Case Study
Teeparam Exchange
The below numbers speak for the success of digital transformation for our client.
Increase in Remittance volume
Increase in Digital Registrations
Reduction in Compliance Costs
About Teeparam Exchange :
The company was founded in 2017 by Mr. Ramanan Gnaneswaren, with the aim of providing quick, reliable and cost effective money transfer services to the local immigrant community in Croydon. So as to facilitate cross border payments to India and Sri Lanka from the UK via digital channels in a compliant and secure manner to individual and corporate, Teeparam provided services from their office in Croydon and via a web portal that customers could access online.
Challenge:
Teeparam Money Exchange operated via the web portal which was a part of the CS Remit Suite from Calyx Solutions, but required manual screening of documents during the customer onboarding process which was time consuming and required a personal visit to the office.
As the pandemic struck, the company had to reconsider their processes mainly in terms of their online presence, onboarding and compliance with regulatory standards. The services were only available via the web portal or a personal visit to the company office, due to which Teeparam were losing out on customers who would prefer a much more modern, digital and quick service accessible with the tap of a button on their mobile phones. The need of the hour was also to take steps to ensure the safety of their customers while providing services to them.
“CS Remit and specially the compliance guidance provided by team of Calyx Solutions is invaluable. With their in depth knowledge the team can guide you in right way with what to do and what not to. Sometimes I prefer asking Calyx team member instead of my outsourced compliance team for help. Calyx team is very timely, punctual and most importantly they listen. All the best to the team. We have been using CEBS and other software services provided by Calyx Solutions. Very professional yet friendly support. Doing transactions is easy, updating rates is seamless. Compliance wise it's the best to suit our Money Service Business sector.”
Mr.A G Ramanan
Solution:
Teeparam were already using our web portal and back office services and hence had immense trust in our technological capability and the quality of customer service provided.
Due to increasing pressures from competitors providing quicker onboarding through digital means and money transfer services via mobile app, the company decided to subscribe to the Mobile app from the CS Remit suite and other features within the Money transfer software that enable digital onboarding of customers.
- Digital Onboarding:
Quick and easy onboarding process while complying with regulatory requirements of KYC, AML and Sanctions checks. This also makes it easier for their customers to get registered quickly once they have complied with all the onboarding requirements and be gain access to efficient, secure and trustworthy money transfer services for a lifetime.
- Mobile App:
Increased online presence due to the launch of the high-end money transfer app. The app gives their customers the freedom to manage their profiles and keep a track of the transaction history.