CASE STUDY

From Go-to-Market Planning to Licensing, Application, and Integration

A Remittance Startup Teams Up with NetRemit to Build Their UK-Africa International Money Transfer Business

Client Background

The client is a new entity in the UK remittance market sector, focusing on providing customer-centric money transfer services from the UK to African countries. However, the client faced numerous challenges, starts from licensing to go-to-market planning and turned to Macro Global Consulting. MG Consulting stepped in to provide comprehensive solutions to address these challenges, transform their vision into reality, and secure successful results.

Challenges Faced

Navigating the licensing process by completing the Financial Conduct Authority application process and establishing essential frameworks.
Building a user-friendly and efficient C2C Payment platform from the UK to African countries.
Integrating Third-Party Providers (TPPs) for KYC, AML checks, FX, and payment gateway for their remittance business.

Solutions Implemented

Streamlined Licensing Process: MG Consulting outsourced Money Laundering Reporting Officer service, supported FCA applications, and guided the client through regulatory procedures, resulting in faster approval of SPI Licence.
Implementation of NetRemit: The cross-border payment suite to promote seamless C2C transactions, user experience, compliance, and security.
Unified Third-Party Integration Services: MG managed the technical TPP integration, from technical documentation to actual TPP integrations, thereby providing comprehensive services for system integration.

Results Obtained

Successful FCA SPI license acquisition
Establishment of a strong compliance framework.
Launch of an intuitive C2C money transfer platform using MG NetRemit, resulting in minimal errors, strong user experience, and cost savings.
Efficient third-party integration, resulting in a faster time-to-market, scalable platform, and reduced risks & fines.

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