RM Applications: A premium provider of advance technology based bespoke Smart Solutions for Remittance & Payments, AutoTech and Risk & Regulatory Reporting DataMart.

Growing business and diversifications requires software, which are custom built to meet challenges and deliver new opportunities. Going for an off-the-shelf solution for such requirements may not be a good idea as it may fulfill some of standard requirements but may not fulfill those requirements that are unique to business models and practices. RM Applications Sdn. Bhd. (RMA), specializes in developing best fit bespoke solutions.

RMA’s objective is to ensure that every system built meets the Customer’s purpose as every customer has unique requirements. RMA is well versed with technologies, combined with strong domain knowledge and agile process are the key success factors in delivering best fit bespoke solutions.

RMA is founded by a group of experienced professionals with a thought “Why it Can’t be Done”. RMA’s motif was to begin to venture into development oh bespoke solutions. Remittance & Payment and Data Management is part of RMA’s larger vertical focusing on provide bespoke solutions in the areas like Domestic & Cross Border Payments and bespoke regulatory reporting DataMart development. These solutions address the pain points, niche requirements, seamless integration, which at times can’t be addressed through off the shelf solutions.

RM Applications initial product is OmniRemit (Remittance Solution Suite) which enables end to end automation of Remittance and Payment Solution tailor made for Financial Institutions. The solutions support Mobile & Online Remittance, Branch Remittance and Remittance Back Office solutions and is in compliance with Bank Negara Malaysia requirements and AMLA (Anti Money Laundering) guidelines. The approach followed to develop the firm’s solutions is 360 degree customer centric to meet dynamic and evolving business model and requirement of remittance industry. The solution is MoneyGram ready and support straight through processing and real time interface with cross border remittance corridors for transaction processing.

The company’s initial project was a success. RMA then started looking into other possible areas for developing bespoke solutions and found that the existing Enterprise Data Warehouse are not meeting the requirement for regulatory reporting. The pain points were no standardization of data values from the data flowing from different enterprise systems into warehouse, data quality challenges, dataset is exact replica of as per source system, minimal transformation at data warehouse and it seems to be more functioning as data repository. This is where, RMA started venturing into developing bespoke data marts using “OmniData” framework, which were fast, easier and deliver more value by serving the purpose of Clients i.e. make the semi processed data available, which can be then fed into the Risk and Regulatory Reporting engine to generate the reports and for analytics. The journey begin with Collaboration with partners having risk and regulatory reporting engine and do a joint implementation whereby RMA has provided Data Management Solution for ALM (Asset Liability Management), Basel 3, FTP (Fund Transfer Pricing), MFRS9 and other Regulatory Reporting.

While RMA always strive on Collaboration to give customers the best possible experience and generate sustained business benefits. This was foundation for development of OmniRemit solution. The firm is thankful to its clients on providing innovative contributions and their specific requirements and visions to make system market ready and providing new opportunities for profitability and sustainability. RMA focuses on Continuous Improvement and strong believer of “Work in Process” is a never ending process.

RMA strives hard to enable its customers meet their expectation by building great amount of trust, faith and respect. It ensures its growth should navigate through creativity, research and innovation by providing cutting edge solution to customers. RMA’s team display honesty, integrity and business ethics in all aspect of business functioning. To summarize RMA’s proven capabilities are spread across Consulting, Implementation, bespoke digital solution development, Integration and Technology convergence, Program and Process management and delivering end-to-end business enabler IT solutions for its esteemed customers’.

RMA had tough luck in their initial years and Co-founders were aware that to start a venture requires dedication, commitment, hardwork and sacrifices. The mantra they follow is “Every Problem brings Opportunity”, what is needed is to identify the opportunity within the problem and work on it but don’t give up. RMA being small and new to market, faced challenge from large organizations. They overcame it by working with Solution Providers as subcontractor to establish its capabilities and built its track record.

Attracting the talent is another bigger challenge. The company overcame it by using its internal resources to refer their friends for any job openings. In addition with flat organization structure, flexible culture, better training and working platform, family kind environment has helped us in building the strong core team and called themselves as RMATES.

Marketing and brand building has never been RMA’s strength as RMA is delivery driven organization. It was not an easy journey, the sincerity, passion and its commitment has become a driver for its clients to give it an opportunity. Today the company can confidently say that it has never let down its clients’ expectations and have delivered value in all its delivery.

RMA is business funded, hence at times there are possible gaps in cash flow due to lag in invoicing and payment. RMA has a good learning here to monitor cash flows closely and also to have cash flow management practices in place to address these gaps.

Investment for R&D is always a challenge. Hence, the company always crafts the product roadmaps and expansion into new technology to provide advanced innovative and value added solution in the remittance/payments and data management landscape. RMA believes in Collaboration and It is always good to be funded as funds can assist in R&D activities and Product enhancements for Market fit. RMA sincerely believes that, it will find a keen investor with passion for delivery to take the company to a next level.

Embrace the ingenuity persona

Lokesh Gupta is attached to RM Applications as a Co-founder and CTO. He is having 17 years of experiences in Financial Solution Consulting, Remittance & Payments, Regulatory Reporting and Project management. Currently, he is involved in Asset Liability Management, Basel III, Risk and Regulatory Reporting Data mart Development as well as Remittance & Payments Solution implementations in the region. He has worked as a domain expert for various projects such as Islamic Financing, financial payments solution and AutoTech. He has also co-authored four books in Islamic Finance and has published papers in various magazines.

“We have successfully delivered the leading edge technology solutions in the area of Remittance & Payments, ALM & Liquidity Reporting Data Mart, Auto Tech Solutions, Data Management and many more.”