TransferMex partners with Tern Commerce for same day cross-border remittances

Wednesday 20 October 2021 13:37 CET | News

Fintech-as-a-Service Tern Commerce has announced the rollout of their same day cross-border remittance capabilities for TransferMex

Tern’s end-to-end solution includes everything from a branded prepaid card and bilingual app to embedded KYC, AML, CIP,  infrastructure, and analytics reporting.

TransferMex enables US employers to instantly pay their seasonal workers via a free prepaid card. Additionally, it allows the workers to send the payments to family and friends in Mexico the same day funds are received. Funds can also be sent to bank accounts or cash pickup locations at rural locations throughout Mexico, all with embedded compliance safeguards.

US employers would often hand physical checks to workers on the job site, costing both time and money. Now employers can simply issue a free card and pre-fund their workers’ payroll accounts. Additionally, this offering enables employers to abide by US labor laws and also pay workers after they have left.

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Keywords: cross-border payments, remittances
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech

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