- SendGlobal will be using Xpress Money’s network and Mobetize’s smartRemit
- Mobetize says that the newly inked deal is a milestone for the company
- An estimated $20 billion is sent by Canadians to recipients around the world
Mobile financial services specialist Mobetize just announced its partnership with fintech Xpress Money. In a press release, Mobetize said that the two companies are set to power FICANEX’s SendGlobal, an international money transfer brand.
According to Mobetize, its smartRemit platform will be used by SendGlobal to transmit remittances from one country to the next while Xpress Money will be lending its processing network so that SendGlobal can provide inexpensive, efficient and scalable money transfer services to its would-be clients. Users will be able to send money abroad through their mobile devices.
Xpress Money’s network will allow customers to: “complete cross border peer to peer international money transfers”, according to a Nasdaq report, while smartRemit will take care of global compliance including ensuring that all transfers are secure.
The development is indicative of the plans of financial institutions in Canada experts say, because it enables them to expand their market base. “Through this collaboration the digital realm of remittances has opened itself to state-of-the-art technology, increased channels of revenue and satiates burgeoning customer demand. This platform will serve as an ideal playing field to cater to the rising remittance demands of Canadians”, says Xpress Money COO, Sudhesh Giriyan. Giriyan adds that Xpress Money has the expertise and technology to provide remittance solutions to brands such as SendGlobal.
Mobetize CEO Ajay Hans is also pleased with the new deal, noting that the “partnership is a milestone” for the company as it will provide Canadians with better money transfer services. Hans adds that Mobetize is “passionate” about ensuring that its “solutions help families to improve their financial well-being”. The partnership will also enable financial institutions in Canada to strengthen customer loyalty.
Canadians send an estimated $20 billion per annum to recipients in other parts of the world based on recent data.
Find out more about international money transfer solutions here.
