Empowered by Fable Growth Suite, XeOPAR sets sight on $240 bn remittance market – comprising an average transaction volume of $500 per month or less
Fable Fintech, a leading global banking infrastructure company enabling SaaS-powered platforms for cross-border, corporate, trade, and FX transactions, announced its strategic partnership with XeOPAR, a one-touch cross-border payments and remittances startup for all. Fable Growth Suite (Retail) platform chosen by XeOPAR serves both inward and outward remittances. In addition, it helps payments providers grow revenue from existing and new customers, and improve profitability.
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“Financial services companies are in a constant race to make remittances cheaper, more transparent, and quicker – as close to instant transfers as possible. For their customers, these efforts spell clarity and peace of mind. Our Growth Suite helps XeOPAR achieve this ground-up, furthering their inspired vision of making low-value remittances affordable,” says Naushad Contractor, CEO of Fable Fintech.
Fable prides itself on making white-labeled, highly configurable platforms that other fintechs and banking partners can use out-of-the-box. In XeOPAR’s case, the platform allows them to choose exchange rates, transfer fees, tax limits, volume and velocity limits, as well as transaction purposes for the Full-Fledged Money Changer to service. XeOPAR is set to make the most of Fable Growth Suite (Retail) as it sets up its first P2P remittances corridor from the United Kingdom to India, among others in South East Asia, West Africa, and East Africa in addition to Europe, Singapore, the United States of America, and the Middle East. Fable’s well-established network of integrations, intermediaries, and license and collection partners will allow XeOPAR to take the settlement time-sensitive remittances industry on a competent note.
“XeOPAR is out to shift remittances from being exclusive to high-income earners abroad or high net-worth individuals. We wish to serve the near 30% of the remittance customers who transact in volumes such as USD 500 per month or below. This is a largely under-serviced segment that amounts to USD 240 Billion in remittances. Our vision is to create a reasonably-priced remittance service for them so they can send funds as often as they, without waiting for a large sum to accumulate,” says Arvind Gupta, CEO of XeOPAR.
Fable Fintech is proud to enter a strategic partnership with XeOPAR to power its resolve of serving remittance providers and their customers. The shared vision between the two companies creates a partnership that aims to strengthen the industry as a whole. Fable Fintech is a global banking infrastructure and financial technology company offering SaaS platforms for cross-border, corporate, trade, and FX transactions. XeOPAR’s association with Fable Fintech brings a new focus on affordable, customer-friendly small-value transactions, starting with corridors in the United Kingdom.
Since its inception in 2017, Fable has already executed projects for 40+ banks and money transfer operators across 12 countries; and successfully processed transactions worth $11 billion in the process. But it goes beyond. Besides providing technology-powered domain expertise in payments, Fable Fintech also believes in championing causes that add practical, sustainable benefits to customers. With robust, mature, well-established platforms and pre-integrated networks, Fable is uniquely positioned to support others in the payments space and transform their visions into reality. XeOPAR is a case in point.
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Recently, Fable also announced its foray into five key regions including the US, UK, Africa, Middle East and Asia Pacific through dedicated offices and leadership teams. By 2024, the company expects its global process flows to around $40 billion in wake of the cross-border banking infrastructure business opportunity. Fable is also strengthened its team presence across the new markets by inducting marquee talent with decades of country experience, and successful careers at global financial institutions.
Fable Fintech powers the cross-border remittance and payments processing solutions offered by banks, money transfer operators, MSBs & other licensed entities to their Retail and SME customers. Led by the founder & CEO, Naushad Contractor, a seasoned fintech and payments executive with global experience, Fable has a team of 200 resources in India, with key personnel based in the USA & Singapore. With 40+ implementations across 12 countries, Fable today offers time-tested and matured technology platforms. This includes 9 out of 10 large private sector banks in India, including such marquee names as HDFC Bank, ICICI Bank IDFC First Bank, Canara Bank In addition, Fable’s class-leading platforms are also used by clients in Kuwait, Bahrain, Qatar, UK, Singapore, Bangladesh, UAE, Africa, Sri Lanka and Nepal. Transactions in over 60 countries, it has partnered with payment gateways across the globe to enable efficient and seamless transaction processing capabilities and integrated its systems with 3rd party verification companies that ensure that every customer taken onboard is scrubbed against OFAC/ SDN/ PEP watch lists. The business remains AML/ CFT compliant. The company is ISO 27001 compliant, and Fable’s platforms comply with GDPR and Dodd-Frank Act related requirements.’
XeOPAR is a fintech start-up with an innovative Exchange that facilitates Remittance and Cross Border Payments to be adaptable for all generations in a one-touch mode. Incorporated in 2018, XeOPAR has a Full Fledged Money Changer (FFMC) License obtained from Reserve Bank of India. Founded by Arvind Gupta, XeOPAR is recognized by Startup India Programme under the Department For Promotion Of Industry And Internal Trade (DPIIT), Ministry of Commerce and Industry (MCA), Government of India (GoI). The company is headquartered in Noida, India.
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