Challenge
FinCode’s MTA platform faced limitations as clients needed technology and regulatory licenses to operate cross-border payments. Bureaucratic delays and the demand for end-to-end solutions hindered adoption and market entry.
Solutions
FinCode launched Remit Junction, an FCA-licensed white-label remittance provider offering infrastructure, compliance expertise, licensing framework, and operations in a single launchpad enabling businesses to launch remittance services quickly and cost-effectively.
Results
Remit Junction helped businesses expand globally by breaking the barrier to launching remittance services. It solidified FinCode’s remittance leadership and is poised for further growth across EMEA.
At Fincode, we turn challenges into opportunities for innovation and growth. What began as a response to barriers in the remittance industry has evolved into Remit Junction, where the paths of technology, regulatory compliance, and financial inclusion meet.
By overcoming regulatory hurdles and bureaucratic delays, we’ve developed a business model that streamlines remittance services and enhances operational efficiency.
Challenges
FinCode’s long-standing flagship product, MTA platform, faced several challenges that hindered its full potential, chiefly:
- Limited Scope of MTA as a Technology Platform: While MTA was a strong technology solution, it was limited to just being a platform without addressing the broader needs of businesses. There was a growing need for not just a technology solution but a comprehensive service that included the regulatory backing to collect and disburse payments across borders.
- Delay in Securing Regulatory Licence: The licensing process for remittance businesses was often cumbersome, bureaucratic, and slow, taking years in some cases to obtain approval. Clients were eager to use the MTA platform, but many lacked the necessary regulatory licenses to operate in the remittance or payment space. This created a significant barrier to adoption, as clients couldn’t conduct business.
- Payment Industry dynamics: The industry was moving towards a demand for end-to-end solutions for cross-border payments. Clients were not only looking for technology but also the regulatory compliance and operational backing needed to handle the entire process of cross-border remittances, including collections and disbursements.
Solution Fincode offered to solve these needs
Taking the excellent remittance technology of MTA and merging it with our innovative plug-and-play approach to providing white-label financial solutions, we created Remit Junction, an FCA-regulated Remittance-as-a-Service (RaaS) provider that enabled businesses of all sizes to launch remittance services quickly and cost-effectively.
Remit Junction provides digital remittance technological infrastructure, payment switch, compliance engine, licensing framework, and operational management accessible through a single launchpad. This allows both money service and non-money service organisations, such as fintechs, e-commerce platforms, startups, NGOs, and more to offer remittance services like bank transfers, mobile money transfers, cash pickup, online money transfers, bill payments, airtime top-ups, card transfers, blockchain/cryptocurrency transfers, peer-to-peer transfer and collect and disburse payment without having to build or operate their own remittance infrastructures or spend years working to acquire licensing.
With Remit Junction, businesses and organisations of any kind simply sign-up for the service, setup and customise their distribution front like a custom web or mobile app, and launch their remittance service within days!
Through Remit Junction Fincode positioned itself not just as a provider of technology, but as a partner in the remittance business. By onboarding merchants, agents, and businesses globally, Fincode empowered them to initiate payments from the UK to anywhere in the world, offering both the technological platform and the regulatory backing to ensure a seamless and compliant service.
Result of FinCode’s RaaS solution
Remit Junction has been transformative for both Fincode and its clients:
Global Expansion of Services: Clients of Fincode could now operate in multiple countries, offering remittance services globally. This helped businesses scale and expand their offerings, creating new revenue streams in the cross-border payments sector.
Increased Adoption of the Platform: By addressing the regulatory bottlenecks and offering an end-to-end solution, Fincode enabled businesses (including small, Medium and large companies including Banks) to more easily adopt and use the platform for cross-border payments. Our regulatory licence as a payment institution removed friction for adoption.
Stronger Business Relationships: Fincode’s approach of viewing clients as partners (rather than just agents) fostered stronger, long-term relationships. This shift in perspective likely increased customer loyalty and satisfaction, leading to more businesses joining the RemitJunction ecosystem.
The shift from MTA to RemitJunction, with its end-to-end remittance services, helped Fincode solidify its position as a leader in the fintech space, specifically in the cross-border payments and remittance industry.
Our journey has only just begun! While Remit Junction is already established in the UK, we are now poised for expansion across EMEA. With our robust combination of advanced technology, compliance engine, and a commitment to fostering true partnerships, the future of cross-border payments is unfolding, and we’re leading the charge.
You are next!
Ready to start building the financial product your customers would love? Contact FinCode and let’s start designing the next financial powerhouse — your business.
