Lokesh Gupta | Co - Founder | RM Applications - Insights Success

RM Applications: A Premium Provider of Advanced Technology based Remittance, Risk & Regulatory Reporting Data Management & Innovative Solutions

With an unwavering thought of “Why it can’t be done?” a group of professionals with boasting years of experience within the finance and banking industry joined hands to form RM Applications Sdn. Bhd. (RMA) – a MSC status boutique software company. Based out of Kuala Lumpur, Malaysia, RMA started its journey as a delivery oriented system integration company and later went on to be a provider of end-to-end bespoke technology solutions for Conventional and Islamic Financial Institutions. The company successfully delivers leading edge technology solutions in areas such as Remittance & Payments, ALM & Liquidity Reporting Data Mart, Data Management (ETL) Consulting & Development, Bespoke Data Mart, Localization and integration of Partners’ Solutions.

Core Values of RMA

RMA offers various solutions for its clients including Consulting, Implementation, bespoke solution development, Integration and Technology convergence. It also offers Program and Process management and delivers end-to-end business enabling IT solutions. Furthermore, RMA has followed a simple but fundamental principle in order to build great relationships with its clients. RMA has invested in trust, faith, and respect in order to affirm its long-term commitment to the clients. Over the years, RMA has enabled its clients to meet their desired goals and expectations time and again in order to build a large client pool worldwide. RMA continues to generate growth for its clients with cutting-edge innovation and latest tech solutions. The company also fosters a culture of honesty, integrity and business ethics to provide clients with a reliable solution provider.

A Venture Guided by Original Insights

It is important for companies to understand its clients and its concerns before offering them a complete solution. This is how RMA came into the fore of BI and Analytics. After speaking to its clients, RMA founders realized that the existing Enterprise Data Warehouse was not able to meet the requirement of its clients. At the time, data standardization, data quality, replicating original data values were not up to the mark for many businesses. Hence, RMA founders decided to adopt bespoke data marts, which were more efficient and provided value of money in each case. Data marts met the requirements of RMA clients by making the semi-processed data available. This made it easier for its clients to feed the data into Risk and Regulatory Reporting engine to generate reports and conduct further analysis. Currently, RMA provides a range of solutions along with data mats to further boost the business of its clients. Its added solutions include data management for Asset Liability Management, Basel 3 (Liquidity), Fund Transfer Pricing, MFRS9 (Malaysian Financial Reporting Standards) and other Regulatory Reporting.

A Complete Range of Financial Solutions

RMA with constant innovation has been innovating with its products consistently to make it easier for businesses to make finance look like a cakewalk. The company achieves this goal through its offering of many fully featured products, which cater to various demands of businesses. Some of its flagship products are detailed below.

OmniRemit (Remittance Solution Suite) is a Remittance and Payment Solution made for various types of Remittance Houses, Conventional and Islamic Banks, offering Cross Border Remittance. The solution makes it convenient for clients to engage in Online Remittance, Branch Remittance, and Remittance Back Office solutions. The solution complies with Bank Negara Malaysia’s legal requirements and also adheres to AMLA guidelines. The solution features support for MoneyGram and clients can avail straight through processing along with real-time interface with cross border remittance corridors for transaction processing.

OmniData (Risk/Reporting Data Mart) & ETL Consultancy specialize in meeting the needs of financial institutions like banks in data repository for Asset Liability, Basel 3 Reporting & Risk Management Solution. The solution integrates various complicated data computation methods and makes integration essential for Data feeds originating from sources such as Loans, Fixed Deposits, Treasury, Trade Finance, Credit Card and other banking systems. Raw data is modeled to match the requirements of Risk & Assets Liability Management (ALM) solution. The data is further used to compute and analyze customer behavior, economic valuation, interest rate scenarios and wide range of other variables. These solutions provide a simple, lightening quick and accurate method of computation.

Vehicle Inspection Management System (VIMS) is a solution designed to meet the needs of value-conscious used vehicle buyers. The solution streamlines used vehicle evaluation and inspection task, which is beneficial for individual sellers and buyers as well as vehicle dealers. The solution provides clients with the much needed certified quality analysis based on standardized scoring, transparency in inspection process. This helps enrich the financial trade of used vehicles by legitimizing its true value, and opens up new opportunities from a business point of view. VIMS mobile ready interface allows businesses and individuals to access the features in a convenient manner and makes evaluation a systematic and reliable process.

OmniAuth: OmniAuth is a convenient code generating system, which relies on the latest smartphone technology to authenticate a user. It employs Quick Response (QR) codes based token system embedded in OmniAuth App. It allows users to quickly and easily sign into a system by scanning the QR Code displayed on a website. This is an advanced form of token systems as compared to other systems which expect users to manually enter a combination of numbers to confirm their identity. It provides immense relief for individuals and financial institutions which still rely on physical token based solutions. Additionally, it is a more secure form of authentication. Many websites currently use a single factor system, which relies on a personalized login and password. RMA solution enables users to use a mobile phone as a second factor that would save time for users, help them appreciate the efforts of financial institutions and, in turn, can provide brand loyalty to brands.

RMA also plans to roll out a new product which would connect merchants with consumers in a unique manner. The solution named ‘OmniPay’ would allow payments to be processed through the smartphone platform and also allow debit from a virtual wallet or Intra bank account. The innovative solution is in its final stage of development and would likely go on floor in June 2018.

Guiding RMA into the Future  

Lokesh Gupta is the Co-founder of RMA and continues to guide the company to solve some of the most difficult challenges in IT innovations. He has worked in Financial Solution Consulting, Regulatory Reporting, Data Mart Development and Project management for over 17 years. At RMA, 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 regularly contributes to the industry with his knowledge and insight. He has co-authored four books in Islamic Finance and has also published papers in various reputed magazines. RMA is also blessed with a founding team that has a vast experience in providing IT solutions. Under their leadership, RMA continues to experiment and break new grounds in unexplored areas. An example of such noteworthy achievement is the recent launch of VIMS as part of their AutoTech initiatives. The company founders are eager to see RMA reach the pinnacle of success that they relentlessly pursue with their hardworking and committed group of employees and are called as RMATEs. 

The Early Phase of Challenges and a Boundless Vision for the Future  

When RMA was in its early stages, it faced a vicious cycle of challenges that many start-ups often face. As the company had not yet built a reputation for itself in the market, clients often preferred well-known solution providers instead. The company also faced similar problems in hiring new talent as employees also preferred to work with an established company as opposed to an upcoming one. All of this resulted in limited liquidity in cash flows for RMA and consequently, stretched budget demands for R&D. RMA faced this challenge head-on by diversifying into new segments and creating a niche for itself. As a result of its early challenges, RMA today is in a position to provide unique and original solutions to its clients. RMA in its early stages developed client-specific products which provided financially flexible business model such as ‘revenue sharing’ to its clients.

RMA believes in collaboration with Customers, Partners and expand into new markets.  RMA follows collaborative and agile approach in creating bespoke solutions across the digital value chain using Web and Mobile platform to address the customers pain point and requirements. RMA continues to take lessons from its initial phase to establish itself as a key financial solution provider for its clients as well as for its partners. RMA is now working towards data models development for reporting using ‘R’, using QR technology for payment, Blockchain integration with OmnmiRemit for using digital assets such as crypto currency and exploring Big Data as part of Data Management Offerings.

Source :- The 10 Most Promising BI and Analytics Solution Providers 2018

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