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.