Nova Credit Union launches digital FX for SME remittances in 90 days
Nova Credit Union used ForexPay to offer transparent FX remittances to SME members—complete with compliance tooling, member app APIs, and branch-assisted flows.
The challenge
Nova lacked licensed FX infrastructure and could not justify building a full remittance stack. Branch staff also needed a guided flow for members uncomfortable with pure digital journeys.
The solution
ForexPay provided a modular banking solution:
- Member-facing FX quote & send APIs for the Nova app
- Branch console for assisted remittances
- Built-in KYC refresh hooks and transaction monitoring alerts
- Transparent fee & rate disclosure for regulatory clarity
Results
90 days
Time to launch
From kickoff to first live remittance
+27%
Member adoption
Active FX users in first two quarters
$4,800
Avg. ticket size
Typical SME supplier payment
72
NPS (FX flow)
Member satisfaction with remittance experience
“We finally offer FX without sending members elsewhere. ForexPay felt purpose-built for regulated institutions like ours.”
Marcus Ellison
Chief Digital Officer, Nova Credit Union
Nova Credit Union wanted to compete with fintech remittance apps while keeping deposits and relationships in-house. Members were leaking to third-party FX apps for supplier payments and diaspora remittances.
ForexPay enabled Nova to white-label FX capabilities inside their existing mobile banking app and branch CRM.