This collaboration signifies the launch of an innovative remittance solution facilitating transactions between the US and the Dominican Republic. This initiative drives financial inclusion and fosters broader financial accessibility across the region.
With remittance being a globally sought-after service, recent statistics indicate its immense popularity. According to the report by Research and Markets, the global remittance market, valued at USD 738.62 billion in 2023, is expected to experience strong growth in the following years. It is forecasted to achieve a Compound Annual Growth Rate (CAGR) of 5.78% until 2029, reaching a total of USD 1031.45 billion.
Additionally, the report by Statista projected the value of remittance transactions to continue growing and is expected to show an annual growth rate (CAGR 2024-2028) of 4.76%, emphasising the relevance and necessity of innovative remittance applications in today's market.
This strategic partnership marks a significant milestone in the mission to redefine remittance solutions, equipping individuals with efficient and affordable financial services. Both Velmie and Transi are committed to leveraging their expertise to create innovative solutions that address the evolving financial needs of customers in the US and Latin America.
The collaboration will focus on developing a remittance application with the digital banking technology by Velmie that brings scalable architecture, configurable back-office workflows, and an API ecosystem with direct access to the market-leading payment, KYC, and other service providers. It will require a seamless implementation of the key features including onboarding US users, customer agreements, digital bank account & card issuance, menu navigation, sending money, pricing considerations, and messages & notifications.
Commenting on this alliance, officials from Velmie said that by combining their expertise in fintech with Transi’s vision for a more inclusive financial ecosystem, they are not just launching a remittance app, they are setting a new standard for how financial services can and should be accessible to everyone, regardless of geographical location. This initiative marks the beginning of a new era in financial connectivity between the USA and the Dominican Republic, promising to deliver value to its users, especially the underserved communities.
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