Xoom Corporation is introducing a text update service to money transfer recipients in the Philippines, notifing them when their money is available.
Earlier this year, Xoom launched StatusTrak, a tracking center that provides Xoom customers who send money a variety of ways to track their transfers, including email updates, SMS text message updates and 24/7 online and phone support.
“When our customers send money, they want the peace of mind of knowing that their loved ones have received it which is why we introduced StatusTrak,” says Julian King, Xoom’s Senior Vice President of Marketing and Corporate Development. “Now we can notify their family and friends who are receiving money in the Philippines, by texting them to let them know that the money is ready for pickup, delivery or on its way to their bank account. This new feature makes sending and receiving money more convenient for both the sender and recipient, which is very reassuring to our customers.”
A majority of remittances sent to the Philippines are picked up in cash. In the past, the sender would have to relay the transaction number to the recipient before the money could be picked up. However with Xoom’s convenient tracking service, the sender no longer has to relay the transaction number and alert the recipient that money is available to them. Xoom can automatically send a free text to the recipient.
“According to a report by Business Monitor International (BMI), Filipinos use SMS texts to stay in touch with their loved ones back home, and the number of Filipino mobile phone subscribers has grown to more than 100 million people,” added King. “The same report showed that Filipinos generate the largest SMS texts volume in the world, accounting for more than 10% of global SMS texts.”
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.