The remittance market is worth 700-billion-dollars, and traditionally requires a network of partners that can accept and payout physical cash. This has resulted in many of the leading players in the sector maintaining relatively high fees.
Equipped with a lean and agile philosophical approach, Plato is entering the market intent on disrupting the remittance industry and bringing quicker, easier and more cost-effective payment transfers to customers. To achieve its goal Plato wanted quick entry to market and ease of access in learning about the customer and market pain points. The business needed to do so with relatively low capital investment and a fast prototype product.
Central features that the prototype produced needed to support were:
- Fast money transfers across Europe and status tracking
- Multiple debit card issuing
- Full spending control of cards
- Easy bill payments
Plato would need almost two years to acquire required regulations and to build a robust infrastructure that was market-ready. As a consequence, Plato’s focus and resources would quickly shift away from its customers, market and competitors to building the infrastructure and backhaul operations required to remain regulatory compliant
Plato, understanding the pain points this would create for its business and customers turned to TradeCore to manage its infrastructure and regulatory compliance. With the TradeCore platform in place, Plato gets battle-tested infrastructure consumed through API which abstracts the rich eco-system of vendors. On top of that TradeCore provides compliance-as-a-service together with the platform.
Every integration with the TradeCore platform starts with a workshop where a mixed audience of tech and business executives consult new customers on how to utilize the platform in an optimal manner. Plato was no exception, and through the workshop discovered the benefits of having its infrastructure managed by TradeCore; namely being able to focus purely on its customers and business proposition.
After a workshop and a signed NDA, TradeCore’s team created a private sandbox and API keys for Plato equipped with platform features needed for their use-case. This included:
- Digital Banking
- Core system
In less than a day, Plato was able to issue their first virtual card.
Throughout the integration process, TradeCore engineers were of great help to Plato. Plato had access to the shared channel on Slack and an open communication line to TradeCore engineers and product teams. This practice proved crucial in minimizing waste such as time spent communicating on e-mail and ineffective development procedures during the integration process.
TradeCore’s platform comes equipped with full support for card issuance and open banking capabilities in the sandbox environment. Plato was able to test all business cases before going to production. The first card issued and card top-up happened in less than a day after getting API keys.
Plato decided to perform user testing to gain an understanding of their target customer segment. They developed a simple mobile app connected to the TradeCore platform in less than a month and started getting valuable feedback.
Based on the research results, Plato differentiated themselves from other competitors, providing a physical debit card to the transfer recipients. This card is accepted in over 35 million locations worldwide - linked to the Plato account. Users have immediate access to funds anytime and can pay in stores, online as well as withdraw money at any supported ATMs. The card is of great value and enables great flexibility in where, when and how the funds can be spent.
Plato understands that remittance is a vital source of income for developing countries. The ongoing economic recession caused by COVID-19 is taking a severe toll on the ability to send money home and this makes it all the more vital that we shorten the time to recovery for advanced economies. Having a TradeCore as a partner, Plato can focus on improving the financial health of the wider population. TradeCore will focus on managing the correct regulations, infrastructure maintenance and underlying fintech infrastructure.
Masa Madden, Plato commented: “Transferring money has historically proven cumbersome and expensive. Thanks to TradeCore’s Platform and rich ecosystem of partners, we’ve built a world-class product much quicker than expected, meaning families are now able to seamlessly share funds and support each other in these most testing of times.”
Plato is currently in the closed testing phase and will start acquiring customers in a few weeks. We will be happy to post any updates on the partnership with Plato and their success story. TradeCore understands that supporting business as Plato together we improve developing countries’ financial health via more efficient money transfers.
Plato's digital and card solutions enable customers to share funds with family quickly and easily.