Remittance, otherwise known as the transfer of money from immigrant workers to their home countries, is a difficult business for the involved customers, regulators and banks. The transfers are difficult for customers, due to the lack of access and vendor-choice, difficult for regulators when establishing a universal cross-border standard and difficult for banks in transferring funds to non-bank customers.
Aside from individual problems, remittance is also facing an overall efficiency problem, regardless of its expanding size. On a global level, the remittance business is now worth $159 billion per year and is estimated to continue growing 5% annually.
In over 30 countries worldwide, transferring money back to...
