There has been a sharp growth in remittance of money from non-resident Indians to family, friends or relatives living in India, since 1991. These remittances have exceeded foreign direct investment in the recent years, and have been valued at 66.1 billion compared to $46.84 billion as investments in 2012-13.With its ability to handle event flows and micro processes with ease, Amper proved to be a reliable choice for an authorized online Electronic Money Exchange provider, to build a system to help people remit money to India.
Service providers including banks charge up to 5% hidden costs for transferring money across borders, excluding the transaction fee, conversion fee and exchange fee that are levied for a remittance. This raised the demand for easy reliable platforms providing better service with minimum fee for a remittance. Being a major player in the FOREX market the customer required a highly secure system that adhered to the intricate government regulations involved in currency exchange and transfer.
The solution involved multiple complex and interlinked processes that when executed successfully, resulted in the money remitting in the target account. This maze of processes included interaction with external interfaces that tracked remitters involved in money laundering, blacklisted remitters, frequent offenders. Escalation scenarios like currency fluctuations, revisions in Government regulations, changes in bank transaction format details and missing or invalid transaction IDs were required to be handled in this one unified solution.
The online money transfer system was designed and developed on AmperAXP. It has more than 30 different processes as micro services and event monitoring procedures interlinked with each other through integration with external systems.
The procedures involved in the system:
Some of the escalation scenarios:
The escalation scenarios are critical and involve human intervention which are tracked by several internal workflows. The rupee value is transferred to the target bank in India when the escalations are resolved.