Client
JMMB

JMMB

Company Type
SME

Industry
Money Transfer

Location/Corridor/Type
Jamaica, Payout in Jamaica, Send to Jamaica

Business Problem
Modernise remittance platform for complex send/receive agent based network

Solution
MTE, ARM, Connections
Hosted (SaaS)

Results
Minimal disruption, a platform for growth, strong integration with MTOs & agents, continued value

Jamaican MTO JMMB adds spice to its technology platform with RemitONE

When JMMB embarked on a modernisation program for its remittance platform, they knew the project would be complex and in need of an experienced provider. They turned to RemitONE to ensure a successful outcome.

Background

JMMB Money Transfer is one of the biggest MTOs in Jamaica with several correspondent relationships with entities in sending markets worldwide. JMMB is a key aggregator of transactions – working with international MTOs such as MoneyGram, Sigue and Small World, aggregating transactions and distributing them via JMMB’s wide payout network of over 90 outlets on the island.

As JMMB’s business grew to significantly high transaction volumes, they realised they needed a sophisticated and robust money transfer platform to scale with their growth. They also knew that their specific requirements would mean a more complex project than usual and as a result they embarked on a rigorous vendor selection process.

Business Challenge

More specifically, JMMB required:

  • A platform to bring new offerings to market quickly in the intensely competitive Jamaican market
  • A platform to connect to their send MTO community to retain their competitive edge as an aggregator
  • Strong support for their agent model
  • A system that had leading remittance functionality already in place
  • A comprehensive training & implementation plan
  • An experienced partner to minimise disruption for existing customers

Money Transfer Solution

RemitONE provided JMMB 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 JMMB’s agent network to create and payout transactions in a secure and compliant manner
  • RemitONE CONNECTIONS – a service which creates a relationship between senders and payers in the RemitONE network
    Hosted (SaaS) platform

The RemitONE solution provided the following features for JMMB: 

  • Robust and easy to use web-based platform for JMMB’s agents that could be rapidly deployed across hundreds of branches for payout
  • Ready-made remittance platform with minimal customisations
  • A Webservices API, so JMMB can accept transactions from its sending MTO partners
  • A smooth and well-defined training and customer on-boarding process
  • Connect with other RemitONE clients rapidly through the RemitONE CONNECTIONS service and tap into new markets from which to accept inbound transactions
  • Enable JMMB to use the platform not only to accept transactions from correspondent partners for delivery but also to rapidly deploy a complete agent-based send system for their domestic send-agents

Commenting on the RemitONE platform, Ernest Edwards, Manager – Group IT Projects,  JMMB Group: “As an established leader in remittance in the Caribbean, JMMB went through a rigorous evaluation to modernise our remittance platform. After a successful pilot confirmed the selection of RemitONE, a detailed migration of the existing services and data was completed. The strong functionality of the RemitONE platform allowed JMMB to implement with minimal customisation and the regular updates to the platform continue to add value to our business”.

Business Benefits

Growth & scalability – since adopting the RemitONE platform in 2014, JMMB has experienced a X% increase in remittance volumes. It allows them to handle their large agent network and quickly implement change.

Focus & cost of ownership – having a secure, dependable, hosted platform has allowed JMMB to focus its resources on the money transfer business rather than divert expensive resources to manage their legacy systems and struggle to take on new initiatives and partners.

Compliance – secure adherence to KYC, AML regulation in a complex send/receive network.

Continued value – from RemitONE’s experience of bringing new capability to market that can be rapidly deployed across the business.

As an established leader in remittance in the Caribbean, JMMB went through a rigorous evaluation to modernise our remittance platform. After a successful pilot confirmed the selection of RemitONE, a detailed migration of the existing services and data was completed. The strong functionality of the RemitONE platform allowed JMMB to implement with minimal customisation and the regular updates to the platform continue to add value to our business.

Ernest Edwards, Manager - Group IT Projects JMMB Group