Applicant name: RemitONE
Applicant type: Private Company
Headquarter City: London
Headquarter Country: United Kingdom
Innovation Name: RemitONE Connections
Innovation Type: Product
Category: Partner of the Year
Status of Innovation: In-market
Innovation Active Since: 01/01/2018
Innovation Description. RemitONE provides an end-to-end Software as a Service (SaaS) and License-based cross-border payments solution. Our platform connects all the members of the supply chain (partners) on a common technology platform to facilitate secure and compliant traditional and digital money transfers.
Our network of partners and clients worldwide includes compliance consulting firms, ID verification companies, payment gateways and processors, Open Banking service providers, SMS gateways, third-party FX rate providers, correspondent banks, source agents (send partners), and correspondent banks or mobile operators (payout partners). This allows our clients to provide a seamless customer experience, meet regulatory obligations, expand into new regions, and scale their businesses, among others.
RemitONE’s reputation as a prominent and sought-after marketplace entity has made it a preferred choice for partners to connect with. A typical MSB would run its entire business on the RemitONE platform, requiring all third parties to be ‘plugged’ into the RemitONE system. Thus, potential partners flock to RemitONE, wanting to connect to our system.
We work with competing supply chain members in their respective domains, such as Experian and GBG, who compete with each other in the IDV space, but both are plugged into the RemitONE system. As not every client uses one specific partner, RemitONE becomes a technology marketplace solution to which various service providers (partners) can connect and offer their services to RemitONE clients.
As a result, we are witnessing large multinational companies approaching us to join the network and forge new partnerships. Renowned companies such as Visa, MasterCard, Worldpay, MFS Africa, Worldline, Experian, and many more have already partnered with us, reinforcing our position as a market leader.
How do you describe the flexibility of your tool to customize to connect with other partners? At RemitONE, we are dedicated to delivering a flexible and customisable solution to our clients, often in the form of integrations with partners and third parties. We recognise the challenges of providing fast integrations in the software industry and have taken substantial measures to tackle this problem. By investing in the latest technology and simplifying transaction flow processes, we have developed a highly sophisticated Webservices API based ‘middleware hub’ that provides our clients with the flexibility to connect rapidly with other partners.
Our middleware has been proven to significantly reduce integration times in our industry by well over 50%, which is a game-changer. Integrations that once took 25 days of work can now be completed in just a few days. This represents a massive cost-saving for Money Transfer Operators (MTOs), as well as a significant improvement in the end-user experience through the enhancement of the MTO’s platform. This also ensure that all partners start generating revenues very quickly, once they’re plugged into the RemitONE middleware hub.
We are confident that our middleware offers the most efficient and cost-effective solution for integrating with other partners in the market. By choosing RemitONE, our clients can rest assured that they will have access to the latest technology, superior customer support, and a truly customisable solution that meets their specific business needs.
Why should companies choose you versus your competition? First and foremost, we offer a ‘global marketplace solution’ in our industry. Our technology acts like a marketplace itself and comes connected with a vast number of supplychain clients, partners and third parties worldwide, which sets us apart from competitors who are often more localised and specialised in their home jurisdictions. This means that we can provide our clients with greater flexibility and reach when it comes to their business operations and opportunities to expand into new markets.
In addition, what sets us apart from our competitors is our comprehensive end-to-end support for clients. While our competitors mainly provide technology platforms, we go above and beyond by offering support throughout the entire process. This includes assisting with license applications, navigating regulatory requirements, conducting feasibility studies and business plans, and providing post-license acquisition support, in addition to technology platform provisioning.
Futhermore, our approach is centred around forging alliances with our partners and working collaboratively with them to establish long term relationships. This enables our clients to confidently network with our partners, knowing they are reliable and trustworthy. We conduct rigorous KYC checks on both our clients and partners to ensure that they adhere to regulatory rules, which gives our clients and partners peace of mind that they are collaborating with reputable and compliant businesses.
Finally, our knowledgeable team is another reason why companies choose us over our competitors. We have a team of experts who understand the complexities of the money transfer industry and can provide bespoke solutions to meet our clients’ specific business needs. With RemitONE, clients can rest assured that they are partnering with a company that has the expertise, technology, and support they need to succeed in the global marketplace.
Name your best performance. One of our success stories in partnership integration is with HK Pinoy, who chose RemitONE as their technology vendor due to our ability to connect them quickly with over 30 partners. By utilising RemitONE’s REST APIs, HK Pinoy was able to rapidly onboard partners, resulting in a significant increase in transactions month on month. In fact, in the first quarter of 2021 alone, transactions increased by an impressive 616%, with projections for further growth in the future.
