Transfer required a system that adheres to KYC, AML and regulatory reporting standards with the ability to track and monitor every transaction. Security is crucial for you to protect your customers’ money and personal data. Effective compliance is crucial for you being regarded as a trusted player in your chosen markets. RemitONE provided Real Transfer with both these elements and more.

Money Transfer Platform

Money Transfer Engine™ (MTE), the industry leading money transfer platform used by banks and MTOs worldwide.

Agent Remittance Manager™ (ARM), an agent-based money transfer system, to allow Real Transfer’s branch tellers to create transactions in a secure and compliant manner.

Online Remittance Manager™ (ORM), an online remittance platform used to create transactions through a website portal that will be white labelled to reflect your brand identity.

Mobile Remittance Manager™ (MRM), a downloadable app that can be used by customers to register and send money on their mobile device.

Hosted (SaaS) platform

Business Benefits

Enhanced Compliance – With the RemitONE system, Real Transfer is able to adhere to government regulations and security protocols allowing every transaction to be checked against AML and KYC standards.

Integrations – the platform has been integrated with a number of correspondent entities however Real Transfer wanted the following integrations: Banco Paulista, More Money and Banco Rendimento in order to strengthen its business network.

Improved Business Process Management – the RemitONE platform gave Real Transfer the ability to manage agents, auto route transactions and create business rules in an efficient manner based on their requirements.

Growth & Scalability – the ability to grow and scale was an important factor for Real Transfer. The RemitONE platform is architected to support very high volumes of transactions, customers and agents. We have created a single platform that is so well designed that it takes you through the growth barriers without the need to switch.

UnityLink Powers up with RemitONE’s Platform Enabling Remittance to Ghana

Background

UnityLink Financial Services Ltd is an international money transfer business, established in 1998, devoted to serve the European – African remittance corridors. With over 40% market share of the remittance market from the UK to Ghana, processing over one million transactions a year and over 3000 collection points in Ghana, UnityLink also provides services to remitters in the Netherlands, Republic of Ireland, Italy, Germany and the US through their impressive agent network.

To cope with their phenomenal growth and rapidly rising transaction volumes, in 2010 UnityLink needed a highly robust and scalable remittance platform with advanced compliance and security controls. They wanted to provide their agents with the ability to create and deliver transactions easily. They also wanted to make it easier for their customers to create transactions online from home, work and mobile devices. Lastly, they wanted stronger integration with other MTOs and banks and have the ability to offer value-add services to their customers.

Business Challenge

More specifically, UnityLink required:

  • A compliance rules management system that allowed for additional compliance procedures, over and above FCA and FinCen’s KYC and AML standards
  • A high performance, scalable platform customisable to individual requirements
  • Streamlined business processes
  • An enhanced user interface with appropriate security measures
  • Improved teller pay-out functionality
  • Full audit trails, improved accounting and reporting
  • Improved security, ID and address verification
  • Easy data migration from the old system to the new platform

Money Transfer Solution

RemitONE provided UnityLink with the following solutions:

Money Transfer Engine™ (MTE), the industry leading money transfer platform used by banks and MTOs worldwide with a built-in compliance rules engine

Agent Remittance Manager™ (ARM), an agent-based money transfer system, to allow UnityLink’s branch tellers to create transactions in a secure and compliant manner

Online Remittance Manager™ (ORM), the online self-service remittance platform, to let UnityLink’s customers create transactions online through laptops, tablets and smartphones

Webservice Interface that allows integration with clients and partners, both for sending and receiving transactions

UnityLink now has an end-to-end money transfer platform that offers the following features:

  • A compliant system with robust KYC procedures and AML checks against OFAC, EU Sanctions, PEPs and HM Treasury lists
  • A platform to implement rigorous compliance rules
  • Significantly improved accounting, audit trails and reporting
  • Better bank branch management and functionality
  • Utility bill payment and mobile top-up payments with Airtel integration
  • Improved login security
  • An online portal, both desktop and mobile versions
  • Better segregation of their US business, using custom functionality for that region
  • A reliable and stable integration with global partners such as WorldRemit, Small World, Money Express and others
  • Integrations to send to multiple mobile top-up service providers

Ms Maureen Williams, Operations Manager, UnityLink, commented “The RemitONE platform has allowed us to expand our business operations at an accelerated pace without compromising on KYC and AML compliance. RemitONE’s support team are always responsive, friendly, professional, and helpful.”

