CASE STUDY
Enhanced Compliance, Reduced Costs: NetRemit Revolutionises Cross-Border Payments
Tired of False Positives and Slow Transactions: Witness the NetRemit Transformation of a UK remittance service.
Client Introduction
Our client is a renowned remittance service provider in the United Kingdom, engaged in international payments for individuals and businesses. After encountering numerous challenges with their current systems, they turned to Macro Global looking for secure, affordable, complaint, and real-time cross-border transactions, improving their transaction monitoring operations and efficiently fighting financial crime.
Challenges Encountered
- Massive transaction volumes hampered effective real-time monitoring.
- Legacy systems created operational bottlenecks and limited the ability to adapt to modern requirements.
- Detection of false positives and negatives led to unnecessary investigations and potential regulatory breaches.
- Keeping pace with changing international regulations proved difficult.
- Lacked advanced mechanisms to detect suspicious transactional behavior beyond basic name checks.
- Vulnerability to threats posed by money laundering and fraud.
Solutions Implemented
To address these issues, the institution partnered with Macro Global and deployed NetRemit, a cutting-edge cross-border payment platform, equipped with AI and machine learning capabilities for better transaction monitoring. Key features of the solution included:
- Real-Time Transaction Monitoring: Integration of risk-based rules and limits for thorough evaluation of high-value or high-risk transactions.
- Machine Learning for Fraud Detection: Anomaly detection algorithms to spot irregularities and tailor rules for identifying suspicious activities such as smurfing and structuring.
- API Integration: Connect with external databases for enhanced monitoring and automated generation of Suspicious Activity Reports.
- Risk Scoring System: AI-powered validations to enhance customer and transaction assessments while aligning with global KYC/AML standards.
Results Obtained
- 25% Reduction in Compliance Costs, saving approximately £28,000 annually.
- 30% Increase in Fraud Detection, identifying an average of 15 additional fraudulent transactions monthly, safeguarding finances and reputation.
- Near Real-Time Transaction Processing, improving cash flow and customer satisfaction.
- Reduced False Positives and minimised unnecessary delays.
- Automated Operations led to processing a larger volume of transactions with improved accuracy and speed.
- Preserved Reputation with a robust, future-proof system ensures ongoing protection against financial crime.
