A lot of money transfer companies are looking to improve their service and offer low cost money transfer. Some have launched apps to enhance mobile money transfer, while others are building it. Similarly, Ripple also operates with the motto to promote low cost cross border remittances. A Brazilian exchange, The Front Exchange (Frente Corretora de … Continue reading Cross Border Remittances: Ripple-Front Exchange Partnership
Category: Remittance Monitor
Cheap Remittances To Nigeria with M-Naira App
M-Naira, a product of BeepTool, is a mobile payment and money transfer app that will assist people to send, receive and pay money instantly. Through this app, you can send remittances to Nigeria from anywhere in the world. Remittances to Nigeria account for $24 billion annually with an average sending cost of 11.89 percent per … Continue reading Cheap Remittances To Nigeria with M-Naira App
Blockchain Payments by UAE Remittance Firms
Two UAE remittance firms, UAE Exchange and Unimoni have gone live with blockchain payments, using Ripple's technology, RippleNet. In the initial phase of this new technology adoption, customers can make cross border payments in real time to Thailand. Finablr group, owner of UAE Exchange, Unimoni, Remit2India and many others, has partnered with Thailand’s Siam Commercial … Continue reading Blockchain Payments by UAE Remittance Firms
Mizuho Financial Group’s launching StableCoin for Payments & Remittances
Japanese powerhouse banking giant Mizuho Financial Group will be launching its own stablecoin on 1st of March 2019. After JPM Coin as announced by JP Morgan, this is huge! The coin will be called J-Coin ("J" presumably for Japan). The megabank is teaming up with 60 or so fellow financial institutions spanning most of the … Continue reading Mizuho Financial Group’s launching StableCoin for Payments & Remittances
Future of Cross Border Payments
You don't get smarter just by standing in the middle of the field, you get smarter by reading what the field publishes. McKinsey & Company's Global Banking Practice has a short 21-page report called: A Vision for the future of Cross Border Payments. This is a report done jointly with SWIFT. One particular image that … Continue reading Future of Cross Border Payments
Remittances Grow in Developing Countries
Remittances to low and middle income countries are projected to reach a new world record, states the World Bank’s Migration and Development Brief December 2018. According to the brief, remittance to developing nations is estimated to reach $528 billion by the end of 2018, which is a robust 7.8% growth since 2017. On the other … Continue reading Remittances Grow in Developing Countries
Guidance on Existing AML Program Rule Compliance Obligations for MSB Principals with Respect to Agent Monitoring | FinCEN.gov
With the recent Western Union fiasco and the fines levied by FinCEN (nice income by the FinCEN!), MSBs are often complacent when it comes to their responsibility regarding Agent Monitoring. I thought I'd dig up the original rule book of the FinCEN guidance - and here it is. Source: Guidance on Existing AML Program Rule … Continue reading Guidance on Existing AML Program Rule Compliance Obligations for MSB Principals with Respect to Agent Monitoring | FinCEN.gov
Mass deportation of Jamaicans under Trump administration could affect remittances – Immigration attorney | Loop News Jamaica
With the recent ascent to the throne, President Donald Trump's government is making the illegal aliens in the US quite worried. Not only is it the illegal aliens, but also their original countries from where they came from as they are dependent on these remittances, read: lucrative Benjamin's that come from the US. Countries like Jamaica … Continue reading Mass deportation of Jamaicans under Trump administration could affect remittances – Immigration attorney | Loop News Jamaica
Western Union Settlement: A Cautionary Tale for Bitcoin Money Transmitters | Bitcoin Magazine
This should be no surprise. Many-a-times I have written about the need to have full transaction visibility in the remittance lifecycle, but it seems that is not understood by many. Up-stream aggregators in many cases are looking at bulk payments and do not have access to the elementary data of the transactions that are flowing … Continue reading Western Union Settlement: A Cautionary Tale for Bitcoin Money Transmitters | Bitcoin Magazine