How a major money transfer service provider automated its pricing decisions to attract new customers
A leading money transfer service provider uses its digital platforms and retail locations to send money on behalf of millions of customers around the globe.
This money transfer service provider approached FXC Intelligence to support the automation of its pricing. This was designed to underpin faster decision-making across its key remittance corridors and help it compete in an increasingly fragmented industry.
The challenge
The provider has been active in the industry for decades. However, as the industry continues to grow, with FXC Intelligence forecasting the consumer payments market to see a CAGR of 5.9% between 2024 and 2032, the market is becoming more fragmented and nuanced.
With increasing competition in the industry, the money transfer service provider set an objective to optimise and speed up its operations by automating pricing decisions. This was intended to help it to stay competitive and ahead of other providers.
In order to do so, the provider needed insight and data to compare its pricing to other providers in the space. It would use this information to underpin its business development strategy and help it to identify areas where better pricing decisions could be made.
The solution
The money transfer service provider approached FXC Intelligence to explore how the industry leader in cross-border payments data and intelligence could best support it to achieve its goal.
Through meetings and discussion where FXC Intelligence built a detailed understanding of the company’s needs, we identified that it would be able to achieve its goals by using the FX Pricing Dataset.
The provider chose to access the FX Pricing Dataset – which is designed to empower clients’ cross-border payments business with FX pricing, transfer speed and provider capability data – through the interactive portal. It also opted to receive intraday data.
This enabled its teams to monitor the pricing and product offerings of its competitors through rich and granular data. Using this intelligence, the major money transfer service provider made adjustments to both its long and short-term pricing strategies to help it to achieve its goals of retaining current customers and attracting new ones.
The result
The FX Pricing Dataset has become integral to the money transfer service provider’s day-to-day operations.
By leveraging FXC Intelligence’s data, it has managed to grow its acquisition of new customers across key remittance corridors.
The provider has continued to work with FXC Intelligence and expand its use of the dataset to more corridors as it continues to rely on timely, accurate and granular data to help it to reach its growth targets.
To learn more about the FX Pricing Dataset, get in touch discover how we can support you in reaching your goals.
Our FX Pricing clients
We have a range of clients using the FX Pricing Dataset across different verticals, including payments, banking, investors and funds, technology and fintech.
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