About the Customer

NIUM Forex, in partnership with BookMyForex, offers digital foreign exchange and global remittance services across India. As a regulated FinTech entity, NIUM serves both individual and corporate clients with services like rate-locked forex deals, card loads, and cross-border payments – all requiring strict compliance, secure integrations, and a seamless user experience.

The Opportunity

As NIUM Forex expanded its digital footprint, its manual forex processing workflows were struggling to keep pace with rising transaction volumes and regulatory demands. From KYC verification to remittance tracking and partner coordination, each stage involved disconnected systems, redundant effort, and increasing compliance risk. The lack of automation and real-time visibility was creating bottlenecks – impacting turnaround time, operational cost, and customer experience.

Core challenges included:

• Manual KYC processes and fragmented document handling delayed approvals and onboarding
• Disconnected order tracking between NIUM and referral partners like BookMyForex reduced visibility and slowed fulfillment
• No access to real-time forex rates or rate-freeze functionality, increasing risk from market fluctuations
• Lack of structured workflows and audit trails made compliance reporting slow and error-prone
• High exposure to fraud and forex risk, especially during peak remittance periods

To eliminate these inefficiencies, NIUM partnered with Ekfrazo to develop a secure, scalable, API-first platform that would centralize forex order processing, automate compliance, and enable real-time integrations with partners – all while preparing the business for future scale.

The Approach

To modernize NIUM’s forex and remittance operations, Ekfrazo developed a cloud-based, modular platform focused on real-time integrations, regulatory compliance, and user-centric automation. Our goal was to digitize the entire transaction journey – from KYC to card management – while improving transparency, speed, and partner collaboration. The platform was designed to be scalable, API-first, and ready for future onboarding of partners and remittance use cases.

Key modules and capabilities included:

• Partner-Integrated Order Management System
  Built RESTful APIs for document upload, video KYC, and e-signing; introduced auto-consolidated PDFs and T+4 expiry logic for stale orders.
• Internal Checker Portal
  Role-based compliance dashboard with live document preview, structured rejection flows, and audit logging for review and approval.
• Remittance & Forex Deal Booking
  Enabled real-time tracking for education, travel, medical, and business remittances; introduced forex rate locking for corporate and retail clients.
• Forex Card & Fund Management
  Managed card lifecycle (issue, activate, top-up, freeze/unfreeze) and enabled real-time transaction monitoring and reloads.
• Approval Workflow Engine & Compliance Logging
  Introduced multi-level approvals, escalation paths, and audit-ready logs to meet RBI requirements and minimize fraud exposure.
• Real-Time Partner Integration with Webhooks
  Established API and webhook-based integrations for instant status sync with referral partners like BookMyForex – ensuring transparency across the order lifecycle.

The Impact

NIUM Forex didn’t just modernize its platform – it reimagined how fast, secure, and scalable forex operations should work in today’s fintech landscape. What once took over 48 hours for KYC approvals now happens in under 6, giving customers a faster start and partners like BookMyForex real-time visibility into every order.

The platform now handles live rate locking, instant card top-ups, and automated approval flows – all while staying fully aligned with RBI compliance. With modular APIs and audit-ready logs, NIUM can onboard new partners, support more remittance use cases, and scale without the friction of rebuilding its infrastructure.

It’s not just a performance upgrade – it’s a future-proof foundation for compliant, customer-first growth in global financial services.