18 August 2017
visit www.avoka.com

Emirates Bank offers international remittances via SMS

18 July 2007  |  10171 views  |  0 zeroes

UAE-based Emirates Bank is teaming with Californian technology consultancy Infospan to launch an electronic money transfer service that will enable unbanked consumers to send and receive funds via ATMs, call centres and mobile SMS messaging.

The service is aimed at unbanked migrant workers in the UAE and will enable users to send and receive money instantly around the world.

Jamal Bin Ghalaita, general manager, consumer banking and wealth management, Emirates Bank, says the bank has received interest from employers, merchants and government agencies to use the service by creating a stored value card that can be recharged.

"We intend to extend this service to not just our customers but also other banks in the region," he adds.

Emirates Bank says there is an urgent need to provide employers with a service to pay lower income workers via a bank account instead of the current practice of paying cash. The new service will enable employers to credit salaries to workers accounts automatically.

Farooq Bajwa, chairman of Infospan, says the firm cusomised a service that was operational for transactions between US and South American countries to be deployed across the UAE.

"With the bank's strong presence in the UAE and our global payments network, we can provide customers, especially the largely un-banked blue-collar workers with an instantaneous, highly secure and very convenient platform to remit funds, and pay local and international bills," adds Bajwa.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Satyam reports Emirates Bank contract

Satyam reports Emirates Bank contract

17 July 2007  |  4556 views  |  0 comments
Emirates Bank turns to Quantifi XL for front office credit analytics

Emirates Bank turns to Quantifi XL for front office credit analytics

13 February 2007  |  4234 views  |  0 comments
Remittances rise in Latin America; Swift looks to tap global market

Remittances rise in Latin America; Swift looks to tap global market

23 August 2006  |  9584 views  |  0 comments
MasterCard pre-paid card targets UK unbanked

MasterCard pre-paid card targets UK unbanked

22 September 2005  |  15142 views  |  0 comments
Absa Bank targets unbanked market with portable kit

Absa Bank targets unbanked market with portable kit

29 August 2003  |  9498 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.niceactimize.comvisit www.worldpaymentsreport.com

Who is commenting?

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10365 views comments | 8 tweets | 16 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8547 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7965 views 0 | 1 tweets | 9 linkedin
Uneasy sits the crown as cash use continues declineUneasy sits the crown as cash use continue...
7940 views comments | 3 tweets | 7 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job