In 2015, approximately $601 billion was transferred by foreign workers to their families residing in their home countries with an average transfer fee of 7.37% (Q4 2015).
These remittances are one of the largest financial inflows to many developing countries. Seamless (SEAM.ST) now enters this international money transfer market (aka international money remittance) through a partnership with Xpress Money, one of the world's most dependable money transfer brands. Through Seamless´ (SEAM) mobile payment platform SEQR, Xpress Money and Seamless can offer its customers a convenient, safer and affordable way of sending money from one country to another, digitally.
"The partnership with Xpress Money is evidence of the versatility of SEQR as a payment platform and financial ecosystem. We are very excited to be entering the international money transfer market with such an important global player", says Peter Fredell, CEO of Seamless, provider of the digital payment platform SEQR.
Xpress Money is one of the fastest growing instant money transfer companies with regional offices in 25 countries including UK, USA, Canada, Australia, Hong Kong, Philippines, United Arab Emirates and India, amongst others. The brand is present in 150 countries through 170, 000 agent locations across the globe. Xpress Money offers convenient services to its customers globally, which include Cash Payouts, Account Credits, Remit Card or ATM, Mobile Wallets and Door Delivery Services.
"As a brand, we seek partnerships and integrations that add value to the dynamic and evolving business that we operate in. Our objective is to provide our customers with money transfer solutions that are not only convenient but also affordable. SEQR helps us meet that goal through their versatile digital platform and extensive market presence in Europe. In addition to our existing array of services, we are now taking a step ahead with this innovative mobile payment application SEQR, developed by Seamless" says Sudhesh Giriyan, COO, Xpress Money.
Through SEQR, Xpress Money will offer its customers the convenience of transferring their money digitally, anytime and from anywhere. Xpress Money's average cost of sending remittances stands at 2%, way lower than the global average of 7.37%. With this partnership, Xpress Money hopes to further reduce the cost incurred by customers while sending money.
In addition to initiating and processing the remittance transactions digitally, SEQR will also offer a channel that can be easily tracked. The remitted amount will then be available for payout to the beneficiary through Xpress Money's convenient services available in the respective receive countries. Seamless and Xpress Money will be able to offer the service in all countries the companies are present in. Integration is planned to be completed during 2016.
Source: Company Press Release