Applicant name: RemitONE
Applicant type: Private Company
Headquarter City: London
Headquarter Country: United Kingdom
Innovation Name: RemitONE Money Transfer Platform – Multi-MRM and Multi-ORM
Innovation Type: Product
Category: Innovation Remittance Solution
Status of Innovation: In-market
Innovation Active Since: 07/01/2022
Demonstrate what technology your product has that is different from the market: At RemitONE, we are proud to be the leading provider of innovative technology solutions for Money Service Businesses (MSBs), Banks and Fintechs across the money transfer and payments industry. What makes our product unique is that RemitONE goes beyond traditional money transfer systems – we have developed our technology and infrastructure to enable our clients to become Remittance-as-a-Service (RaaS) providers.
 
We’ve seen an increasing demand for RaaS, specifically from Fintech start-ups and MSBs looking to expand into new regions. This is due to the increasing difficulties surrounding obtaining licenses, bank accounts and being fully regulatorily compliant in different regions.
 
Built on RemitONE’s innovative technology, our two ground breaking products – Multi-Mobile Remittance Manager (Multi-MRM ) and Multi-Online Remittance Manager (Multi-ORM ) empower our clients to offer RaaS by providing multiple android and iOS compatible Mobile Applications (Multi-MRM) and multiple Online Portals (Multi-ORM), each with unique branding for different partners or agents. All transactions are processed through the same system, but are easily separated based on partner/agent.
 
Overall, this technology is supporting more Fintechs and MSBs to enter the market who are wishing to provide a service to their locality, and in-turn helping communities who may not currently be served by traditional providers. It’s also supporting established businesses with diversifying their product portfolios e.g. Vodafone can connect with RaaS and instantly enable remittance service for their tens of millions of customers.
Explain the functionality. Becoming a partner/agent of an existing RemitONE client (typically an MSB) provides immediate access to our platform without the need for licenses or bank accounts. Our platform offers numerous features, including KYC on-boarding, AML & Compliance, wallet functionality, payment processing, access to payment networks and settlement, access to beneficiary country MSBs, FX treasury, and infrastructure (Web/API).
 
For the partner wishing to provide a service to their locality, customers and diaspora, they benefit by being able to operate fully, and the mobile application offered is using their (the Partner’s) branding, logo, colours and thus retaining their trusted brand.
 
Multi-MRM is created with the existing RemitONE clients branding, but the configuration is set on the back-end allowing the application to be modified for different partners/agents of the MSB, and allows for country-based configuration, using different transfer types, different payment methods and many other operations. The configuration can be updated at any time, and it will be reflected on the mobile app of the user without having to rebuild and publish the app on the app stores.
 
The Multi-MRM has to do all of the above but many times over, adding to the complexity. The challenge was to handle all this complexity in the back end, whilst providing a good user experience.
Explain who followed your example and deployed the same technology and timeframes. In 2018, we launched multiple Online Portals (Multi-ORM) for our clients. Afterwards, we noticed that many competitors, including Control Money, White Wings, and Remit Anywhere, followed our lead.
For the partner wishing to provide a service to their locality, customers and diaspora, they benefit by being able to operate fully, and the mobile application offered is using their (the Partner’s) branding, logo, colours and thus retaining their trusted brand.
 
In early 2022, we released a brand-new, improved white-labelled Mobile Application, which represents a significant upgrade to our previous version. Moreover, in June 2022, we went one step further by giving clients the option to have multiple Mobile Applications (Multi-MRM), which we believe makes us the only technology provider currently offering this capability.
Do you know if this innovation is specific to only one market and which one? Our cutting-edge Multi-MRM is available worldwide, but it proves to be particularly advantageous in regions like Africa where e-wallets have become the primary mode of payment. We’ve also found that it’s a popular solution for receiving MSBs that want to set up a mobile application on the sending side, in countries like the UK and Europe.
 
