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.
RemTech Judging Panel
RemitONE’s solution shows that they understand the problem that needs to be addressed and have built a solution to it, rather than many others which have a solution but are not addressing a real-world problem. It is particularly noteworthy because their solution helps not just MTOs but regulators as well and could make a major difference to the problem of de-risking.
Peter Molders, Caleen Financial Services
RemitONE’s money transfer platform copes very well with our transaction volume and has the necessary functionality to meet our business, regulatory and customer needs. We are pleased with the system’s performance and the level of support we receive from the RemitONE team.