Clear Junction, Paladyum announce fintech service to help Turkish migrant workers

By opening SEPA-addressable correspondent accounts for regional banks and payment operators from EU neighbouring countries, Clear Junction lets them have a collection account enabling domestic consumers to receive P2P remittances from relatives living in the EU. Such account supports issuance of a range of individual account numbers (IBANs), which are provided to consumers. 

Paladyum is a Turkey-based domestic electronic wallet, which will leverage the relationship with Clear Junction by attaching of an individual account number (IBAN) to each of its wallets so that their owners can receive euro transfers via SEPA and sterling transfers via FasterPayments, BACS, and CHAPS.

Globally, the number of people who need to make low value, retail cross-border transfers has grown rapidly since 1990. Today, there are more migrant workers than ever before, not to mention global nomads and international students. These groups, however, are grossly under-serviced by the international banking community, and international remittances are expensive and cumbersome. 

Clear Junction provides a solution that enables domestic banks and payment intermediaries to have access to the banking system in the EU for offering fast and cheap remittance service. Traditionally, the main options for migrant workers are money transfer networks like Western Union or the post office, which are both costly, cash intensive, and fall short of the modern digitization standards.