ATLANTA—A new solution is bringing more competition to the remittance market—this time from a fintech.
Payments firm Brightwell has introduced ReadyRemit, a comprehensive remittance engine that enables fintechs to capitalize on the digital payments market quickly and easily, IBS Intelligence reported.
According to the report, the demand for cross-border remittance payments is growing exponentially. In 2022, remittances to low-and-middle-income countries like India, Mexico, China, and the Philippines are expected to reach $630 billion, a 4% increase from the previous year.
“However, capitalizing on the international remittance market is full of complications – including costly and time-consuming licensing, compliance, product development, marketing, support, technological infrastructure, and risk management,” IBS Intelligence stated. “As a result, traditional financial institutions and money transfer giants have long dominated the cross-border payments market.”
‘Unique Opportunity’
Added Hal Ramakers, SVP-global solutions at Brightwell, “Fintechs have a unique opportunity to disrupt the remittance industry, which historically has been inundated with issues around cost, speed and transparency. However, building a comprehensive remittance program is no small lift. At Brightwell, we understand the arduous process of building a compliant and user-friendly payment solution. With ReadyRemit, we’ve made it easier than ever for fintechs to drive revenue and loyalty from cross-border payments.”
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