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International Consumer to Consumer Money Movement Solutions – The good, The bad, and The ugly (2016)

Panel, Payments, Innovation |
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According to World Bank, almost $600B in funds were sent across borders through international remittances, and US was one of the most significant sources of outgoing funds. According to an Aite study, only about 7% of that is through digital transactions. The processes to send money overseas, has been well established for decades with only a few well established names to turn to for international remittances. As a highly regulated industry, it comes with high costs to the consumer, slow and sometimes unpredictable delivery times, little transparency to the status of funds and slow if any innovation to the process… that is until recently.

The innovation we’ve seen in the financial industry has also impacted the international money movement space, an area ripe for disruption– start-ups have stepped in to help customers looking for a quick, low-cost solutions, providing transparency to the status of their money.

How are these startups addressing the needs of consumers sending money abroad? Will they eventually displace the established money transfers operators? How are virtual currencies influencing the industry? How does the blockchain fit into the mix? What will the industry look like 20 years from now? These are just some of the many challenges and opportunities that we will delve into at this panel discussion. We’ll welcome your questions as well.

 

 

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