- In a shareholder update, Canadian firm RevoluGROUP discusses the state of the wider remittances sector and its business in particular
- Firm says it will work with various partners including a “Nasdaq Listed Mobile, Cable, Pay TV Company focused upon the Mobile, Cable Broadband and Paid TV sectors”
- It is “patiently awaiting the granting of a PSD2 banking license that would allow limitless transaction processing through our RevoluPAY remittance platform”, it said
A leading Canadian remittance firm has given an update on the state of its business.
RevoluGROUP, which believes that it is about to be granted a PSD2 banking licence, gave the update to shareholders.
A PSD2 banking licence is part of the shift towards “open banking”.
Generally, the move is expected to lead to better outcomes for consumers due to data sharing – although for RevoluGROUP, it is expected to offer the firm the chance to engage in what it called “limitless transaction processing”.
It said it had been “patiently awaiting the granting of a PSD2 banking license that would allow limitless transaction processing through our RevoluPAY remittance platform”.
The release devoted significant space to criticising the legacy international money transfer market, and took the unusual step of describing in-person remittance services as “quirky physical deposit centers”.
“The + $595 billion family remittance market has experienced significant changes over recent years”, it argued.
“For decades dominated by just a couple of multinational corporations, the recent emergence of Fintech digital banking has seen the market share of the historic players in the industry erode in favor of more agile, infinitely cheaper and easier solutions.”
“One of the few remaining archaically run industries resisting digital disruption, still utilizing carbon paper at quirky physical deposit centers strewn around the country”, it added.
RevoluGROUP also went on to describe how “Fintech innovators” in the field have had a slow journey acquiring larger market shares.
“Unsurprisingly, in recent times remittance senders living in high GDP nations have begun to migrate towards mobile phone-based apps, linked to more convenient digital banking systems, to send vital funds to their loved ones.
“However, the abandonment of old habits was slow, with just a few annual percentage points of the market being surrendered to Fintech innovators”, the company said.
Now, the market is reported to be much larger.
“Over the past 2 years RevoluGROUP has steadfastly pursued a tranche of this enormous market”, it said.
RevoluGROUP has signed a wide range of remittance related memoranda of understanding with partners across the globe.
These include Argenper, which focuses on the South American market.
RevoluGROUP also said it was planning partnerships with a “Nasdaq Listed Mobile, Cable, Pay TV Company focused upon the Mobile, Cable Broadband and Paid TV sectors”, although it appeared to be prohibited from naming that firm due to a non-disclosure agreement.
To discover more information about the state of the global remittances market and what the key players in it are doing, head over to our magazine pages.
