Remittances

Consumer remittance behaviors are being forced to change, with senders and recipients moving to mobile wallets, bank accounts, and cards. But many still want cash.

Telecommunications company Tigo Tanzania has expanded digital money transfers, allowing customers to send and receive money from their mobile wallets with other providers in the East African region.

The amount of money migrant workers send to their home countries usually holds up well in a crisis. Not this time.

Small World Financial Services is addressing a gap in its cross-border network by making a deal to buy French money transfer agent MoneyGlobe.

The agency's director said both steps will come as part of an ongoing review of agency rules and show her "commitment under the law to be effective and evidence based” in providing clarity to stakeholders.

Alipay and WorldRemit will enable consumers to send remittances to the Alipay app to support broader use for payments and other financial services.

While the size of the global remittances market may ebb and flow with the global economy, one thing is clear – it’s massive, at over $700 billion in payments each year and growing.

U.K. all-in-one card firm Curve has launched an international no-fee transfer service called Curve Send that supports account-to-account remittances through its mobile app.

The leader of a new Compliance and Payments Task Force dives into how it will address emerging issues of counterterrorism financing in the digital age.

The agency announced changes meant to reduce compliance costs and allow some institutions to provide estimates rather than disclose exact prices for international money transfers.

In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements.

Deluxe Corp. will take over bill payment processing for private-label credit card issuer Synchrony beginning next year, absorbing Synchrony’s remittance operations and employees in Florida and Georgia.

MoneyGram is partnering with Wing mobile banking service in Cambodia to offer money transfer services that allow users to send and receive funds directly into their mobile wallets.

Incumbents and challenger fintechs dominate the remittance market, leading Majority to forge a very narrow use case for its initial corridor.

Majority, which will launch nationwide later this quarter, will use networks of immigrants to sell a mobile phone-based account that features unlimited remittances and international calling services.

PayPal’s cross-border remittance unit Xoom is hoping to build a faster payments market in South Korea by enabling direct delivery into bank accounts, a channel that tends to be more expensive than other options.

House Republicans are pushing the CFPB to continue to allow banks and credit unions to estimate exchange rates and fees for money transfers.

TransferWise once marketed itself as Robin Hood-style rival to banks. Now it sees itself as an ally.

It's not a reaction to JPM Coin, the banks says, but a way to speed up international payments for corporate clients.

The CFPB’s enforcement action against Maxi suggests that the CFPB may more aggressively enforce certain rules going forward, writes Jeffrey Alberts and Dustin Nofziger of Pryor Cashman.