SEATTLE—Fintechs are making it easier for consumers to send and receive remittances.
Remitly, a firm that provides international remittances and digital financial services for immigrants, has added new banking features in its money management app Passbook.
Passbook aims to simplify the process of opening and using a bank account for immigrants in the U.S. by eliminating banking fees, accepting alternative forms of identification, and facilitating international money transfers, Tearsheet reported.
New features introduced in the Passbook app allow customers to spend, send and save money with more flexibility. Users can get themselves verified digitally through forms of identification common to immigrants, such as a passport or other foreign government-issued ID like the Matricula Consular ID. Passbook users can now also make online transactions with their Passbook Visa debit card within minutes of opening an account, even if they haven’t yet received their physical Visa card, Tearsheet said.
Another new feature is Early Payday, which makes direct deposits accessible for users up to two days before their actual payday. The new functionality also allows users to transfer funds overseas to other account holders on the app instantly and free of cost.
The digital banking services on the Passbook app are offered through a bank account issued by Sunrise Banks.
‘Different Habits, Emotions’
John Scrofano, vice president of Passbook, says Remitly’s customers have different habits, emotions, and experiences associated with money management as compared to individuals born in the US.
“For so many, the process of opening a bank account or sending money home to loved ones is often difficult. Between high fees, restrictive documentation requirements and an array of hidden costs, immigrants have long been disadvantaged by traditional financial services,” said Scrofano. “We believe the work we’ve done to improve Passbook is important progress toward making financial services more accessible for immigrants while addressing the distinct challenges they face.”