International money transfer service aggregators
Global Bank - looking to Improve Existing Processes by giving our customers the ability to strategically support multiple service providers (Money Transfer Organisations (MTO)) and integrate their offerings in to our ecosystem.
One of the world’s leading banks is exploring its multi-rail capability across international money transfers.
The solution should allow the bank to strategically support multiple service providers (Money Transfer Organisations (MTO)) and integrate their offerings in to the bank's ecosystem – new payments methods, faster and more cost efficient.
The current business has evolved around mono-rail payments (on SWIFT) and many aspects have developed into legacies which are hard coded, slow / costly to change.
One of the key enablers in this regard could be service aggregators – these are technology players with platforms which are either pre-integrated with known players or equipped to integrate much faster with any new player of the bank’s choice.
Some of the considerations include;
- Minimal changes to bank side integrations
- Integrate with low resource intensity
- Low maintenance – these services could come as fully managed or license based with support services