Clear2Pay, the international software vendor of next generation payment solutions for financial institutions and Xoom Corporation, one of the fastest growing money transfer service providers in the U.S., today announced a partnership to offer a turn-key remittance solution for banks and financial institutions.
The combination of Clear2Payâs Bank Payment Hub with Xoomâs worldwide remittance network means banks can originate remittance transactions at the teller line, from ATMs and on the Web to thousands of locations worldwide, including cities and towns in Mexico, India and China. The turnkey offering gives banks complete control over price, foreign exchange (FX) spread, float and product branding.
"Now it is easier than ever for banks to deliver a competitive remittance offering out-of-the-box without the hassle of building and maintaining an expensive foreign correspondent network,â said Matt Ellis, VP and General Manager for Clear2Pay Americas.
Some of the highlights of the combined product offering include:
Â· A fully hosted model with low cost of entry to a traditionally cost prohibitive business;
Â· Thousands of cash pickup locations in all major remittance corridors, including Mexico and Latin America, the Philippines, China, and even home delivery of cash in key countries like the Dominican Republic, the Philippines and India;
Â· 24/7 service and support for the transactions and active management of the delivery partner network, and;
Â· The ability to manage existing foreign correspondent relationships and other corridor partners using the Clear2Pay Remittance software.
âBanks wanting build their own fully integrated remittance service face the daunting task of re-engineering front-end and back-office systems, hundreds of middleware applications and their own recipient networks around the world,â said Gene Gutierrez, senior vice president of business development at Xoom. âThe Clear2Pay/Xoom remittance solution allows seamless deployment of a custom-tailored world class remittance service in a matter of months and at a fraction of the cost.â