Business Benefits

Since adopting the RemitONE platform, UnityLink has realised the following benefits:

Performance and Scalability – scalable solution that has grown over the years as their business has grown with various developments

Third party integrations – has allowed rapid growth and transaction volumes to increase as partners are able to send transactions to Unity Link to pay-out through their system in Ghana.

Security and Compliance – using RemitONE’s industry-leading Compliance Manager™, UnityLink can be assured that their business is fully compliant with regulatory procedures and requirements. Moreover, UnityLink is provided with the flexibility of adding custom rules with RemitONE’s Compliance Rules Engine™

Significant Cost Reduction – With the latest remittance technologies, UnityLink has automated several labour-intensive tasks. They are now able to offer competitive rates and pass on the savings to their customers. This improves customer loyalty & retention.

Agent Empowerment – Agents using the RemitONE system have much more control over the creation, management and processing of transactions. This improves response times to special customer requests and other unforeseen transaction issues.

Customer Empowerment – With the RemitONE’s Online Remittance Manager™, UnityLink can empower the customer to send money online, quickly and securely from the comfort of their homes or mobile devices.

Leading MTO Tempo adopts RemitONE system to expand business operations

Background

Tempo has been in the Money Transfer Industry for the last 30 years, serving people across the world, with offices in France and Germany.

Tempo’s key objective was to make money transfer convenient and borderless to meet the different needs and habits of diverse people as well as create options for millions previously left without access. With bank transfer and pick up locations in Europe, Asia, Africa, North America and South America, Tempo’s services are built on reliability, comprehensive support and personal assistance.

As Tempo’s operations grew, they wanted to adopt a system that was capable of allowing them to accelerate growth, process transactions securely and be compliant in all areas of the business.

Business challenge

Tempo wanted to focus on three key areas which were: business growth, security and compliance. To help them achieve this, they required a money transfer engine that was scalable, robust and compliant whilst adhering to Bank of France’s requirements.

Money Transfer Solution

RemitONE provided Tempo with the following solutions:

  • Money Transfer Engine™ (MTE), the industry leading money transfer platform used by banks and MTOs worldwide
  • Agent Remittance Manager™ (ARM), an agent based money transfer system, to allow Tempo’s own agents and 3rd party agents to create transactions in a secure and compliant manner
  • RemitONE’s Online Remittance Manager™ (ORM) and Mobile Remittance Manager (MRM), the digital self-service remittance platforms, allowing Tempo’s customers to create transactions through laptops, tablets and smartphones

In addition to the above platforms, RemitONE implemented the following key features for Tempo to enhance their accounting and compliance processes:

Super Bank Functionality – permits Super Bank users to be linked to multiple banks, allowing the Super Bank user to:

  • View credit logs of banks the user is linked to
  • Have its own credit log with all entries of its linked banks converted into a single currency
  • Have a credit balance in a single currency
  • View Transactions (Live and Past transactions)
  • View Processing banks
  • Access to web service method ‘Get Payout Transactions’

Points-based additional compliance checks – A sophisticated new screen allowing for points-based checks is available to the admin users. There are 7 categories that can be given points, which when they add up to a maximum amount, will force the transaction to be held for compliance.

The categories are:

  • Number of beneficiaries this remitter has sent to
  • Number of countries this remitter has sent to
  • Amount sent (above declared monthly income)
  • Country of destination (doesn’t correspond to the country of birth)
  • Number of operations per month
  • Age of customer (between 18 and 20)
  • Destination country with list of sensitive countries (add points if country on list)

Weighted compliance rules – Configurable weighted compliance rules to trigger when total weighted rules exceed 100%. Some compliance rules trigger false positives, which results in extensive manual checks (this can be around 15% of all transactions). If weighted compliance rules are deployed, the number of false positives can be reduced significantly.

