Bringing fast, simple and secure money transfer to your local convenience store
Applicant name: Cullinan Group
Innovation Name: Self-Service Money Transfer In Convenience Stores
Innovation Type: Solution
Mission: Bringing fast, simple and secure money transfer to your local convenience store
Innovation Description: Through self-service kiosks and customer devices, Cullinan Systems allow customers to send money quickly and securely in convenience stores.
The patented transaction system is integrated into the money transfer provider’s network on one end, and the retailer’s Point of Sale (POS) the other end, so that customers can have a seamless remittance experience:
1. Customer registers and prepares their transaction at a self-service touch screen kiosk in-store or cell phone
2. A voucher is printed at the kiosk or generated on their cell phone which the customer takes to the store counter
3. Convenience store staff scan the voucher and are instructed step-by-step on the POS how to conduct a fully compliant remittance transaction
4. While the customer transaction is occurring, the Cullinan System automates compliance checks, protecting the retailer against fraud, and collect data that improves the customer and retailer experience.
5. The transaction is completed in under 25 seconds at the counter
Innovation Inspiration: In-store money transfer had long been associated with paper forms, long manual processing, waiting in queues and inconvenient operating hours.
While convenience stores offered longer opening hours and nearby locations for customers, there were challenges with selling regulated financial products in retail stores that are set up for selling fast consumer goods.
With years of experience in payments technology and financial services, the Cullinan founders saw a need to provide a system purpose-built for fast-paced convenience stores that would:
• Provide customers a quick and user-friendly way to register and prepare transactions
• Simplify the processing for store staff by providing instructions on the POS and avoid any double handling
• Automate compliance work
• Reduce fraud and prevent losses
The result is an end-to-end system where customers prepare remittances, and store staff simply follow instructions, check IDs and process transactions like they would for any other grocery item.
Who benefits from the innovation most? Remittance Customers looking for quicker, easier and more flexible ways to send money in store, at any time of day to family and friends across the world.
Retailers and convenience stores benefit from a new product category and revenue stream which increases foot traffic and customer loyalty in store. All the while they aren’t burdened by extensive compliance and paperwork that is normally involved in offering remittance.
Money transfer providers can capitalize on a new sales channel, increasing their footprint through additional locations in convenience stores across the country. They can also achieve increased transaction volume and exposure through the 165 Million convenience store visits per day in the USA.
Regulators and the public benefit from enhanced regulatory compliance through the real time checks and identification of potentially suspicious behavior by the Cullinan System.
What are you most proud of about your innovation? What makes the system unique, is that customers and retailers benefit from a having a digital service which compliments the physical store experience. The simplicity and speed from a customer app is paired with the comfort and peace of mind in paying for a remittance at a trusted convenience store.
Our patented systems were created to provide a better experience for money transfer customers. Positive customer feedback is what we find most rewarding. Below are some of these results:
– Overall satisfaction rate of 93%
– Net Promoter Score of 67 (world class)
– Over half our customers transact more than 12 times per year
– Industry leading low levels of fraud
This has led to growth in transaction volumes, adoption from new retailers, as well as partner engagement from major money transfer providers such as MoneyGram and Ria.
Patents have been granted for the Cullinan System in the US, Australia and Singapore with an application underway in Europe.
Status of Innovation: In-market
Innovation Active Since: 07/01/2019
Applicant Type: Private Company
Headquarter City: Singapore
Headquarter Country: Singapore
Year Founded: 2008
Main Category Choice: Remittance Synergies
Why do you think you should win this category?:
We enable convenience stores to offer remittance as part of a suite of financial service products to promote financial inclusion.
There are 55 million Americans who are underbanked, relying instead on alternative financial services. We bring check cashing, bill payment and money orders, pre-paid debit cards, in addition to money transfer, to the customer’s local convenience store, all available through a self-service kiosk.
Customers register an account on the kiosk and undergo KYC in store. They can then request their desired financial service by keying in all the details onto the kiosk. In contrast to the traditional check casher or remittance agent who manually enters customer details, our kiosk prints a docket which is scanned by the cashier, whilst our system undertakes compliance checks in real time. The cashier processes this transaction like a grocery item, which makes it operationally consistent and efficient for the retailer.
In the US and Australia we have presence in over 900 stores with 400,000 registered customers.
Secondary Category Choice: End-user Experience
Why do you think you should win this category?
Cullinan systems were created to make money transfer simpler and more convenient for customers.
Key problems solved:
• Tedious registration and sending – Through simple user interfaces, customers can register and prepare remittances on a self-service kiosk or mobile device away from the counter. Customer and recipient details are saved speeding up the service for return customers.
• Slow transaction processing times – By staging transaction data in Cullinan data centers in real time, customers can simply take their voucher to the cashier, present their ID and pay all in under 25 seconds. No additional processing is required from store staff, so recipients will be able to collect the money on the other side of the world minutes later.
The result is satisfied and loyal customers:
• Overall satisfaction rating of 93%
• Net promoter score of 67
• Double digit annual sales growth
With 86% of all Americans living within 10 minutes of a store, remittance providers can unlock an extremely valuable channel through Cullinan technology.
Full Name: Stephanie Wang
Role: VP Legal and Compliance
Full Name: Simon Brinkman
Role: Business Development Manager
Full Name: Phillip Course
Full Name: Frank Ajzensztat
Full Name: Stephanie Wang
Role: VP Legal and Compliance