Al Fardan Exchange is one of the largest currency exchange based out of Qatar. Aside from changing currency notes, funds transfer and remittance is a key business segment for Al Fardan. Qatar hosts a non-resident population of more than 1.5 million workers drawn from across the world but with significant concentrations from South Asia, Philippines, Indonesia and Egypt. A large majority of this work force remits money to their home countries on a monthly basis. However, commercial banks in Qatar typically are not very interested in this business as it distracts their branch staff from serving their top end clientele.
Al Fardan Exchange saw an opportunity to provide high quality service to this customer base and establish a brand as the leader in this space. Given the essentially simple nature of the transaction, a key differentiator for Al Fardan was to provide support service and establish a large correspondent banking network to allow its customers the convenience of funds remittance to their home banking institution of choice.
This rapid multiplication of third party relationships led to a situation where the manual connectivity between Al Fardan and its correspondent banks could no longer be sustained and posed a significant business challenge. Hence, Al Fardan asked Techlogix to establish an integration backbone which would be used as a standard platform for connecting its internal systems with correspondent banks across the world.