Cross Boarder Foreign remittance is a significant source of income banks, especially in the payments area. The lion share of the revenue in this service vertical depends on how many exchange houses a bank is able to onboard and how agile the on-boarding process is, with the bargaining power on the side of the exchange house, banks have to take on the burden of integrating with the remittance house. To add to this, different exchange houses have different interfaces and authentication mechanisms. Due to these complexities, there were delays in onboarding these exchange houses resulting in the bank falling short of its market share in this area.
We analyzed the systems of various remittance processing systems to see what’s common in them. Upon which, we designed an integration platform that allows the bank to easily change protocols in order to integrate with the remittance system of any exchange house. Coupled with the advanced payment router we designed for the bank, they were able to quickly scale the number of exchange houses they’re connected to, and more importantly, onboard those exchange houses at 60% faster.
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