JMMB Money Transfer flourishes with RemitONE’s technology platform
Background
JMMB Money Transfer is one of the biggest MTOs in Jamaica with several correspondent relationships with entities in sending markets worldwide. JMMB Money Transfer is a key aggregator of transactions – working with international MTOs such as Ria, Sigue and Small World, aggregating transactions and distributing them via JMMB’s wide payout network of over 90 outlets on the island.
As JMMB Money Transfer’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 Money Transfer 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
- Comprehensive training & implementation plan
- An experienced partner to minimise disruption for existing customers
Money Transfer Solution
RemitONE provided JMMB Money Transfer 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, allows JMMB Money Transfer’s agent network to create and payout transactions in a secure and compliant manner
- RemitONE Connections – a service which makes a relationship between senders and payers in the RemitONE network
The RemitONE solution provided the following features for JMMB Money Transfer:
- Robust and easy-to-use web-based platform for JMMB Money Transfer’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 Money Transfer can accept transactions from its sending MTO partners
- A smooth and well-defined training and customer onboarding 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 Money Transfer 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 Money Transfer 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 Money Transfer 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 (and going live in 2015), JMMB Money Transfer has experienced a 619% 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 Money Transfer to focus its resources on the money transfer business rather than divert expensive resources to manage its 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 capabilities to market that can be rapidly deployed across the business.
RemitONE Helps Leading Central African MTO Accept Transactions in a Rapid and Secure Manner
Background
Express Union Finance are the largest money transfer financial institution in Cameroon with over 250 branches across the country. Express Union also carry out banking operations in 175 branches.
Express Union has correspondent banking relationships across Africa and Europe. They deal extensively with Bank d’Escompte (BdE), a leading French private bank founded in 1936.
BdE caters to the large Cameroonian and other Central African communities in France and acts as a source agent for several MTOs including Express Union.
Business Challenge
Express Union collects migrant remittances from BdE and distributes them across Cameroon through its vast branch network. BdE has its own unique remittance system in place for creating transactions. A smooth and secure mechanism was required by Express Union and BdE for exchanging transaction information several times on a daily basis.
Express Union also wanted a web-based, feature-rich and KYC & AML compliant money transfer management system. They approached RemitONE Consulting Services to find the optimum solution.
Solution
RemitONE Consulting Services proposed an innovative solution comprising of the RemitONE Money Transfer Management Solution (R1 MTMS) and a rapid and simple mechanism for information exchange via FTP server.
The R1 MTMS, a highly advanced and web-based money transfer platform can be used by Express Union to run their remittance operations in a centralised manner. BdE tellers can generate transactions in their own remittance system which can then dump all relevant files with the business critical transaction information onto an FTP server. Express Union’s R1 MTMS can then retrieve these files from the FTP server and update its records. The retrieval process is done every 5 minutes in order to ensure that the data in the R1 MTMS is up-to-date. The updated transaction records are instantly available for the assigned Express Union staff across their branch network for payout and account reconciliation purposes.
Business Benefits
Cost Savings – BdE can continue to create POS transactions in its own remittance system. This implies that it does not have to worry about training its tellers on new software, thereby ensuring cost savings in terms of resource allocation and time. Express Union save costs because they do not need a common remittance system with BdE but can make use of the R1 MTMS’s powerful features to grow their business exponentially.
New Market Penetration and Higher ROI – The idea of partnering with Express Union without having to switch to their remittance system for transaction creation is appealing to many banks and MTOs seeking to tap into the highly profitable Central African remittance markets. For Express Union, more source agents mean higher revenues. Express Union can apply the information exchange via FTP server approach with other banks as well.
Improved Business Process Management – With the R1 MTMS, Express Union can now ensure that all business critical transaction information is managed in a highly centralised manner and is instantly available to the right staff member at the right branch.
Future Plans
With the R1 MTMS, Express Union aim to expand quickly and have already engaged RemitONE to design and develop a similar transaction information exchange mechanism between BdE and Express Union branches in Democratic Republic of Congo and Gabon.
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.
Majd Al-Masri – Masrico
I am really pleased to be working with RemitONE. They have a credible name, a fantastic product and a great team of professionals.
Maureen Williams – Unity Link
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.