The evolution and introduction of new technology, often by FinTechs, is transforming remittances worldwide. Mobility, digitalization of money, and improvements in customer convenience are the biggest factors of disrupting the way people currently remit and can potentially remit in the future on a global scale.
RemittancesHub offers its customers (banks, remittance providers, and FinTechs) access to the global digital financial ecosystem for secure, fast, and cost-effective international remittances. These services operate seamlessly in the background while the end-user customer enjoys the convenience offered by their chosen remittance provider, bank, or FinTech.
According to the World Bank, the officially recorded remittance flows to low and middle-income countries (LMICs) increased by 4.2% in 2022 and would reach a sum of $630 billion. This is a huge market and is growing at a rapid rate, but is still plagued with the high cost of sending payments and lack of transparency. Furthermore, the World Bank also claims that globally, the average cost of transferring payments worth $200 was 6 per cent in the fourth quarter of 2021, double the SDG target of 3 per cent. RemmitancesHub helps rationalize this colossal figure with our vast digital network and our innovative services.
RemittancesHub is a licensed financial institution operating an Alternate Cross Border Network for B2B Business Payments & Remittances, which enables International fund transfers into Bank Accounts of Beneficiaries in real-time, at competitive costs and with full transaction tracking.