CASE STUDY
From Legacy Laden to Leader Again:
UK Foreign Bank Revives
P2P Cross-Border Market Share with NetRemit
Legacy System Draining Your P2P Profits? Discover how a leading UK bank revived its P2P international remittance business with NetRemit’s modern solution.
Client Overview
A foreign bank in the UK, which led the UK-India P2P remittance market, faced declining transaction volumes due to limitations in their legacy system, resulting in a loss of revenue and market share. It partnered with Macro Global to deploy NetRemit, a modern, scalable solution, to boost their P2P cross border payment operations.
Challenges Faced
- Inability to integrate with modern third-party providers.
- Back-office operations bottlenecks leading to inefficiencies.
- Predefined business rules hinder adaptability to market conditions.
- Legacy on-premises system facing challenges in configurability and scalability.
- In-house application lacking robust platform configuration options.
- Lack of expertise in currency exchange, fraud detection, compliance, and modern methodologies.
- Significant overhead expenses for hardware, software licenses, and maintenance.
Solutions Implemented
The strategic adoption of NetRemit effectively addressed the challenges of legacy systems by following means:
- Implemented NetRemit’s NAC to facilitate seamless integration of TPPs.
- Provided KYC/AML compliance tools, a modern web interface, a mobile app, and streamlined back-office processes.
- Flexible rule engine to enable dynamic pricing strategies, compliance adjustments, and loyalty programs.
- Cloud-based platform with microservices architecture.
- A central dashboard for real-time insights and rich analytics tools.
Results Obtained
- Significantly increased transaction volumes and regained market share.
- Enhanced customer satisfaction and loyalty.
- Streamlined operations.
- Cost reduction & resource reallocation.
- Enhanced scalability & flexibility.
- Adoption of built-in security features and regulatory compliance.
- Enhanced agility and innovation.
