Pune, Nov. 9
PUNE-based CashTech, a provider of remittance solutions, has implemented its remittance solution for Land Bank of the Philippines, which will make remittance smoother for the country's large migrant population.
"Post the 9/11 bomb blasts in the US, non-banking channels for money remittance are increasingly coming under the scanner especially in the US. Money transfer agencies will now have to be more vigilant about the identity of their customers. Banks are now increasingly becoming the channel for remitting money," says Mr R.N. Iyer, Founder Director, CashTech Solutions, a subsidiary of the US-based Fundtech Ltd and a provider of products and solutions in cash management, payment and transaction settlement.
CashTech's TransactCentral Remittance (TC Remit) solution is already available in ICICI and UTI.
Currently, the remittance business is active in `corridors', which see huge traffic of money passing through. For instance, remittance to India is typically from the US, the UK, Singapore and the Gulf countries. Other corridors are Germany-Turkey, US-Mexico and the Philippines where money is remitted from all over the world since Filipinos migrate all over the world for employment.
"We see potential in remittance to Morocco, Egypt, Bangladesh, Pakistan and Sri Lanka too," says Mr Iyer. He says the $300-billion remittance industry is growing at a significant 30-40 per cent year-on-year.