JMMB Money Transfer flourishes with RemitONE’s technology platform

Background

JMMB Money Transfer is one of the biggest MTOs in Jamaica with several correspondent relationships with entities in sending markets worldwide. JMMB Money Transfer is a key aggregator of transactions – working with international MTOs such as Ria, Sigue and Small World, aggregating transactions and distributing them via JMMB’s wide payout network of over 90 outlets on the island.

As JMMB Money Transfer’s business grew to significantly high transaction volumes, they realised they needed a sophisticated and robust money transfer platform to scale with their growth. They also knew that their specific requirements would mean a more complex project than usual and as a result they embarked on a rigorous vendor selection process.

Business Challenge

More specifically, JMMB Money Transfer required:

• A platform to bring new offerings to market quickly in the intensely competitive Jamaican market
• A platform to connect to their send MTO community to retain their competitive edge as an aggregator
• Strong support for their agent model
• A system that had leading remittance functionality already in place
• Comprehensive training & implementation plan
• An experienced partner to minimise disruption for existing customers

Money Transfer Solution

RemitONE provided JMMB Money Transfer with the following solutions:

• Money Transfer Engine™ (MTE), the industry-leading money transfer platform used by banks and MTOs worldwide
• Agent Remittance Manager™ (ARM), an agent-based money transfer system, allows JMMB Money Transfer’s agent network to create and payout transactions in a secure and compliant manner
• RemitONE Connections – a service which makes a relationship between senders and payers in the RemitONE network

The RemitONE solution provided the following features for JMMB Money Transfer: 

• Robust and easy-to-use web-based platform for JMMB Money Transfer’s agents that could be rapidly deployed across hundreds of branches for payout
• Ready-made remittance platform with minimal customisations
• A Webservices API, so JMMB Money Transfer can accept transactions from its sending MTO partners
• A smooth and well-defined training and customer onboarding process
• Connect with other RemitONE clients rapidly through the RemitONE Connections service and tap into new markets from which to accept inbound transactions
• Enable JMMB Money Transfer to use the platform not only to accept transactions from correspondent partners for delivery but also to rapidly deploy a complete agent-based send system for their domestic send-agents

Commenting on the RemitONE platform, Ernest Edwards, Manager – Group IT Projects,  JMMB Group: “As an established leader in remittance in the Caribbean, JMMB Money Transfer went through a rigorous evaluation to modernise our remittance platform. After a successful pilot confirmed the selection of RemitONE, a detailed migration of the existing services and data was completed. The strong functionality of the RemitONE platform allowed JMMB Money Transfer to implement with minimal customisation and the regular updates to the platform continue to add value to our business”.

Business Benefits

Growth & scalability – since adopting the RemitONE platform in 2014 (and going live in 2015), JMMB Money Transfer has experienced a 619% increase in remittance volumes. It allows them to handle their large agent network and quickly implement change.

Focus & cost of ownership – having a secure, dependable, hosted platform has allowed JMMB Money Transfer to focus its resources on the money transfer business rather than divert expensive resources to manage its legacy systems and struggle to take on new initiatives and partners.

Compliance – secure adherence to KYC, AML regulation in a complex send/receive network.

Continued value – from RemitONE’s experience of bringing new capabilities to market that can be rapidly deployed across the business.