Seamless Cross-Border Remittance Integration

Executive Summary

GlobalRemit, a UK-based international money transfer operator, wanted to capture a larger share of the lucrative remittance corridor to Pakistan. Their existing correspondent banking setup was slow and expensive. Karsaaz Solutions partnered with GlobalRemit to integrate directly with Pakistan's instant payment infrastructure, revolutionizing their service offering.

The Challenge

The traditional cross-border payment rails were severely outdated:

• Slow Transfers: Remittances sent via SWIFT often took 2 to 3 business days to reach the beneficiary's local account.
• High Fees: Multiple intermediary banks resulted in high transaction costs and poor exchange rates for the sender.
• Lack of Tracking: Senders had no visibility into the status of their funds once initiated.

Our Solution

We developed a robust middleware gateway connecting GlobalRemit directly to the local financial ecosystem.

Implementation Details:

• Direct API Integration: Integrated GlobalRemit's backend via secure APIs directly into the Raast (Pakistan's Instant Payment System) and 1Link networks.
• Automated FX Conversion: Developed a real-time foreign exchange conversion module locked to live interbank rates.
• Title Fetch functionality: Implemented a pre-validation API that fetches the beneficiary's account title before the transfer is executed, ensuring funds are sent to the correct person.
• Webhook Notifications: Engineered real-time webhooks to instantly notify the sender's app the moment funds hit the receiver's account.

The Results & Impact

The integration completely transformed GlobalRemit's competitive positioning:

• Instant Settlement: Transfer times went from 3 days to under 10 seconds, operating 24/7/365.
• Zero Failed Transfers: The Title Fetch feature reduced transaction routing errors and bounce-backs to zero.
• Volume Surge: Transaction volumes to Pakistan increased by 400% in the first quarter post-launch due to the superior customer proposition.