At Xpress Money, we’ve always encouraged collaborations along the financial value chain to unlock greater value for customers. For instance, we’ve created open technology platforms that help us extend international transfer capabilities to regional banking brands such as ADCB in UAE. And now, we’re focusing on collaborating with other money transfer brands to bring extended availability and financial inclusion to growing audiences.
We’ve just tied up with online money transfer business WorldRemit – often called the ‘WhatsApp of money’ – to enable a host of new money transfer routes across Africa, Asia, the Middle East and other emerging markets.
Customers in the UK and Europe can use the WorldRemit –interface they’re familiar with to initiate a transfer. The money payout process will be handled by Xpress Money’s large network in the destination countries.
Through Xpress Money, WorldRemit customers are already making secure, instant money transfers that can be collected as cash in Algeria, Egypt, Ethiopia, Fiji, Lebanon, Pakistan, Sri Lanka and Tonga. Soon, recipients will be able to receive money transfers directly to their bank accounts and mobile wallets. Other destination markets are also in the offering.
Our collaboration with WorldRemit is also an excellent case study on how fintech companies and traditional money transfer brands can work together to bring exceptional convenience to large audiences in new markets. The newer players are working on innovations that will eventually change the face of the money transfer industry. However, it’s worth reminding ourselves that the industry currently remains 94% brick and mortar. There is exceptional opportunity here to partner – with fintech startups bringing their agility, nimbleness and ability to design seamless user journeys and experiences to the table. Brands like Xpress Money, meanwhile, offer the heft, clout, geographical networks and processing platforms to handle transactions and arrange payouts in different parts of the world.
Think about it. A start-up fintech brand would have an impossible time growing an organic system for handling global money transfers. Compliance and regulatory issues alone could set back progress. But were this app developer able to partner with a brand like Xpress Money – which already has a physical presence in 160 countries through 180,000 cash payout locations, and has built relationships with regulators and received necessary clearances – the end result would be beneficial for both brands, and their customers.
So welcome on board, WorldRemit customers. It’s great to be working with a brand that shares our determination to improve the customer experience through innovation. At Xpress Money, we believe that the industry is ready for more collaborative ways of serving customers, and we look forward to many more partnerships.