According to Deliuz Jr. M. Fermin, CEO at HK Pinoy, “As we are not a standard remittance business and operate on a B2B model, we needed a vendor that understood our unique needs. RemitONE’s operational know-how and award-winning technical features made them the clear choice for us. Our clients feel very comfortable knowing our technology platform is supplied by RemitONE, a trusted and award-winning compliance brand in the market.”
Overall, the partnership with RemitONE allowed HK Pinoy to focus on expanding their pay-out network for their clients, while RemitONE’s sophisticated platform ensured compliance with government regulations. The RemitONE system provided a bespoke solution that aligned with all of HK Pinoy’s business requirements, allowing the system to process high volumes of complex transactions quickly and easily.
What can you do better in terms of partnership? RemitONE is committed to collaborating with its partners to explore new opportunities for expansion and growth. We are constantly looking for ways to expand in specific markets and develop new products and services that can benefit our clients.
As an example, we are currently working closely with BP Ventures and have recently deployed cryptocurrency as a payment method. We are excited to expand this partnership in the coming year and explore new ways to innovate and provide value to our clients.
By fostering strong and mutually beneficial partnerships, RemitONE will continue to provide innovative and comprehensive solutions to its clients while driving growth for all members of its ecosystem. We believe that by working together, we can achieve even greater success and impact in the global money transfer industry.
What was the inspiration for this innovation? Technical connectivity through partnerships is crucial for achieving RemitONE’s mission to empower the global money transfer industry. By leveraging secure APIs, RemitONE can facilitate fast and secure money transfers, ensuring that funds are delivered to loved ones quickly, efficiently and at cost effective prices. This is especially important for migrants who need to send money back home to support their families.
Moreover, technical connectivity can enable RemitONE to reach unbanked populations and provide financial inclusion. By using mobile money and integrating with local payment networks, RemitONE can reach customers who do not have access to traditional banking services. This can help reduce the financial exclusion gap and bring millions of people into the formal financial system.
In addition, technical connectivity can also help RemitONE reduce transaction costs for its customers. By streamlining manual processes and using automation and digitisation, RemitONE can achieve cost savings that can be passed on to customers. This can help make money transfers more affordable, particularly for those who rely on them as a lifeline.
Who can benefit from your innovation most? Our innovation benefits all members of the supply chain, including startups looking to rapidly launch their money transfer services and established money services businesses seeking to expand into new markets.
Remitters and senders benefit from a seamless and reliable experience, with access to a wider range of options and personalised features that make their transactions more convenient. This enhances customer satisfaction and loyalty while increasing transaction volume and revenue for our partners.
Our innovation also benefits regulators and governments by promoting transparency in financial transactions. Our technology provides full transaction visibility and audit rails to central banks, ensuring compliance and promoting economic growth through greater connectivity.
In addition, our innovation also presents opportunities for other money transfer operators (MTOs) and banks to expand their network and capitalise on new revenue streams, further contributing to the growth and stability of the global money transfer industry.
What are you most proud of about your innovation? RemitONE takes immense pride in the way we have built our technology and added services around it to present to regulators, which has allowed our clients to trade. We have experienced significant growth in our partner network over the years, and we are always thrilled to help Money Transfer Operators (MTOs) save costs and survive using our technology.
One of our most successful collaborations was with UBA, where we replaced their legacy system with RemitONE’s modern, industry-leading platform. UBA faced a significant challenge as their legacy system was unable to support a 3rd party remittance channel and new initiatives, which was dragging down their business performance. With our platform, UBA was able to enjoy a better cost of ownership profile for its remittance platform while offering more functionality to its users and customers.
Lanre Bamisebi, CIO for UBA, was pleased with our relentless support during the implementation process, customization, and integration with UBA’s core system and other solutions. Despite a short implementation timeline and remote implementation and post-go-live support, the solution exceeded the proposed benefits, was delivered on time and within budget, showcasing RemitONE’s flexibility and adaptability.
Why do you think you should win this category? We believe we should win this category because of our dedication to building a trusted network of partners since we’ve been operating but most notably over the past 5 years. Our collaborative partnerships and commitment to connecting people have helped the remittance industry stay healthy and thrive. Our Connections have made it more possible for customers and diasporas to send money to their loved ones at low prices. We are most proud of our role in facilitating the growth of financial inclusion.
Unlike our competitors, we have a global-centric focus, we are ambitious and don’t limit ourselves to outreach to businesses globally, as we’re confident our robust technology and expertise make us a key partner others are keen to collaborate with. Our track record is a testament to this.
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