Money Transfer Business Sees 50% Growth in Transactions, While Reducing IT Service Costs by 35%
Money transfer business of one of the largest financial institutions in the world. The client has presence in several states, including California, New York and Texas, serving the Hispanic population in the U.S. with the most advanced technological platform, the highest security standards and top quality service since 1995. Today the company provides services in Mexico, the Caribbean, Central and South America, Europe and Asia.
The client was looking for a business partner to enable faster, more reliable and user-friendly transaction processes, while providing a secure environment compliant with industry and government regulations.
Three major areas of focus were:
- Develop and maintain applications for back office purposes and external use
- Develop and maintain software interfaces for business partners
- Provide support to both internal users and business partner users
Complexity was increased, because the scope included the following functional areas: payment agents, internal trading, cash management, risks, accounting, transmitter agents (partners), payment agents (partners), cash management operators, compliance representatives, customer service representatives.
The Solution by Softtek
Softtek established a high-performance team to provide the customer with a set of high-quality products that met the customer’s market conditions, as well as the government regulations for their business. The solution was delivered from Mexico to maximize the benefits of the Near Shore® delivery model (cost savings, proximity and time zones, bilingual support) for the following processes: money transfer services, anti-money laundering, Office of Foreign Assets Control (OFAC) validations, cash management, watch lists, and trading.
Softtek based its core solution on the following premises:
- Project managers equipped with proper tools to better administer the work of the different teams
- Dedicated core teams per business area to acquire and retain knowledge
- Flexibility to travel to client HQ as needed
- Work methodology customized to client’s needs
The customer was able to provide their business partners with a robust, secure, and
reliable set of tools as a result of the project. By providing business partners with an
improved user experience, the number of transactions grew by 50% from 2006-2009,
without increasing staff. This was made possible by technological advances, which
produced growth and higher revenue for the customer. Through an extensive knowledge
of the client’s business, Softtek was able to quickly detect problems and propose
improvements with end-users. The client also achieved a 35% cost reduction almost
immediately, through reaching 100% Near Shore® leverage (personnel working at
Softtek delivery center).
The Voice of the Customer
“Many thanks for your development and application expertise and leading a large
supporting cast in huge remediation efforts to make the Warranty applications
fit into and execute within the WDS environment…the Softtek nearshore team’s
development support was essential to making sure that things worked—in most
cases better and faster and more autonomously—after they were migrated.” --Director Systems Development
Founded in 1982, Softtek is a global provider of IT and business process solutions with close to 6,000 associates across 30 offices in North America, Latin America, Europe and Asia. With nine Global Delivery Centers in Mexico, China, Brazil, Argentina and Spain, Softtek provides in-depth, high-quality and cost-effective solutions to top-tier corporations in over 20 countries through on-site, on-shore and its trademarked Global Nearshore™ service delivery models. Creator and leader of the Near Shore® Industry, Softtek is the largest private IT service provider in Latin America. For more information, visit softtek.com.
All Rights Reserved © Valores Corporativos Softtek S.A. de C.V. 2010. Softtek®, the Softtek logo, Near Shore® and other Softtek products and services mentioned herein are registered trademarks or service marks of Valores Corporativos Softtek S.A. de C.V. or its subsidiaries in USA, Mexico and several other countries.