Emergent Financial Group, an electronic transaction data processing company for non-bank consumer financial services, has conducted its first live wire fund transfer to Latin America.
The transaction took place using Emergent's Web-based proprietary software and processing platform, Xtran v2.0, which authorised and processed the funds transfer.
The move follows a partnership with a leading currency distribution company operating more than 1100 locations throughout central America, says Emergent. The unidentified launch partner processed nearly 7 million transactions last year and disbursed more than US$2,000 million, says Emergent, principally as agent for a large wire provider.
Hispanic and other expatriate communities regularly transfer a portion of their wages to their families in their home country and have limited non-bank options to help them share their income. Few banks offer viable wire service alternatives to non-account holders, though Wells Fargo Bank announced this week a new Hispanic-oriented money transfer service.