 Moreover, our technology is making a significant social impact by bridging the gap between the unbanked population and facilitating financial inclusion. This, in turn, will contribute to the overall growth and development of the economy, enabling it to flourish and benefit society as a whole. 
Innovation Description Our cutting-edge Multi-MRM is available worldwide, but it proves to be particularly advantageous in regions like Africa where e-wallets have become the primary mode of payment. We’ve also found that it’s a popular solution for receiving MSBs that want to set up a mobile application on the sending side, in countries like the UK and Europe.
 Moreover, our technology is making a significant social impact by bridging the gap between the unbanked population and facilitating financial inclusion. This, in turn, will contribute to the overall growth and development of the economy, enabling it to flourish and benefit society as a whole.
Do you know if this innovation is specific to only one market and which one? Our cutting-edge Multi-MRM is available worldwide, but it proves to be particularly advantageous in regions like Africa where e-wallets have become the primary mode of payment. We’ve also found that it’s a popular solution for receiving MSBs that want to set up a mobile application on the sending side, in countries like the UK and Europe.
 Moreover, our technology is making a significant social impact by bridging the gap between the unbanked population and facilitating financial inclusion. This, in turn, will contribute to the overall growth and development of the economy, enabling it to flourish and benefit society as a whole.
What was the inspiration for this innovation? Our innovative solution stemmed from the realisation that smaller players in the industry were facing significant challenges in obtaining licences and bank accounts, as well as achieving efficiency and remaining compliant due to a lack of resources and budget constraints.
 
RemitONE’s Multi-MRM solution is not only beneficial for start-ups but also for established MSBs. For instance, we have clients like Metro Bank in the Philippines, who initially served only as receiving Money Transfer Operator (MTO) but wanted to expand their business to include the sending side of the transaction as well. The RaaS solution can enable them to quickly and easily become a full-service MTO without the need of obtaining licensing, saving them time and money, all whilst retaining their trusted brand.
Who can benefit from your innovation most? All members of the supply chain benefit from our innovation, particularly start-ups looking to get up and running rapidly, as well as existing money services businesses looking to launch into new markets.
 
Our RaaS solution benefits remitters and senders in remote communities who may not currently be served by traditional providers, that may not have any other option but to use informal channels. An additional benefit is that due to the costs saved through this solution more money will end up in the hands of the beneficiary.
 
Regulators and governments also benefit from our solution as money is pushed through legal channels as opposed to informal channels, ensuring that financial transactions are conducted in a transparent and accountable manner and contributing to the growth and stability of the economy.
 
This is also advantageous to other MSBs and banks as there’ll be more MSBs they can partner up with to expand their network and capitalise their revenue further.
What are you most proud of about your innovation? We have invested significant time and resources in developing a system that is capable of handling a range of complexities and delivering a user-friendly experience.
 
One of the main strengths of our innovation is its ability to handle a variety of use cases and provide personalised solutions to different users. We understand that every user is unique, and we have built a system that can adapt to different needs and requirements seamlessly. Our system can process large volumes of data quickly and accurately, allowing our clients to scale their businesses with ease.
 
Another key aspect of our innovation is its simplicity and ease of use. We have made a conscious effort to design our system with the end-user in mind, ensuring that it is easy to navigate, intuitive, and straightforward to use. We believe that this approach has played a critical role in the adoption of our solution, and we are proud of the positive feedback we have received from our users.
Why do you think you should win this category? RemitONE has pioneered a game-changing approach to money transfer systems that has inspired many other companies in the industry to follow our lead. Our comprehensive solution addresses the many challenges faced by businesses in the industry, and our platform offers unmatched levels of customisability and flexibility.
 
By leveraging our technology, our clients have been able to unlock their potential and scale their operations, becoming RaaS providers which has further contributed to the remittance community and economy.
 
Our innovation has allowed more MSBs to enter the market and foster greater competition. As a result, more people are gaining access to secure, compliant, and affordable financial services, even those who have been excluded from the traditional banking system.
 
Overall, we believe that our innovation has the potential to revolutionise the industry and help to bridge the gap in financial inclusion. We are proud of the impact that our technology has had on our clients and their customers, and we are committed to continuing to innovate and drive positive change in the industry.

TEAM MEMBERS

Full Name: Natalie Perkins
Role: Marketing Manager
Full Name: Aamer Abedi
Role: CMO
Full Name: Ababacar Seck
Role: Managing Director – Africa
Full Name: Oussama Kseibati
Role: Head of Sales