The $7 billion Australian money remittance industry is set for a massive shake-up as a new wave of online and digital-based players enter the market.
According to Ashley Jessen, CEO of Profile Booster, the retail money remittance industry is a top candidate for fintech disruption and innovation.
“A few years ago, most of the fintech companies have been focused on creating products and services for the investment, wealth creation and stock market. But now we are seeing more fintech companies coming up with payments and money transfer solutions,”
“The remittance sector will definitely benefit from more advanced technologies and innovative solutions being launched across the globe,” Jessen says.
The World Bank estimates the global remittance industry at around $600 billion dollars.
While the majority of remittance transactions are still done through physical distribution networks like money kiosks, remittance centres or banks, online remittance services of these channels are also growing.
However, on closer inspection, you will find that while your bank will enable you to make international payments on their shiny mobile app, the technology and practices behind the scenes are decades old, slow, opaque and expensive.
The type of company that is really going to take you into the futre look at Flash Payments, a company focussed on making foreign exchange easy, fast and affordable.
"We do things differently. We put a great user experience at the centre of the Flash Payments approach" says Nicolas Steiger, founder of Flash Payments. "You won't find any opaque, siloed and inefficient banking practices here."
Based in Sydney Australia, "we have engineered Flash Payments from the ground up to deliver intelligent foreign exchange transfer payments without hidden fees. Using the innovative Ripple technology platform, we provide extraordinary transparency, speed and transactional control to users, setting a new level of service standard."
At Flash Payments we enable users to select the transfer date; pick the rate; send funds like an email; track transfers like a package; all without any surprise charges. There are none.
This is in stark contrast to the banks, where global payments cost more, take more time, and the routeing is hidden.
So, whether you are a business or an individual, you can now skip the banks and take control of your foreign exchange transfers.
Steiger notes "We're transparent. We're deception-free. And we don't charge any hidden fees."