PEP and Sanction lists – Some of the lists to name are: OFAC, HM Treasury, EU Sanctions, UN Sanctions, Australian DFAT, Dutch Sanctions, Monetary Authority of Singapore (MAS), Every Politician, CIA World Leaders, EU Members of Parliament, CoE Parliamentary Assembly, GB Insolvency Disqualified Directors, INTERPOL Red Notices, UN Consolidated Sanctions, SDFM Blacklist, Swiss SECO Sanctions/Embargoes, OFAC Consolidated List, US Denied Persons List, GB Consolidated List of Targets, EEAS Consolidated List, Kyrgyz FIU National List and World Presidents DB

ID Verification – Automated KYC via online ID checks, including passport and address verification against remitters when they register or attempt to send money over a certain amount.

Bureau De Change – A service that allows consumers to exchange one currency for another

Tempo now has an end-to-end money transfer platform that offers the following features:

  • A compliant money transfer system which is in line with regulatory bodies
  • Ability to handle 3rd party agent networks & expansion of other agent networks
  • Ability to handle online and agent transactions using one system

Business benefits

Simplified inhouse development– By making use of RemitONE’s API, Tempo can do their own developments, such as money transfer rates board, without having to rely on other parties.

Enhanced access to global networks – With our API, Tempo can now easily integrate with partners, clients and remittance hubs around the world.

Improved Fraud mitigation – By having greater control over transaction creation, management and processing, Tempo is able to enforce KYC and AML procedures with ease and mitigate fraud.

Increased RoI – Increased automation and efficiency have allowed Tempo to increase their transaction volumes through multiple channels, thereby increasing their Return on Investment.

Noble Runs their Successful Remittance Operation on the RemitONE Platform

Background

Established in 2002, Noble are an Authorised Payment Institution (API) that currently provide money remittance services to the ethnic migrant communities living in the United Kingdom. Presently, a significant part of Noble’s business comprises remittances from the UK to Pakistan. Noble also send remittances to Sri Lanka and Africa via international third-party service providers such as Small World.

As Noble’s business grew, they realised that they needed a robust, scalable and web-based system that gave them the ability to adhere to compliance rules. As a result, they began the search for a new vendor which had a solution to meet these requirements and more.

Business Challenge

Noble collected remittances at their UK branches and then sent them to Pakistan for pay-outs. They needed a web-based, feature-rich and KYC & AML compliant money transfer management system that could create high volumes of transactions in a secure and rapid manner whilst ensuring all compliance checks are enforced at all times.

Money Transfer Solution

RemitONE proposed a solution which consisted of having a core money transfer engine with other modules including Compliance Manager to perform KYC and AML checks against international PEPs and Sanctions lists, Online Remittance Manager (ORM) to allow customers to send money online and Agent Remittance Manager (ARM) to continue the in-branch services.

Business Benefits

Since adopting the RemitONE platform, Noble has realised the following business benefits:

Transaction monitoring is much more efficient as the RemitONE system stores all details of transactions and gives Noble the ability to generate specific reports e.g. pending transactions report, compliance report and more.

Adhering to compliance rules is much easier as Noble are able to create compliance rules based on particular criteria and remitters and beneficiaries are checked against KYC rules. This means that the risk of fraudulent transactions has been significantly mitigated.

Reaching out to customers through digital channels has become much easier for Noble.

Kabayan selects RemitONE to build their UK to Philippines remittance business

Background

Headquartered in the UK, Kabayan Remit is one of the leading brands in the money transfer industry focusing on the UK to the Philippines corridor. Their parent company – Kabayan Capital – was already trading successfully in the loans sector for the Filipino diaspora in the UK. Getting into the money transfer space to cater to their impressive and loyal customer base was a natural evolution, so they launched Kabayan Remit and for that they needed a proven money transfer platform.

Kabayan Remit has as their payout partners some of the biggest brands in the Philippines, including Globe and E-Money Plus.

Their excellent social media presence continues to target their customers with loyalty programs to ensure they return for additional added-value services.

