US-based Sendwave has announced the launch of the banking product Sendwave Pay for US customers. The product allows customers to earn interest, pay reduced fees on international remittances, and receive reimbursement of international transaction fees when using the card outside of the US.

Moreover, Sendwave Pay enables existing users to access an FDIC-insured bank account with a complementary debit card. Through Sendwave Pay, account holders will have access to a bank account with no hidden account creation, maintenance, or minimum balance fees, a debit card for everyday transactions, as well as reimbursement for international transaction fees when using the card outside of the US. Moreover, customers have access to up to 0.4% improvement in exchange rates and up to 25% savings on remittance transaction fees to Kenya, Ghana, Tanzania, Uganda, Nigeria, and Liberia.

According to officials, as the way in which individuals use and access their funds has changed over the last decade, Sendwave Pay’s objective is to better accomplish the needs of customers, who are constantly considering how to manage their money. More information about Sendwave Pay Sendwave Pay represents the first neobank offering within Zepz, the company operating global remittance brands Sendwave and WorldRemit. Zepz plans to expand its product portfolio in the future, as well as invest in migrant-focused financial offerings.

Officials emphasised their objective of investing in innovations that serve the needs of cross-border communities. Sendwave Pay enables US-based migrants to create financial empowerment through interest schemes and benefits. As financial inclusivity represents the foundation of the company’s principles, Sendwave Pay is a product that enables secure transactions around the world from select Sendwave customers based in the US. Neobanks’ input in cross-border payments The neobanking sector has seen an increase since 2020, as consumers request a wide range of banking choices.

By the end of 2020, the global neobank market was valued at USD 35 billion, expected to grow at a CAGR of 47.7% until 2028, reaching approximately USD 722 billion. However, neobanks still have concerns regarding cross-border payment regulations and legacy issues. According to the Bank of England’s report, the value of cross-border payments will increase from approximately USD 150 trillion in 2017 to over USD 250 trillion by 2027, as cross-currency transactions are not limited to business customers. Neobanks can acquire profitable ventures through offering fully managed cross-currency transactional services, as manufacturers seek to expand their supply chains across borders.

Neobanks can improve the cross-border payment environment by providing automated banking processes, as customers can initiate transactions without the need to visit a physical bank, offering convenience and accessibility to users. Moreover, through neobanks, customers receive more transparency and security in their transactions, being able to monitor and control their finances. In addition, neobanks offer a wide range of services, including currency exchange, rapid account opening, money transfers, loans, and access to worldwide ATMs.

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