Instead, it packages its remittance infrastructure — finding exchange rates, transferring funds between two end points and meeting local compliance at both ends — by way of an API that is used by hundreds of other remittance companies to create services for individuals abroad to send money to family back home (wherever that might be); or for businesses to pay money to each other; and so on.
HSBC, whose signature tune remains the global-local bank, has already retreated from several overseas markets and severed its remittance business.
Somalia might be one of the poorest nations in the world, but its remittance system is widely seen as a model for other nations.
The government withdrew its remittance business, currency unification removed the need for the silver trade between cities and competition grew from modern banks.Pingyao's ensuing poverty proved to be its saviour.
BitPesa, a Kenyan mobile money transfer firm that launched in May, says its remittance transactions are "twice as fast and 75% cheaper" than competitors, because it uses bitcoin to transfer funds.
The startup — which is incorporated in Mauritius — offered pre-sales of its remittance focused tokens this week, before a January 2018 ICO.
In emerging countries, Rebit is developing its remittance service to send money to the Philippines through bitcoin, ArtaBit develops a service to Indonesia and Coincove to Latin America.
Two-thirds of its recorded remittances—$7.2 billion in the year ending June 30th 2010 came from countries in The Economist's shoe-thrower's index of regional flashpoints.
Kyrgyzstan is suffering the effects of the global recession, and the backbone of its economy – remittances sent from Kyrgyz workers in other countries, particularly Russia – has taken a blow.
South Africa sends most of its $1.4 billion in remittances to its neighbours, for example.In the rich world, many countries have closed their borders to protect home-grown workers.