Business Challenge

More specifically, Kabayan required:

  • A sophisticated online solution to match their tech savvy customers
  • Support with licensing arrangements and a 3 stage go to market strategy
  • Ability to generate promotions, discounts & loyalty programs
  • Integration with mobile network operators (Globe)and remittance network giant E-Money Plus in the Philippines
  • Robust online card payments from customers
  • Rapid deployment to get to market quickly but would allow for scale
  • Online capture and automated verification of customer details in line with AMC and KYC regulations

Money Transfer Solution

RemitONE provided Kabayan with the following solutions:

  1. Money Transfer Engine™ (MTE), the industry leading money transfer platform used by banks and MTOs worldwide
  2. Online Remittance Manager™ (ORM), the online self-service remittance platform, to let Kabayan’s customers create transactions online through laptops, tablets and smartphones
  3. Hosted (SaaS) platform

The RemitONE solution provided the following features for Kabayan Remit:

  • MTE integration with ID Verification service provider Experian to ensure EDD and KYC checks are performed automatically
  • The platform allows Kabayan Remit to set a range of promotions & discount rules for customer loyalty initiativesg. 10% discount to any remitter who sends £100 in the Christmas period
  • Robust and easy to use online platform for Kabayan Remit’s customers
  • Multiple payment methods for remitters are available in the system e.g. bank account transfer, SOFORT Banking and integration with a payment processor to facilitate debit and credit card payments online
  • Integration with mobile network operator Globe and remittance network E-Money Plus for payout

Business Benefits

Growth & Scalability – The RemitONE platform has played a key role in helping Kabayan Remit witness over 500% growth in their transaction volumes within a year. The platform has scaled rapidly with KABAYAN REMIT’s ever increasing transaction volumes.

Building upon the success of their UK operations, Kabayan are now aggressively looking to expand into Europe, Scandinavia and North America.

Integration – The platform has integrated with a number of correspondent entities in the Philippines, allowing Kabayan Remit to strengthen and rapidly grow its business network.

Customer loyalty – The RemitONE platform has allowed Kabayan to benefit from the existing customer base of Kabayan Capital and has added value to the overall customer relationship and promotional offerings.

Empowering Remittances to South Asia and Beyond with Bank Asia

Background

Bank Asia, one of the largest private sector banks in Bangladesh, aims to serve people with modern banking products, both at home and abroad. Bank Asia has introduced modern technologies in Bangladesh, including ATM, SMS, telephone and online banking services.

Bank Asia has encouraged innovative new technology adoption across the board to ensure its staff deliver optimum customer service and care. Bank Asia wanted to apply this vision to its vast money transfer operation and serve the Bangladeshi diaspora in the UK as well. It approached RemitONE to deliver a multi-channel, robust and compliant remittance platform to its wholly owned UK based subsidiary company, B A Exchange.

Business Challenge

Bank Asia needed a proven money transfer system for its UK business, B A Exchange, to address the following issues:

  • Ensure compliance with FCA’s KYC and AML standards
  • Streamline business processes
  • Manage high transaction volumes
  • Give customers the choice of sending money through B A Exchange’s branch or website

Money Transfer Solution

RemitONE provided Bank Asia with the following solutions:

  • Money Transfer Engine™ (MTE), which is the industry leading money transfer platform used by banks and MTOs worldwide.
  • Agent Remittance Manager™ (ARM), which is the agent based money transfer system, to allow Bank Asia’s branch tellers to create transactions in a secure and compliant manner
  • Online Remittance Manager™ (ORM), which is the online remittance platform, to help Bank Asia’s UK based customers to create transactions on B A Exchange’s website and Facebook page.

Bank Asia now has an end to end system that offers the following features:

  • A compliant system with robust KYC procedures and AML checks against OFAC, PEPs and HM Treasury lists
  • A solution to easily import customer data from legacy systems
  • A platform to implement and test compliance rules
  • A secure and compliant online remittance platform with Social Media integration to allow the more tech savvy Bangladeshi youth to create transactions online via several online portals

Business Benefits

Since adopting the RemitONE platform, Bank Asia has realised the following benefits:

Significant Cost Reduction – With the latest remittance technologies, Bank Asia has automated several labour intensive tasks. It is able to offer competitive rates and pass on the savings to its customers whilst improving customer loyalty. The online remittance service means that it doesn’t need to invest heavily in setting up more branches.

Enhanced Brand Recognisition – Using Social Media integration with Online Remittance Manager™, Bank Asia was able to enhance the digital campaigns and brand awareness online for B A Exchange.

Agent Empowerment and Fraud Mitigation – Agents using Money Transfer Engine™ has greater control over transaction creation, management and processing. Bank Asia is now able to enforce KYC and AML procedures on their agent network with ease and mitigate fraud.

Staff Empowerment – With the RemitONE system, B A Exchange’s business critical information is managed in a centralised manner and is instantly available to the right member of staff at the right time.